{"id":58370,"date":"2021-06-24T07:51:56","date_gmt":"2021-06-24T12:51:56","guid":{"rendered":"https:\/\/olduvai.ca\/?p=58370"},"modified":"2021-06-24T07:51:56","modified_gmt":"2021-06-24T12:51:56","slug":"bc-looks-like-an-lng-loser-report","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=58370","title":{"rendered":"BC Looks like an LNG Loser: Report"},"content":{"rendered":"<header class=\"article__header\" data-dev-object-descrip=\"organisms\/article\/article__header\" data-dev-status=\"IN-PROGRESS\">\n<div class=\"container-fluid\">\n<h3 data-bind=\"title\"><a href=\"https:\/\/thetyee.ca\/News\/2021\/06\/24\/BC-Looks-Like-LNG-Loser\/\">BC Looks like an LNG Loser: Report<\/a><\/h3>\n<p data-bind=\"teaser\"><strong>Prospects have been battered by global competition, volatility, delays and cost overruns.<\/strong><\/p>\n<\/div>\n<\/header>\n<section class=\"featured-media\" data-dev-object-descrip=\"02-organisms\/article\/featured-media\">\n<div class=\"container-fluid\">\n<figure class=\"figure \" data-dev-object-descrip=\"01-molecules\/blocks\/figure\"><img loading=\"lazy\" decoding=\"async\" class=\"responsive-img\" src=\"https:\/\/thetyee.ca\/News\/2021\/06\/23\/LNGRenderingGlobalEnergyMonitor.jpeg\" alt=\"LNGRenderingGlobalEnergyMonitor.jpeg\" width=\"960\" height=\"624\" \/><figcaption class=\"caption\">Facing a world of challenges: Artist\u2019s rendition of the sole LNG project under construction in BC, the LNG Canada terminal in Kitimat.\u00a0<span class=\"caption__media--credit\">Image via Fluor.<\/span><\/figcaption><\/figure>\n<\/div>\n<\/section>\n<article class=\"article__body main-col-container\" data-dev-object-descrip=\"organisms\/article\/article__body\" data-dev-status=\"IN-PROGRESS\">\n<div class=\"container-fluid clearfix \">\n<p class=\"lead-in\">Once touted as an economic powerhouse, the liquified natural gas industry is on the rocks, according to a worldwide survey of LNG terminals from the Global Energy Monitor, a non-profit research group\u00a0<a href=\"https:\/\/globalenergymonitor.org\/about\/\" target=\"_blank\" rel=\"noopener noreferrer\">responding<\/a>\u00a0to climate change.<\/p>\n<aside class=\"aside hide-on-narrow-vp\" data-dev-object-descrip=\"01-molecules\/blocks\/aside\" data-dev-status=\"IN-PROGRESS\"><\/aside>\n<p>LNG terminals are among the largest capital projects attempted in modern industry, costing up to $30 billion per project. Gas is extracted from underground deposits, piped to LNG plants where it is compressed by cooling to liquid form, loaded onto ships and transported to other markets.<\/p>\n<p>\u201cThe sheer size of the projects has exposed investors to catastrophic losses,\u201d said Lydia Plante, lead author of the just-released report.<\/p>\n<p>The survey found that planned projects representing 38 per cent of global export capacity are facing delayed final investment decisions and other serious hold-ups. Cost overruns are common.<\/p>\n<p>Canadian LNG is particularly bad off, Ted Nace, executive director of the Global Energy Monitor, told The Tyee. \u201cThe problem with the Canadian LNG expansion is that it\u2019s especially vulnerable because Canada is a high-cost producer on a world basis.\u201d<\/p>\n<p>That\u2019s because Canada plans to produce its LNG from fracking \u2014 an energy and capital-intensive process to access gas hidden deep inside shale rock.<\/p>\n<p>Canadian LNG comes up short on the global market, said Nace, particularly when it competes against countries where conventional gas sources make LNG cheaper to produce.<\/p>\n<p>And global competition is only getting fiercer. Qatar and Russia, for example, have vast supplies of cheap natural gas. \u201cThese super low cost producers,\u201d said Nace, \u201care not giving up market share without a fight.\u201d<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>BC Looks like an LNG Loser: Report Prospects have been battered by global competition, volatility, delays and cost overruns. Facing a world of challenges: Artist\u2019s rendition of the sole LNG project under construction in BC, the LNG Canada terminal in Kitimat.\u00a0Image via Fluor. Once touted as an economic powerhouse, the liquified natural gas industry is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[94,103,1714,1190,23884,31072],"class_list":["post-58370","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-british-columbia","tag-canada","tag-liquified-natural-gas","tag-lng","tag-thetyee-ca","tag-zoe-yunker"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58370"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58370\/revisions"}],"predecessor-version":[{"id":58371,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58370\/revisions\/58371"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}