Double the natural gas reserves, double the funds
A new report released today reveals British Columbia’s natural gas reserves are more than double previous estimates.
British Columbia’s resource potential is a competitive advantage the province holds over many other areas of the globe competing for growth and investment in liquefied natural gas (LNG).
“The global demand for energy is increasing rapidly and clean-burning natural gas is the solution,” said Rich Coleman, Minister of Natural Gas Development.
“Now, more than ever before, B.C. can supply energy needs at home and abroad. The Montney area will support economic activity in our province for a very long time as a supply hub for liquefied natural gas development.”
Industry and investors will find the Montney Formation report very appealing. The new estimate of resources in the Montney means B.C.’s total natural gas potential is now a staggering 2,933 trillion cubic feet (tcf). This potential supply can support development and LNG export operations for more than 150 years.
The study also shows British Columbia has a diverse supply of other petroleum resources, including natural gas liquids and oil.
The report, titled “The Ultimate Potential for Unconventional Petroleum from the Montney Formation of British Columbia and Alberta”, can be found online: http://www.empr.gov.bc.ca/OG/Pages/default.aspx
- The Montney Formation is located in northeast B.C., with its boundaries starting south of Fort Nelson and reaching into the Fort St. John area before crossing the border into Alberta.
- This is the first time the gas potential of the Montney Formation has been formally assessed as part of a published joint study.
- Currently there are more than 10 proposed LNG projects in B.C., three of which already have approved export licences from the National Energy Board.
- If five of these proposed facilities move forward, the cumulative gross domestic product benefit to British Columbia could total $1 trillion by 2046.
- LNG export operations in B.C. could create over 100,000 new jobs in British Columbia and new revenues for government to support a debt-free future.