Investing in Liquefied Natural Gas
The Government of Canada has approved a 40-year export licence to Woodfibre LNG Limited. The company would export liquefied natural gas (LNG) from its proposed facility located in Squamish, British Columbia.
What success looks like
This Woodfibre LNG project will:
- Create hundreds of jobs for the region of Squamish, including about 100 full-time jobs at the facility during operation and about 650 jobs each year during an estimated two-year construction period.
- Underscore the significance of working together with First Nations communities, bringing responsible economic opportunity to the region and protecting traditional land, water and heritage resource
The Woodfibre LNG project will:
- Allow for the export of up to 2.1 million tonnes a year of LNG, with an additional allowance of 15% annually, over a period of 40 years. This amount is equivalent to 2% of the 14.4 billion cubic feet per day of natural gas produced in Canada in 2015.
- Provide longer-term certainty in advancing this project as Canada’s 1st LNG export facility to receive a financial commitment necessary for the project to proceed.
- Support our clean energy initiatives as the facility will be powered with electricity from BC Hydro, which will help create one of the cleanest LNG facilities in the world.
If the LNG industry produces 30 million tonnes of LNG per year, Canada’s economy would grow by $7.4 billion per year over 30 years.
Source: Conference Board of Canada report
Canada is the fourth largest exporter of natural gas and the fifth largest producer in the world. We have enough marketable natural gad resources to meet our current production for over 300 years.
Source: International Energy Agency, Natural Gas Information book, 2016
By 2040, Canadian natural gas production will increase 37% with the export of Canadian LNG.
Source: The International Energy Agency, World Energy Outlook, 2016
Exporting 30 million tonnes per year of LNG from British Columbia’s LNG industry would increase national employment by an average of 65,000 jobs, of which 46,800 would be B.C. jobs.
- News release: 40-Year Export Licence Issued to Woodfibre LNG
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