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

Moms of those killed by illicit opioids take to B.C. Legislature in call for action

Moms Stop the Harm, a nationwide network of families who have lost loved ones to overdoses rally

Vet to North pets

Smithers vet hopes community support will help her bring vet service to rural North B.C.

Brucejack wins twice at first mine rescue competition

With some help from Smithers Fire Department, Pretivm’s Brucejack Mine wins in Kimberley.

Otters awarded for swimming success

Members of the swim club got together one more time for its annual awards presentation.

Fuel shortage from New Hazelton to Telkwa

Short supplies in B.C. had all stations but one in Smithers and one in Gitanmaax out of gas Friday.

VIDEO: Canadian toddler caught practising hockey skills in crib

Eli Graveline is getting praise from far and wide as the internet freaks out of cute throwback video

Man shot dead in Surrey ID’d as hockey coach and father of two

Murder of Paul Bennett – a respected Peace Arch Hospital worker and ‘champion of sport’ – ‘not random’

Serial killer Robert Pickton transferred to Quebec: victim’s family

Pickton was convicted in December 2007 of six counts of second degree murder

Canadian Syrian children’s choir not to attend festival over fears about U.S. travel

Many kids are recent immigrants from countries covered by Trump travel ban

B.C. teacher ends Jeopardy! winning streak, taking home US$69,000

Ali Hasan, from New Westminster, has been gaining fans as a “one-man invasion,” says Alex Trebek

Jett Woo highlights 5 Canucks choices on Day 2 of NHL entry draft

WHL star out of Moose Jaw tabbed in Round 2

In a matter of hours, women in Saudi Arabia will be allowed to drive

Change was announced as a royal decree in 2017 by Crown Prince Mohammen bin Salman

Feds announce measures to protect endangered whale species

Canada’s Whale Initiative is part of the federal government’s $1.5 billion Ocean Protection Plan

Most Read