Tag: LNG

February 13, 2013, Premier Christy Clark announced:

…the new British Columbia Prosperity Fund to ensure communities, First Nations and all British Columbians benefit from the development of a new liquefied natural gas (LNG) industry…

LNG development is poised to trigger approximately $1 trillion in cumulative GDP within British Columbia over the next 30 years and that means more than $100 billion will flow directly to the Prosperity Fund.

Province wide, LNG is expected to create on average 39,000 annual direct, indirect and induced full-time jobs during a nine-year construction period. As well, there could be as many as 75,000 full-time jobs required once all LNG plants are in full operation…

Factsheet

…Projected total revenues to government are estimated between $130 billion and $260 billion over the next 30 years. In order to maximize the benefits of these developments to future generations of British Columbians, the provincial government is establishing a new British Columbia Prosperity Fund…

During the election campaign, Liberals promised that LNG revenues would not only ensure a debt free British Columbia but gas production would also fund essential spending for health care, education and social services. They claimed their plan demonstrated the superiority of BC Liberal financial management because, after almost 40 years, Alberta’s Heritage Fund contained only $17 billion, a fund accumulation 1/10 or 1/20 the rate intended for B.C.

So that we don’t forget this good news, Northern Insight will calculate the accrued income that is coming our way. It updates regularly.

Bringing us some of the news that’s fit to print, and a little more, Dirk Meissner rewrote pre-election Liberal press releases for Postmedia, the company that chose to partner with Canada’s resource industries and their favourite politicians.

B.C.’s LNG plans on same scale as oil sands: Clark, Dirk Meissner, December 13, 2012:

VICTORIA — Premier Christy Clark says her government’s plan to export liquefied natural gas to Asia is British Columbia’s economic equivalent to Alberta’s oilsands.

In a year-end interview with The Canadian Press, Clark said B.C.’s LNG development ambitions will transform the economy, but the province must act quickly before the opportunity evaporates like gas into the atmosphere.

Clark, who has spent the last year describing her “bold” and “audacious” plan to turn B.C. into Canada’s job-creation engine, said British Columbians will still be cashing in on the benefits of LNG exports 50 years from now.

“Think about it in these terms: what oil has been to Alberta since the 1970s-80s is what LNG is going to be for British Columbia, nothing less than that,” said Clark.

“Energy output from LNG will likely be as big as the total energy output today from the oilsands,” she said.

…[experts] are on board in describing the opportunity as monumental and one that should be fast tracked.

“This is huge,” said Ron Loberec, Deloitte’s Canadian resources spokesman. “It’s a no-brainer.

Now, almost three years later, the so-called experts are proven to be no-brainers. They were drawn willingly or stupidly into participating as partisans in the 2013 BC election. Not only has the province not moved forward on LNG, it’s lost billions of revenues that used to flow from its gas fields. BC is not realizing additional revenues from natural gas despite returning billions of dollars to the industry through drilling and infrastructure subsidies. In fact, the province is no longer receiving material payments through royalties or the sale of petroleum and gas rights.