Mines Energy Minister Responds to PETRONAS Decision
Prince George, B.C.- Minister of Mines and Petroleum Resources Minister Michelle Mungall has issued a brief statement on the PETRONAS decision to not proceed with the Pacific NorthWest LNG project.
“The company was very clear, this was a decision they were making because of the economic challenges in the global energy marketplace. The Pacific NorthWest LNG project in it’s current state, was uneconomical to move forward.”
“This is about global market pricing” says Minister Mungall, “We will respect the company’s decision.”
She says she will be talking with all of the LNG stakeholders “To assure them, we are ready to work with them going forward, that we have a road map to get them to full realization of their projects.”
She says Aurora LNG is a project that is still in the works, “I will be on the phone with them to assure them we will be working with them every step of the way.”
She says B.C. remains “a player in the LNG sector “.
Comments
Killed during Horgan’s watch!!!!
Nope not his watch, he does not see anything past Hope.
The election is over, get over it. I’ve never seen so much crying in my life
ya Democrats lost!!!!
We have Democrats in British Columbia ?
Yes, Horgan controls the worlds markets…but then again the loonies is over 0.80 for the first time in two years..thanks to him then for that too.
Clark never seen anything beyond hope either, until she got defeated in her own riding and had to get a liberal want-to-be to resign so she could get in.
Has nothing to do with Horgan. Quit harping on it. As with any business, its all about the bottom line – and market conditions inevitably erased it.
The decision to not proceed with this project was made a long time ago. There will be very few (if any) LNG projects going forward in the near future, because as pointed out in the article there is a glut of natural gas, and the price is just not there to make huge profits.
Considering how polluting the LNG Plants are everyone that does not go forward is a bonus. We can use the natural gas to generate electricity (which is what other Countries use it for) and scrap Site C. That way we keep the natural gas industry working, create jobs by building these plants, and basically reduce greenhouse gas emissions because a LNG plant produces about five time more greenhouse gas emissions than a natural gas electrical generating plant.
So, if you look closely you will see a silver lining in that (presumed) dark cloud.
Was the announcement by Petronas timed to be made after the election, so as to not spoil any chances of Christy losing the election. If so it failed,.
Welll The state of global economy helped BC people on this one.. Now the focus will be on Site C
Read the CBC article in the sidebar, an excerpt of which reads:
‘Sept, 27, 2016: The federal government approves the project with 190 conditions, including for the first time a maximum cap on greenhouse gas emissions.
Oct. 27, 2016: Two First Nations and an environmental group file separate applications for judicial review in Federal Court to quash approval of the project. A fourth challenge is launched in January 2017.
July 25, 2017: Pacific Northwest LNG says it will not proceed with the project, citing poor market conditions including a prolonged period of low LNG prices.’
The Federal Court of Appeal partially sided with one of the litigants and said the project had to be punted back to the federal government for additional study and review – that happened last Friday.
If I were on the board of Petronas, and I were surveying Hulk Horgan and the Weasle’s political stance on resource sector development I’d say ‘F*ck you’, regardless of current energy prices.
I hope all you unemployed eco-idiots are happy now. The Kinder Morgan pipeline is next, then mining projects, then the natural gas industry generally.
But don’t worry – there’s plenty of energy available in unicorn f*rts. Just ask the thermodynamics experts and cutting edge world economists on this site.
“If I were on the board of Petronas”
But you are not, so EVERYTHING you say is a bunch of rubbish.
“there’s plenty of energy available in unicorn f*rts”
But how can we harness your comments and use them?
Palopu gas prices are rising. If we go with gas generation what will be the price in the future. With activity decreasing with the sun and the oceans over all showing a cooling trend gas and coal prices may increase sharply.
More U.S. LNG ready to travel
According to a June report by the IEA, global natural gas demand will increase by 1.6 percent by 2022—with China fueling 40 percent of that growth. On the other end of the spectrum is the U.S., which is expected to produce 40 percent of the world’s new gas production out to 2022.
The IEA believes that by 2022, despite growth in domestic gas demand, the U.S. will export over half of its growing production in the form of LNG.
Seems Trump is doing alright for his country, read this.
Also related wonder how long the NDP greenies lovein will last while the rest of the worlds economy steams right along. the US will not need the oil and gas we sell except for more a bargain basement price they already force.
Blocking gas and oil shipments while the rest of the world is clamoring for it very idiotic and people knock Trump!
ht tps://wattsupwiththat.com/2017/07/24/the-resurgence-of-the-american-coal-industry-part-trois-going-dutch/
horgon Weaver you guys are way out of your league along with the selfie king.
Seamutt. As usual you forget that BC owns the natural gas in the ground,. If we chose to we could have Hydro and contractors produce the gas for gas generating plants. I would prefer to get it from private business, however if necessary we could produce our own. In that scenario the gas would not cost us any more than the water in Williston Lake.
My guess is, is that Petronas, and some other gas companies in Canada will now sell Canadian Natural Gas to the US for export via the LNG plants that they have up and running.
In other words we have been conned, compliments of the Liberals. One might want to see who owns the US LNG Plants.
But I thought you are worried about greenhouse gas emissions. The US is in the drivers seat and will dictate what they will pay for our gas and oil.
Gas last I saw is sold on the free market. Actually the gas costs more than the water in williston lake. One of the reasons our electrical costs are so low. Hydro electric power is the lowest cost of electricity.
What will gas prices be in the future?
Seamutt. What is your problem. Are you seriously suggesting that you are not aware that all Gas, Oil, Lumber, Concentrates, etc; in BC are owned by the BC Government and then are sold to private business through licensing, or through royalties, stumpage, etc;
If we wanted to lock in a 100 year supply of natural gas for our own domestic use, ie: producing electricity we could easily do so. We did it with BC Rail, ICBC, BC Hydro and could create a new arm of BC Hydro that would produce electricity using natural gas.
Its just that simple. The balance of the natural gas in BC could continue to be sold on the world market, or to the USA to feed their LNG plants.
Trying to divert attention away from the simplicity of producing electricity using natural gas, by talking about greenhouse gas emissions is a mugs game.
Two natural gas plants producing electricity in BC would meet our needs for years to come. The Shepard Energy Centre, near Calgary started operation in 2015 and produces more than 800 megawatts of electricity for the Alberta grid.
Two of these plants in BC would generate 1600 megawatts (thats 500 MW more than Site C) cost under $ 4 Billion, and be completed in under four years, and would employ some 600 people into the future.
The Shepard Energy Centre, is jointly owned by Enmax and the City of Calgary, and that’s probably the route to go.
In any event you know all this, but having contracts associated with Site C, or being an employee of BC Hydro makes it difficult to look at alternatives. I am assuming that you have a vested interest in Site C going forward. Perhaps you are in the steel business, or cement business, or perhaps the heavy machinery business.
Have a nice day.
Building Site C is nothing more than a fiasco.
palopu take a deep breath, let it out slowly, there feel better.
Yes but treaties, trade agreements, world markets and prices come into play.
Hydro does produce electricity with natural gas though with Burrard being shut down by the Nimbies all that is left is the gas plant out in Prince Rupert but it only runs in local emergencies and when the sale of electricity is very high. There is also the gas generation up in Fort Nelson.
hydro electric generation is cheaper than gas over all.
You are the one seemingly worried about C02 emissions and keep bringing it up.
What will be the price of natural gas in the years ahead?
No vested interest at all just understand electricity generation. Like I said anywhere hydro electricity is the major source of electricity they have the lowest rates. Just that easy.
You if I remember right have never addressed the 65 billion in IPP contracts, that is where the crime is being committed. Site c if it turns into a fiasco is just because of politics, nothing else.
And so it begins…
The beginning of the NDP reign of Terror.
Petronas cancelled, mount paulley mine permanent closure. What’s next ?
Canadian dollar above 80 cents.. mount polled stops polluting the water shed..what a reign of terror..lol
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