Shell agrees to massive Canadian liquified natural gas project

Shell agrees to massive Canadian liquified natural gas project

"We can't build energy projects like we did in the old days where the environment and the economy were seen as opposing forces", Trudeau said. "They must go together".

The project will move LNG to Asia faster than from the U.S. Gulf Coast.

'We believe LNG Canada is the right project, in the right place, at the right time, ' said Shell's chief executive Ben van Beurden.

LNG Canada - comprised of Shell, Malaysia's Petroliam Nasional Bhd, Mitsubishi Corp., PetroChina Co. and Korea Gas Corp. - is set to announce a final investment decision on the $31 billion project as early as Monday, said people with direct knowledge of the plans, who asked not to be identified because the matter isn't public.

Analyst Martin King of GMP FirstEnergy says the continued glut of gas in Western Canada and the march of American shale gas into its traditional markets including Eastern Canada have convinced him to roll back his forecast for a recovery in benchmark Alberta gas rates next year. "It is very, very hard to do, and requires teamwork".

In a statement, he said his party would not support the LNG legislation that would be required. Global LNG imports will set a new record this year of 308 million metric tons thanks to growth from Asia, Bloomberg NEF forecast September 12. The project achieves positive cash flow with Tokyo-delivered LNG at $8.50 per million British thermal units. According to Petronas, PetroChina via subsidiary PetroChina Canada Ltd and Mitsubishi via subsidiary Diamond LNG Canada Ltd own 15% each in the project.

KOGAS said this will be Korea's first major project in Canada.

The five partners in the LNG project have agreed to a $40-billion joint venture.

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Meanwhile, joint venture partner Petronas claims to the be one of the largest resource owners in Canada with more than 52 trillion cubic feet in contingent resources.

The project will boost Canada's oilpatch, which has struggled to attract investment due to the government's stumbles in winning regulatory approval to expand the Trans Mountain oil pipeline.

Canada is committing C$275m to LNG Canada infrastructure for marine and environmental protection.

"LNG Canada's FID would signal the appetite to invest in LNG is back", Kavonic said.

The facility, which is expected to become operational before 2025, will initially have two liquefaction trains, each with a capacity of 6.5 million tons of LNG with the prospect of adding another two trains at a later stage, bringing the total capacity of the facility in Kitimat, in northern British Columbia, to as much as 26 million tons annually.

The final investment decision on the project was supposed to be made in 2016, but it was delayed for two years due to unappealing LNG prices amid growing capacity coming on stream, notably in Australia, but also in Russian Federation.

Energy consultancy Wood MacKenzie said it appeared project partners had pushed hard to reach an investment decision, with rival projects progressing in Qatar, Russia, Mozambique and the United States.

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