Historically, B.C.’s natural gas has been exported throughout North America. In recent years, the North American market has shifted substantially as new and large sources of natural gas have been discovered in the United States. For B.C.’s natural gas industry to remain viable, new markets and customers are needed.
The natural gas industry maintains thousands of jobs, supports local businesses and sustains economic activity in B.C.’s rural communities. Revenues collected from the industry are used by the provincial government to support the vital services everyone depends on – health care, education, infrastructure and more.
Why LNG proponents are investing in B.C.
B.C. has everything LNG proponents and international investors are seeking for their businesses:
- Vast natural gas resource potential.
- A supportive regulatory and competitive fiscal framework.
- A history of safe and responsible natural gas development.
- Close proximity to growing markets in Asia, resulting in lower shipping costs for industry.
- The ability to power LNG plants with clean electricity. B.C. will be the first jurisdiction in the world to have LNG plants powered with a mix of clean, renewable energy.
- A cool climate – the natural state of B.C.’s climate translates to approximately 30% less power demand for the LNG manufacturing process compared to warmer places like Australia.
These advantages provide industry and international investors with the confidence they need to look at B.C. for growth opportunities. Companies know that B.C. is a safe, supportive jurisdiction to invest and build a new, long-term LNG industry.
LNG Industry today
The economic benefits of B.C.’s natural gas sector only increase as the prospects of exporting LNG progress.
The provincial government estimates industry has already invested over $20 billion to further B.C.’s LNG opportunity – capital spent, in large part, in northeast B.C.’s exploration and production. This is a clear sign of the industry’s confidence in B.C.’s future as a natural gas exporter.
Economic prospects are increasing in all corners of the province. For example, in northeast B.C., Progress Energy Canada and their partners are investing over $2 billion annually in preparation for supplying the Pacific NorthWest LNG export facility. These investments represent 4,000 sustainable jobs in exploration and production development.
Investments are also being made to further domestic opportunities, including work in Delta where FortisBC is expanding their Tilbury LNG facility. That project has already provided $60 million in contract work to over 100 companies including Aboriginal and local businesses and trade workers in communities across Metro Vancouver.
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