Canada is a late entrant to the global LNG market and the next several years will be critical to the development of the Canadian LNG industry according to a new report released by the energy information and analysis unit of the National Energy Board (NEB) of Canada.
The report, titled Canada’s Role in the Global LNG Market, looks at changing LNG market dynamics, including lower prices and fierce competition. This has created uncertainty among all LNG projects, including those proposed in Canada.
The National Energy Board is an independent federal regulator of several parts of Canada’s energy industry. Since 2010 the National Energy Board of Canada has received 43 LNG export license applications, with 35 of them receiving approval. There are 24 planned projects – 18 based along the British Columbia (B.C.) Coast and the remaining in Quebec and the Maritimes.
Woodfibre LNG near Squamish, B.C., is the only Canadian project where the company that has reached a final investment decision to proceed. Woodfibre received conditional federal approval in March 2016 and was granted a 40-year LNG export license by the NEB on 9 June 2017. The Pacific Northwest LNG project near Prince Rupert, B.C., received conditional federal approval in September 2016 and a 40-year LNG export license from the NEB on 21 December 2016, but the project still requires a final investment decision by the company. Four other projects have received major regulatory approvals.
Canada’s Role in the Global LNG Market Energy Market Assessment July 2017 report can be found in PDF format here .