Conference Board predicts LNG investment rebound despite low world prices

Report sees hope for liquefied natural gas projects on B.C. coast

CALGARY – The Conference Board of Canada says there’s still room for optimism for Canada’s liquefied natural gas export industry, despite global LNG prices that are expected to remain weak for at least the next three years.

Economist Carlos Murillo says in a report that investments in new LNG facilities around the world are expected to fall off in the next few years after about US$200 billion was spent over the past decade.

Investments are expected to fall to US$4 billion per year by 2020 but global demand will continue to grow, according to a Conference Board report, sparking a new round of spending on LNG facilities.

That’s good news for Canadian natural gas producers who have yet to see anyone commit to building an LNG export terminal in Canada despite some 20 proposals.

Last month, Ottawa conditionally approved the $36-billion Pacific NorthWest LNG project but Petronas, the Malaysian state-owned oil firm proposing the project, says it must review the conditions before going ahead.

The Conference Board says Canada’s natural gas industry is expected to post pre-tax losses of more than $1.6 billion this year after racking up losses of $1.7 billion in 2015, due to low natural gas prices throughout North America.

 

The Canadian Press

Note to readers: This is a corrected story. A previous version incorrectly spelled the name of Conference Board of Canada economist Carlos Murillo.

Just Posted

New Work BC office scheduled to open April 1

Kopar Administration, the new Work BC contractor, still looking to fill positions in Smithers office

Gryphons girls graduate as coach moves on

Bulkley Valley SD54 van der Mark on his time as coach and education administrator.

Bulkley Valley members of The North Matter rally in Houston

Pro-pipeline and resource development group driving convoy Saturday, eyes expansion across the North

Open letter from Coast Mountains School District 82 Board of Education

Board commitment to ongoing collaboration to close outcome gaps with First Nations students.

Northwest mobile unit to help those at heart of mental health, addiction crisis

Province, Northern Health unveils new unit in Terrace to bridge gaps in services

Sparks fly as SUV speeds down wrong side of Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Calgary captain has 3 points as Flames torch Canucks 3-1

Giordano leads way as Alberta side cracks 100-point plateau

1,300 cruise ship passengers rescued by helicopter amid storm off Norway’s coast

Rescue teams with helicopters and boats were sent to evacuate the cruise ship under extremely difficult circumstances

B.C. university to offer first graduate program on mindfulness in Canada

University of the Fraser Valley says the mostly-online program focuses on self-care and well being

Province announces $18.6 million for B.C. Search and Rescue

The funding, spread over three years, to pay for operations, equipment, and training

Late-season wave of the flu makes its round in B.C.

BC Centre for Disease Control reported 50 per cent jump in flu cases in first weeks of March

Tofino’s housing crisis causing some to seek shelter at the local hospital

Tofino’s housing crisis is pushing the town’s ‘hidden homeless’ population into the forefront.

Sentencing judge in Broncos crash calls for carnage on highways to end

Judge Inez Cardinal sentenced Jaskirat Singh Sidhu to eight years

2 fires in Victoria caused by cigarettes prompts warning from deputy fire chief

Two separate fires caused by cigarette butts were avoidable

Most Read