An Emerging Industry

LNG is a newly emerging part of the natural gas industry in British Columbia, made possible by strong global demand for energy, advancements in technology, and the presence of very large natural gas reservoirs in the province. Although recent downturns in the oil and gas industry have led to speculation about industry growth forecasts and changes in planned investments by companies—some discontinued, others deferred—this is not unusual for in resource industries which typically follow cyclical up and down growth patterns.

Who uses natural gas? The need for energy is increasing on a global scale, particularly in Asian countries and economies. World-wide demand for LNG is expected to more than double in the next 20 years.Some of the world’s most promising areas for natural gas extraction are in British Columbia, in places like the Horn River Basin and the Montney Basin.

With the development of a liquefied natural gas (LNG) sector, the natural gas industry in British Columbia can be a major supplier to world markets.

The BC Government Vision

In 2011, the government of the day created a jobs plan called Canada Starts Here: The BC Jobs Plan (https://www.bcjobs.ca/blog/canada-starts-here-the-bc-jobs-plan/), ,to help strengthen local economies by getting B.C. products to new markets. The strategy focused on building infrastructure to get goods to market; creating jobs for families and creating economic advantages that will leave a lasting legacy for future generations of British Columbians.

To achieve this goal, a liquified natural gas strategy (LNG Strategy https://news.gov.bc.ca/releases/2018PREM0073-001910) was also developed, which set in motion a plan to build the industry. The strategy captured the attention of large companies and global investors who have since come forward with a variety of LNG proposals (now at various stages of development).

 

Video 3: ICU Global LNG Report (3 minutes, 46 seconds)