Pacific NorthWest LNG a No Go
Prince George, B.C. – PETRONAS and its partners have decided not to proceed with the Pacific NorthWest LNG project at Port Edward.In a release issued this morning, the company says “The decision was made after a careful and total review of the project amid changes in market conditions.”
PETRONAS’ Executive Vice President & Chief Executive Officer Upstream, Anuar Taib said, “We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision.”
“We, along with our North Montney Joint Venture partners, remain committed to developing our significant natural gas assets in Canada and will continue to explore all options as part of our long-term investment strategy moving forward,” added Anuar.
The company says it, and its project t partners are “thankful for the support received from everyone involved, especially the area First Nations, the District of Port Edward, the City of Prince Rupert and their communities for their invaluable involvement and efforts in the project.”
Comments
The first of many such cancellations
Meanwhile Fortis is looking for permits for a solar farm near the Kelowna substation close the the airport . It’s not very big but it’s another brick in the wall that the fossils face day by day .
Sounds like Fortis wants in on some of that taxpayer subsidy cash. Much more secure income than from actually earning it with an economically viable product.
You people should pay closer attention to what is happening , not what is not happening . Fortis is not alone . In fact fortis is a laggard compared to ” Petronas solar energy ” . They all fight the renewables in public while some are going renewable in private . They are not all having their Kodak moments .
You think I’m not aware that companies all over the world have been jumping on the subsidy bandwagon for years? Haven’t you been paying attention to what we’ve been saying here?
You’re right, Fortis comes late to the party.
Maybe check the price of electricity in the Kootenays where Fortis provides the power. Here we sit worried about what Site C will do to the rates and Fortis has turned the cheapest power in BC (Kootenay Power) into the most expensive. As long as customers are willing to foot the bill build more solar and wind
Ataloss hows your knowledge on locomotives? hey tell us about your solar system?
Yup, the delay, delay, delay tactics of the usual anti- fossil fuel activists have had the desired effect, just like I predicted they would years ago when Christy was predicting an imminent LNG boom for BC.
The world’s need for energy will not change overnight. I can’t blame just the NDP on this one. When you have all of these so called players in the game, it takes companies years and years to go through the red tape, the assessments, the line up of people wanting hand outs etc. Nothing will ever get done in this province until those things are addressed.
40 years ago the review would have been done, the route surveyed, the terminals and pipelines built in less time that the review takes these days. The enviro-lefties are killing our resource based economy.
What have the lefties to do with projects cancellations ? Its the money grubbers that don’t see enough profit in the project.
Cheers
Yeah, now. But not back then. In business you have to strike while the iron is hot. You WILL face competition, which will lower the price. Had the LNG projects been greenlighted right from the start they would have had a big cash infusion from the high prices at the start and would have a good sized market share so they could still be profitable at today’s low prices.
But the anti-resource extraction, anti-capitalist enviro-lefties throw up roadblock after roadblock after roadblock in order to stall the project long enough to make that scenario impossible.
It isn’t viable.
The market sucks.
A great election promise, nothing more.
Australia’s plants are losing money hand over fist, giving up all their resources for pennies on the dollar, all the while the domestic market in Oz is experiencing a shortage, rolling blackouts, too pricey to generate with their own gas.
BC, you’ve been had.
NG is a lower energy density fuel, best utilized close to the source.
With our abundance of NG, BC should have a NG economy. Unfortunately, our “clean air” legislation forbids us from enjoying our local wealth.
There is no clean air associated with LNG Plants as they produce 5 times more greenhouse gas emissions than a NG electrical generating plant. (rough numbers)
So we have the Provincial Liberals supporting greenhouse gas emissions from LNG plants, but restricting the growth of the NG economy because of green house gas emissions.
Think about that when you go to bed to-night.
Palopu if so worried about emissions why so against site c, you seem conflicted.
CO2 emissions do not constitute dirty air.
Seamutt. Not worried about emissions. Just pointing out how stupid we are when we will export natural gas through these polluting LNG Terminals, and then say that we cant build natural gas electrical generating plants because of the greenhouse gas emissions.
So in essence the Liberals and their cohorts don’t seem to realize that LNG Plants are the big polluters, not natural gas plants. One could argue that by not exporting any LNG we are actually reducing greenhouse gas emissions.
When the Liberals try to pass off this kind of fractured thinking they are showing that they are incredibly stupid, or they think we are.
Site C is just another fiasco like LNG. Dreamed up by the same like minded people to fleece the hell out of the average BC citizen, and cream off the money to contractors, etc,
The major supporters of Site C are those who stand to make a bundle of money from the project, or who work for Hydro, and in my opinion they could care less about the cost to the average taxpayer.
Palopu the fleecing of the taxpayer is about the 65 billion in contracts to IPP’s.
Palopu, you are confusing CO2 emissions with pollution, they are not one and the same.
As for the environuts who are opposed to fossil fuels, but then get elected and realize that the economy depends on fossil fuel sales, yeah, they have to talk out of both sides of their mouths or stand by their enviro-ideology and watch their economies tank. And never get elected again.
They all claim to believe in the CAGW scam, but most of the time, when actually faced with reality, they don’t act like they believe it.
Actually the problem in Australia has to do with RET a tax on oil, gas and coal. They are exporting gas to the detriment of domestic use. Blackouts are a result of idiot reliance on unreliable wind and idiotic shutdown of coal generation. With the high gas exports not enough for domestic generation.
People in SA are buying backup diesel generation in droves.
Take for example, Australia has over 4000 mw’s of wind generation. Most days the generation does not come anywhere near that. One recently wind was only generating 25 mws and available coal generation was flat out to make up the difference. That was in their late fall now just wait when peak load comes this summer. Because of unreliable energy and the highest electrical costs in the work industry is leaving Australia in droves.
Oz is experiencing electricity shortages and rolling blackouts because they’ve embarked on a policy of renewables to replace coal and gas. Their coal and LNG exports are doing just fine, making profits because they got into it long ago. The idiocy is that a country abundant in energy resources doesn’t allow itself to use them, driving up energy costs while giving up reliability in supply.
Their gas exports are doing just fine ? That why an LNG plant of theirs for export to the tune of 40 billion dollars was canceled due to market conditions just recently . Funny ,that though there are no NDP or many Greens there at all , they have the same stranded assets we do with the exception of tar sands . The markets don’t care who is in power . It only cares about the bottom line . Nobody wants to own or invest in stranded assets . Funny thing about solar and wind assets . It’s completely mobile . And , with the advent of floating wind farms even more mobility is possible .
Ataloss, I’m so glad that you mentioned that the market doesn’t care who is in power, it only cares about the bottom line!
Why just last week, Central Wire Industries (CWI) announced that they will be stopping the manufacturing portion of its wire production business in Erin, Ontario due to the high cost of power.
“CEO and president Paul From said manufacturing of stainless steel and nickel alloy wire products will be relocated to two of its U.S. facilities and its Perth, Ontario facility, meaning 20 to 25 people will be out of jobs in Erin.”
“It really came down to the price of power in Ontario … I mean we’re paying 19 cents a kilowatt hour in that plant versus less than half in U.S. facilities,” said From.
“It’s just very, very difficult. These rates keep going up … but at the end of the day, we’re not unlike other companies that have left Ontario.”
So, the market in Ontario, the market for jobs is dwindling as a result of the Wynne Government’s disastrous energy policies. CWI and others are fleeing Ontario and taking their jobs with them.
How many green jobs are there in Ontario, to replace the ones that have been lost? Oh wait, didn’t Siemens just shut down their Ontario wind-energy plant in Ontario? Yup, they sure did!
So much for all of the jobs that were promised by the new green agenda. Not only are regular manufacturing plants shutting down and leaving Canada, but even “green” companies are pulling the plug!
That’s some utopia that Wynne and your greenies are creating! Tell that to the workers at CWI that have just lost their jobs!
It’s happening in Ontario, it’s happening in Alberta and it WILL happen here in BC. But what’s a few job losses, even if it’s in the hundreds or even thousands, so long as we continue down this green road, right! After all, who needs a job, and a house when the earth is warming! Sleep outside, right?
ht tp://www.wireworld.com/blog/cwi-to-stop-manufacturing-in-erin-ontario-due-to-hydro-costs.html
ht tp://www.lfpress.com/2017/07/18/siemens-canada-tillsonburg-wind-turbine-factory-that-employ-340-is-closing-raising-questions-about-ontarios-green-energy-policy
Hart Guy that is too much for Ataloss to digest, no comeback.
This is what happens when you get off your butt and get in on the ground floor:
———————
“The global natural gas market is undergoing a major transformation driven by new supplies coming from the United States to meet growing demand in developing economies and industry surpasses the power sector as the largest source of gas demand growth, according to the IEA’s latest market analysis and five-year forecast on natural gas.
The United States – the world’s largest gas consumer and producer – will account for 40% of the world’s extra gas production to 2022 thanks to the remarkable growth in its domestic shale industry. By 2022, US production will be 890 bcm, or more than a fifth of global gas output.”
The EIA AEO 2017 report shows the incredible climb of U.S. natural gas production brought about by the use of fracking technology that has made America the world’s largest natural gas consumer and producer.
————————–
ht tps://wattsupwiththat.com/2017/07/25/u-s-becomes-global-fossil-energy-giant-feeding-hungry-world-energy-markets/
It does not matter if it is economically viable, the greenies said it is greeen, so it is green. No other explanation is needed, Those things can be bought in a store where they magically appear out of thin air.
I said before and I will say it again. Petronas never ever had the financial backing to go ahead with this project. This was nothing more than a bunch of lies from Christy and the Libs to get elected and stay elected. Also don’t forget the job fairs.
I am always in awe on how in the hell can the NDP be blamed for the Never was going to happen LNG that Crispy had all you believe in…the NDP have been in power for less than 2 weeks and they are too blame for the LNG the wildfires I am amazed that they haven’t been blamed for Trump being in power yet (idiots) hurry up you are missing all the free samples at Costco
What did I miss? Who is blaming the NDP?
That’s WHY Fortis has been jacking up delivery charges on our bill… The delivery charge is more that the product consumed in the summer.. I used to enjoy ten dollar bills from Fortis during summer months
Did ya have a look at the taxes?
Another tax grab the liberals used to say BC had the lowest income taxes in Canada.
I get it, no other place in Canada has a delivery charge for natural gas. Down with delivery charges in BC, we want to be like the rest of the world – those dang Liberals hidden taxing us to death while the rest of Canada pays nothing for delivery
British Columbia’s attorney general says the NDP government will not artificially delay permits for the Trans Mountain pipeline, despite the premier’s vow to use every available tool to stop the project.
Fifty two week (the offering is not that old ) high was 16.81 . she’s at $15.and change . It’s a bargain if you’re a believer . They only need 7 plus billion . With under 200K volume they’ve got a bit of a way to go . I hope they start building right away . I wonder how much a barrel will be worth by the time they pump , twenty bucks ? Thirty ?
Not to change the subject, but I’m gonna anyhow . Has any body tried to renew or get new insurance on your house, cottage or boat in the past couple weeks? Good luck it aint happening within 200 km of the Sutherland Fire
Yes we renewed our home insurance with envisions credit union and our insurance was half the cost of last year.
Cheers
I guess you didn’t get the add on for bullet holes I’m guessing.
The Credit Union didn’t renew your insurance. They are a broker for the firm you switched your insurance to. Make sure your new insurance covers the same as your last insurance, also deductible makes a huge difference in price
Considering the massive claims that insurance companies have been dealing with over the past few years (Fort McMurray, Slave Lake, etc) I suspect that renewal premiums have not been cut in half!
So Retired 02, I call BS on your renewal being half the cost of last year!
Stop the fracking ,stop,, the sky is falling no need for this to continue.
Comments for this article are closed.