A Newfoundland company believes the time has come to monetize the vast reserves of natural gas off our shores.
LNG Ltd. is in the initial stages of the regulatory process and has spoken with the big offshore operators about the concept.
Bringing natural gas to market has been uneconomical, but LNG CEO Leo Power says now is the time.
His proposal calls for a pipeline from the Jeanne d’Arc Basin to Newfoundland.
The natural gas would be liquefied at Grassy Point, Placentia Bay.
Power says liquefying the natural gas in the marine environment would not be practical given the harsh environment and amount of downtime.
He says Europe would be the main market, particularly Germany, which imports most of its gas from Russia.
He says one of the best things Canada and Newfoundland/Labrador can do to reduce the carbon footprint is to sell natural gas to Europe.
The approval process will take 3-4 years.