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brandonnon Jul 17, 2013 9:40am
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Globe says Imperial, Exxon have big LNG plans
Globe says Imperial, Exxon have big LNG plansGlobe says Imperial, Exxon have big LNG plans
2013-07-17 06:51 ET - In the News
The Globe and Mail reports in its Wednesday, July 17, edition that Canada's natural gas industry is in transformation. The Globe's Brenda Bouw writes that big plans are being made to ship Canada's natural gas to growing markets in the Asia-Pacific, where it can be sold at a premium. The commodity needs to be condensed into liquefied natural gas (LNG), stored in tanks and shipped to waiting customers in Asia. There are no LNG terminals in Canada today. That is a gap some of the world's largest energy companies are vying to fill. Arc Financial economist Peter Tertzakian says Canada is on the cusp of a complete reorientation of its natural gas supply chains. Exxon Mobil recently announced its plans with Imperial Oil to build a giant project of its own for up to 30 million tonnes a year. At this stage, it is anyone's guess which project will be first -- or how the players might change -- between now and the first shipment off Canada's West Coast, expected in 2015. Oil & Gas Investments Bulletin publisher Keith Schaefer says the market is waiting to see the first contract price for gas supply. That will help companies determine whether to move ahead with their projects.