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  #21  
Old Posted Oct 4, 2012, 2:08 AM
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So you guys rant about access to BC ports (provincial jurisdiction BLAH BLAH BLAH) but conveniently ignore that position when goods travel the opposite direction?
It's note quite a rant. If the communities along the route out west do not want the pipeline, then try something else.

There was recent article a few days ago on how the NDP is supporting increasing the volume of oil heating to Ontario/Quebec....
http://www.theglobeandmail.com/news/...rticle4574676/
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  #22  
Old Posted Oct 4, 2012, 4:32 AM
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Question for the political junkies - what real impact would a NDP government have on these LNG projects? Does he have a position?
Firstly, the only file that I recall the 1990's NDP administration doing anything right on was the then encouragement in expansion of the conventional natural gas sector in NE BC in terms of tax credits and royalty structure. I will give them credit there at least.

As for the current lng terminals, lng supertankers, natural gas-fired generation plants to power these lng terminals (massive amounts of electricity required), and the utilization of fraccing to bring these unconventional tight gas/shale gas desposits to fruition as the feedstock for the lng terminals, the current NDP position is:

Quote:
B.C. NDP Leader Adrian Dix reassured top Canadian energy officials this week his party wants a smooth transition to power and doesn’t want his planned tax hikes to surprise them if his party wins the next election.

Those in attendance were also pleasantly reassured to hear that Dix fully supports the Liberal government’s plans to expand the LNG industry for export, and would not call for a moratorium on fracking. He also understands the need to use natural gas to generate electricity.
http://www.allpolitics.ca/index.php?...y=NDP&refno=84
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  #23  
Old Posted Oct 4, 2012, 3:35 PM
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I wonder what spinoff there will be for Alberta based companies in all of this...
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  #24  
Old Posted Oct 4, 2012, 3:44 PM
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I wonder what spinoff there will be for Alberta based companies in all of this...
Virtually none as business won't make large capital investments under an NDP government.
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  #25  
Old Posted Oct 4, 2012, 4:00 PM
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fair enough lol.
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  #26  
Old Posted Oct 4, 2012, 4:41 PM
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And therein lies the rub. Don't cut your nose off to spite your face, BC.
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  #27  
Old Posted Oct 7, 2012, 7:48 AM
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i was in ft st john today, holy crap there is so much going on up there and that part of bc, jobs everywhere, they have a starbucks inside the safeway and apparently its often closed cause they can't staff it and when it is open they have lineups out the door, anyway that means nothing but so much housing and infrastructure going on up there, they are booming
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  #28  
Old Posted Oct 7, 2012, 2:35 PM
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i was in ft st john today, holy crap there is so much going on up there and that part of bc, jobs everywhere, they have a starbucks inside the safeway and apparently its often closed cause they can't staff it and when it is open they have lineups out the door, anyway that means nothing but so much housing and infrastructure going on up there, they are booming
And all the gas produced and raw materials used to build infrastructure up there pass through Alberta.
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  #29  
Old Posted Oct 7, 2012, 4:47 PM
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And all the gas produced and raw materials used to build infrastructure up there pass through Alberta.
Actually, BC produces ~3 billion cubic feet of natural gas/day. ~2.2 billion cubic feet flows southward through Spectra Energy's Westcoast Transmission pipeline for BC use and then onto the Sumas/Huntington border crossing into the U.S Pacific Northwest and along the I-5 corridor into California.

In that vein, southern AB foothills natural gas utilizes TransCanada's Foothills pipeline that crosses into BC and then crosses into the U.S. at Kingsgate, B.C. to service eastern WA State, Idaho, etc.
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  #30  
Old Posted Oct 17, 2012, 1:21 PM
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5. News reports from the U.S. have confirmed that Exxon is looking at constructiing an lng terminal on BC's west coast as well.

---------------------

BC Energy Minister Rich Coleman also identified global energy giant Exxon Mobil as one of these companies.
Further confirmation that ExxonMobil is now in on the westcoast lng game with its $3.1 billion friendly takeover offer of natural gas junior Celtic Exploration today with upstream assets in BC's Montney and Alberta's Duvernay basins that would bolster ExxonMobil's plan for an lng terminal:

Quote:
Exxon bids $3.1-billion to buy Canada’s Celtic Exploration

CALGARY — The Canadian Press

Published Wednesday, Oct. 17 2012, 7:58 AM EDT

Celtic Exploration Ltd. has received a friendly takeover offer valued at $3.1-billion from Canadian affiliates of U.S. energy giant ExxonMobil Corp., which will expand its natural gas holdings in western Canada through the deal.

The Calgary-based company is mainly focused the Montney and Duvernay gas plays.

Celtic’s shareholders are being offered $24.50 per share and a half-share of a new company, code-named Spinco – well above recent market prices.

Celtic’s stock closed Tuesday at $18.12 on the Toronto Stock Exchange before the announcement.

The offer, excluding the value of Spinco shares, is 25 per cent over the Oct. 16 closing price and 34 per cent over a 30-day volume-weighted average price of $18.28 per Celtic share.

The new company will have about 49,000 acres of undeveloped lands and produce the equivalent of about 3,300 barrels per day, about 90 per cent in the form of gas.

The board of Celtic unanimously supports the proposal and has agreed not to seek a better offer but is entitled to consider rival offers brought to it. ExxonMobil Canada will have a right to match any superior proposal.
http://www.theglobeandmail.com/globe...rticle4617626/
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  #31  
Old Posted Oct 20, 2012, 7:54 AM
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4. Malaysian giant Petronas purchased a $1 billion interest in a NE BC field from Progress Energy and a few months back purchased Progress Energy for $6 billion. Interestingly enough, another unnamed bidder (speculated to be Exxon, Shell, or BG) came in with a higher offer, which Petronas met.

Petronas already has a site lined up in Prince Rupert albeit they have not disclosed their plans yet.
Just read that the federal government has blocked this transaction within the last few hours. What a stupid decision! The "NET BENEFIT" criteria for Canada, and BC in particular, would have been financially enormous considering the $billions$ for the westcoast lng terminal, Petronas' international lng profile and connections, and the annual $billions required for ng field development to support the west coast lng terminal ng feed-stock.

Did I mention the additional huge chunk of annual change into BC's provincial coffers as well as the few thousand in employment opportunities for this contemplated project alone?

Energy junior Progress Energy just doesn't have those deep, deep pockets and international lng connections to develop same.

If Petronas has been turned down by Ottawa, China's CNOOC's $15 billion bid for Nexen is all but finished, utilizing the same criteria.

There might still be a light at the end of the tunnel for Petronas' takeover of Progress Energy though:

Quote:
Ottawa Blocks Petronas Bid for Progress Energy

Carrie Tait

CALGARY — The Globe and Mail

Published Saturday, Oct. 20 2012, 1:25 AM EDT

The federal government has blocked a Malaysian state-owned company's attempt to take over a Canadian oil and gas firm, although the Tories hinted they could still be convinced to give their blessing.

Petronas offered $6-billion to buy Progress Energy Resources Corp. and the deal had to be considered a “net benefit” for Canada in order to get approval. The Canadian government, however, said it is not satisfied with the deal and will not approve it as it is. Ottawa has never blocked an oil and gas takeover.

The decision comes as the Harper government, which has gone to enormous lengths to show outsiders Canada is open to foreign investment, is also reviewing CNOOC Ltd.’s proposed takeover of Nexen Inc. The stakes are much higher in that $15.1-billion deal. Nexen has assets all over the world, but its oil sands assets are attractive to the state-controlled company.

The Harper government had to make a call on the Petronas/Progress deal Friday, made it three minutes before midnight.

Minister of Industry Christian Paradis left Petronas an opportunity to bolster its argument and win the government over.

"I can confirm that I have sent a notice letter to Petronas indicating that I am not satisfied that the proposed investment is likely to be of net benefit to Canada,” he said in a statement. "I came to this decision after a careful and thorough review of the proposed transaction.

“Under the Investment Canada Act, Petronas now has up to 30 days to make any additional representations and submit any further undertakings, which can be extended with my agreement and that of the investor. Subsequently, I will either confirm this initial decision or approve the acquisition.

"Due to the strict confidentiality provisions of the Act, I cannot comment further on this investment at this time,” Mr. Paradis said. "Canada has a long standing reputation for welcoming foreign investment. The government of Canada remains committed to maintaining an open climate for investment."

It will cost billions to develop Canada’s oil sands, and industry supporters argue foreign investment will be necessary to make that happen. Critics, however, worry foreigners, especially state-controlled companies, will soon control too much of the west’s resources unless the government intervenes. The CNOOC/Nexen deal was expected to be a key litmus test, but by blocking the Petronas/Progress deal, the government is signaling acquirers must make strong case in order to gain approval.

Petronas had previously sweetened its bid for Progress without a competing bid being made public. In July it offered investors $22 per share, up from the $20.45 it offered when the friendly deal was disclosed in late June. Shareholders have approved the deal.

Nexen’s shareholders have also approved the CNOOC deal.
http://www.theglobeandmail.com/news/...rticle4626063/

Quote:
The Wall Street Journal
U.S. Edition
Saturday, October 20, 2012
As of 3:41 AM EDT

Canada Not Satisfied with Petronas Offer for Progress Energy

.....

The deal would give Petronas control over Progress Energy's 1.9 trillion cubic feet of proved and probable gas reserves in the Montney shale-gas basin, thought to be one of the richest reserves of shale gas in North America. It's also far from major markets, making it ideal for LNG, which is gas that is chilled and shipped by tankers.

Demand for gas in Malaysia is growing by between 6% and 7% a year. Gas shipped from Canada would help fire power plants run by state-controlled Tenaga Nasional Bhd and help keep several industries humming in an economy that is expected to grow 4.5%-5% this year and expand 4.5%-5.5% next year.

The potential blocking of the Petronas deal, which had been widely expected to be approved...
....
http://online.wsj.com/article/SB1000...062952262.html

Last edited by Stingray2004; Oct 20, 2012 at 8:27 AM.
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  #32  
Old Posted Dec 1, 2012, 7:58 PM
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Looks like Imperial Oil will take a 50% stake in ExxonMobil's takeover of Celtic Exploration, which has large land holdings in BC's Montney natural gas basin. Exxon's westcoast lng plans are also starting to become clearer with a future contemplated capacity in excess of BC's current ng production:

Quote:
But this may not be the last we hear of Celtic from Imperial or Exxon. There's a possibility that something larger is in the works. Analyst Peter Ogden at Bank of America Merrill Lynch noted in November that should Imperial exercise its acquisition rights, he expects the two buyers "to communicate a west coast LNG strategy at some time in the future."

During his meeting with [Exxon] management, they were "reasonably clear that LNG was an attractive proposition" but it would require a minimum plant size of 2.5 to 3 billion cubic feet per day and would have to come on stream between 2020 and 2025. Ogden added that management "would not indicate whether a site had been purchased for future development."
http://community.nasdaq.com/News/201...storyid=193873

Norway's Statoil is also contemplating getting into the westcoast lng game:

Quote:
Statoil ASA (STL), Norway’s biggest oil and natural gas producer, may consider a liquified natural gas exporting business for its Canadian operations.
http://www.businessweek.com/news/201...l-gas-business

And of course the Japanese Inpex/Nexen partnership are exploring lng export opportunities as well as is Talisman Energy. Likely to be alot of consolidation and further jv's here down the road.
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  #33  
Old Posted Dec 4, 2012, 9:03 PM
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Petronas and Progress announce go-ahead for $9-billion LNG plant at Prince Rupert

Much larger facility to be built if Ottawa approves Malaysian giant's purchase of Canadian company

GORDON HAMILTON, VANCOUVER SUN DECEMBER 4, 2012

Quote:
VANCOUVER — Malaysian Energy giant Petronas and Canadian natural gas company Progress Energy say they are going ahead with plans to develop a $9 billion-plus liquefied natural gas plant at Prince Rupert despite a decision by Ottawa to reject the Malaysian company’s $5.9 billion bid to buy Progress...

The two companies have agreed to go ahead with the LNG plant independently of the takeover bid, Progress president Michael Culbert said Tuesday. But the joint venture partners also offered a tempting carrot if Ottawa reconsiders its decision to block the takeover bid: a much larger investment in B.C.’s northeastern gas fields and in its proposed LNG plant....British Columbia would benefit through the development of a new industry capable of creating investment, jobs and tax revenues....

...The joint venture partners have named the company that is to develop the LNG plant - Pacific Northwest LNG. Culbert said the new company is to establish an office in Vancouver early in 2013, around the same time it submits its plans to Canadian regulators. Pacific Northwest LNG’s target start-up date is 2018.

Last edited by craneSpotter; Dec 5, 2012 at 6:04 AM.
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  #34  
Old Posted Dec 7, 2012, 10:57 PM
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Nexen, Progress foreign takeover deals approved by Canadian government

SHAWN MCCARTHY AND STEVEN CHASE
OTTAWA — The Globe and Mail
Published Friday, Dec. 07 2012


Quote:
Ottawa has also given the green light to a bid by Malaysia’s Petronas to acquire Progress Energy, a Calgary producer with significant natural gas holdings in shale gas fields of northeastern British Columbia. Petronas is proposing to build an $11-billion plant in Prince Rupert, B.C., to liquefy gas and export to Asia.
This is great news for BC! The new Pacific Northwest LNG terminal (which was given the green light to enter the design phase a few days ago) should be larger due to the approval of the Progress takeover.

Interesting that Nexen sold the Japanese nearly half of their NG holdings in northeastern BC in 2011, while forming joint ventures with CNOOC. I believe the US still has to approve CNOOCs takeover of Nexen Gulf of Mexico holdings. I assume CNOOCs takeover of Nexens UK/North Sea holdings is done.

I think the asians mostly just want Canadian LNG for export, as the demand for LNG in Japan and China is increasing fast. CNOOC can sell the oil it produces in Canada to US refiners, but more importantly gains Nexen's oil producing/exploration assets in the Gulf of Mexico and North Sea...

Last edited by craneSpotter; Dec 7, 2012 at 11:18 PM.
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  #35  
Old Posted Dec 7, 2012, 11:18 PM
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Originally Posted by craneSpotter View Post
Nexen, Progress foreign takeover deals approved by Canadian government

SHAWN MCCARTHY AND STEVEN CHASE
OTTAWA — The Globe and Mail
Published Friday, Dec. 07 2012




This is great news for BC! The new Pacific Northwest LNG terminal (which was given the green light to enter the design phase a few days ago) should be larger due to the approval of the Progress takeover.

Interesting that Nexen sold the Japanese nearly half of their NG holdings in northeastern BC in 2011, while forming joint ventures with CNOOC. I believe the US still has to approve CNOOCs takeover of Nexen Gulf of Mexico holdings. I assume CNOOCs takeover of Nexens UK/North Sea holdings is done.

I think the asians mostly just want Canadian LNG for export, as the demand for LNG in Japan and China is increasing fast. CNOOC can sell the oil it produces in Canada to US refiners, but more importantly gains Nexen's oil producing assets in the Gulf of Mexico and North Sea...
Only if there is pipeline capacity. Which there is not at the moment.
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  #36  
Old Posted Dec 8, 2012, 1:21 AM
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Originally Posted by craneSpotter View Post
Nexen, Progress foreign takeover deals approved by Canadian government

SHAWN MCCARTHY AND STEVEN CHASE
OTTAWA — The Globe and Mail
Published Friday, Dec. 07 2012


This is great news for BC! The new Pacific Northwest LNG terminal (which was given the green light to enter the design phase a few days ago) should be larger due to the approval of the Progress takeover.
Yeah. I always knew that the Petronas take-over of Progress Energy would be approved. Good news indeed.

Petronas is looking at an 18 million ton/annum facility comprising 3 liquefaction trains with 2 initial liquefaction trains. While the proposed project is estimated at $11 billion, figures compiled by engineering and construction firm Bechtel suggest the numbers could be much higher, ranging as high as $22.5-billion. Makes sense from the current Australian lng perspective.

BTW, here's the location of Petronas proposed Prince Rupert lng facility on Lelu Island, just south of Ridley Island (island in light green):



And here's a schematical of the proposed facility:



Finally here's a link to the Pacific Northwest LNG website:

http://pacificnorthwestlng.com
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  #37  
Old Posted Dec 10, 2012, 10:58 PM
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Some further corroboration today about Imperial Oil's future intentions with its parent ExxonMobil about westcoast lng plans:

Quote:
Imperial Oil Planning LNG Export Business From West Coast

Claudia Cattaneo
Financial Post
Dec 10, 2012 2:59 PM ET

TORONTO • Imperial Oil Ltd. and its parent, Exxon Mobil Corp., are in the early stages of planning a liquefied natural gas export business from Canada’s West Coast, Imperial president and CEO Bruce March said Monday.

The new business would build on the $3.1-billion acquisition by the two companies of natural gas producer Celtic Exploration Ltd., as well as gas holdings they already own in Western Alberta and in the Horn River shale gas play in British Columbia.

“Celtic has done a wonderful job of acquiring those leases and putting together production. We are anxious to scale up operations … to develop resources faster than Celtic,” Mr. March said at an investment conference here organized by the Canadian Association of Petroleum Producers.

“We are in the very early stages of looking at LNG off the B.C. coast and Celtic reserves would be underpinning a potential LNG strategy,” he said.

Mr. March said the two companies are not in a rush and are still “looking at what is available” to put together the strategy as well as how much it would cost.

Still, they are competing with a growing number of global players that have picked the British Columbia coast to build integrated businesses involving producing gas from large gas deposits in Western Canada, piping it to the coast, liquefying it so it can be loaded onto tankers, and exporting it to markets in Asia.

The federal government approved last Friday the $6-billion takeover of Progress Energy Resources Corp. by Malaysia’s Petronas, which is working on a competing plan involving building an $11-billion LNG plant near Prince Rupert.

Exxon was rumored to have bid for Progress, but was outbid by Petronas, Malaysia’s state-owned company.

A consortium led by Royal Dutch Shell PLC, and others are also working on West Coast LNG strategies.

Mr. March said Exxon Mobil is a big player in the global LNG business and knows who the customers are.

But Western Canada presents some “built in challenges” and “at this stage we are working through all these.”
http://business.financialpost.com/20...om-west-coast/
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  #38  
Old Posted Dec 13, 2012, 5:34 AM
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Only if there is pipeline capacity. Which there is not at the moment.

What. Is Keystone XL heading into stormy waters??
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  #39  
Old Posted Dec 13, 2012, 7:26 PM
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It hasnt been approved yet to my knowledge. Hopefully will be but at this moment there is not enough pipeline capacity.
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  #40  
Old Posted Dec 17, 2012, 7:56 PM
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The scale of northwest BC coast lng proposals is potentially phenomenal:

Quote:
B.C. poised for global prominence as liquid natural gas exporter

Conference Board sees natural gas pumping $940 billion into Canadian economy

By Scott Simpson,
Vancouver Sun
December 17, 2012


British Columbia could emerge as the world's second largest exporter of liquid natural gas if all its proposed LNG projects are developed, a Conference Board of Canada report suggests.

The report's projections don't encompass all of the possible LNG projects that have been bruited about in B.C., including joint ventures involving Apache Resources, Encana, EOG Resources, Shell Canada, Petronas, and their respective partners, for export production by 2021.

Japan, Korea and Taiwan are the primary markets for LNG, with emerging demand in China and India expected to comprise a third of Asian demand by 2025.

"Although Canada does not currently export LNG, efforts to develop new markets for Canadian natural gas have provided new momentum for projects targeting LNG exports to Asian countries," the report said.

"This report does not assume that all projects will proceed. If that were to happen, Canada would go from no LNG exports to being the second largest LNG supplier in the world over a very short period."

Even if just 60 per cent of B.C.'s potential is realized, the natural gas industry will contribute a cumulative total of $940 billion to Canada's economy by 2035 through gas production and investment in new capacity - including $364 billion in real GDP growth.

The sector will support 130,000 jobs and generate $24.5 billion in economic activity (in 2012 dollars) per year across Canada. B.C. will attract the single largest provincial share of investment in new capacity, according to the report.

Oilsands processing and gas-fired electricity generation will absorb an "increasing" share of the gas Alberta continues to produce.

Meanwhile, "British Columbia is expected to experience the most investment of any province in Canada as shale gas development proceeds and as LNG export projects are realized," the report said.

British Columbia (by 2035) stands to experience $140 billion in investment - more than $5.8 billion per year on average.
http://www.vancouversun.com/business...#ixzz2FLAcDfkk

Quote:
Investment in Canada’s natural gas sector set to rival the oil sands

By Yadullah Hussain,
Financial Post
December 17, 2012

Canada’s natural gas sector could emerge as an investor magnet surpassing interest in the oil sands over the next two decades, The Conference Board of Canada forecasts show.

Natural gas could attract as much as $386-billion in investments by 2035 and create 3.2 million person-years of employment (or an average of 131,460 jobs annually), says the Conference Board of Canada in a new report. This compares to $364-billion investments expected in the oil sands and equal job growth during the period, according to an earlier Board study.

The investment surge in natural gas will generate $940-billion in direct and indirect economic growth, including $364-billion directly to the country’s GDP over the forecast period, the Board said in a report published Monday.

British Columbia will lead the natural gas investment charge, attracting $181-billion, with Alberta garnering $154-billion from 2012-2035, the Board estimates.

While Alberta and B.C. will rake in majority of the natural gas royalties, taxes and revenues, Ontario and Quebec will also see their manufacturing industries benefit from the boom’s trickle-down effect.
http://www.ottawacitizen.com/busines...#ixzz2FLBWrHAX
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