Woodfibre LNG to become first LNG export project, but industry doubts persist
CALGARY — Woodfibre LNG is set to become the first liquefied natural gas export project in the country, but whether it marks the launch of a national LNG industry on a mass scale is clouded in doubt.
Canada’s export ambitions, based largely in B.C., have been hit with a series of setbacks this year. In July, Shell announced it was indefinitely postponing its LNG Canada project. Petronas, the Malaysian state-owned company behind Pacific Northwest LNG, has also delayed a final investment decision.
While last week’s approval for Woodfibre LNG is positive, that export terminal didn’t face the same obstacles as some of the bigger projects, said Dirk Lever, head of research at AltaCorp Capital.
“I’m hoping it’s the start of a trend, because we really need it,” said Lever. “But I just remind myself it is a small deal.”