RE:from the QEC board
Ivison sees hope for Questerre's Quebec project
2023-02-13 09:29 ET - In the News
The National Post reports in its Saturday edition that Francois Legault has been steadfast: Quebec will not export natural gas to Europe, despite Germany's need to replace energy that Russia used to supply. The Post's John Ivison writes, however, that the Quebec Premier may be rethinking his government's ban on oil and gas development in the province. The door is open a crack," said one source. "There is a different stance from before" Russia's invasion of Ukraine." During the election, Mr. Legault said that a re-elected Coalition Avenir Qubec government would not revive GNL Quebec's Energie Saguenay project that proposed to export liquefied natural gas from Western Canada to Europe. The Saguenay is not the only project that has been marooned. There are huge reserves of natural gas on the South Shore of the St. Lawrence known as the Quebec Utica development. One company, Questerre, says it has the rights to reserves that could potentially meet 50 per cent of Germany's natural gas imports. A study by KPMG in 2018 said the various Utica projects would create 6,000 jobs, attract $700-million a year in investment and generate annual tax revenues of $125-million for the Quebec government in the first six years of operation.
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