by Carl BR Johnson
June 13, 2013
Photo by Carl BR Johnson — Dwayne Taylor, Director of Operations for CorrPro, said his company’s bottom line will benefit from the Petronas’ $16 billion investment into B.C.’s LNG market.
Northeast B.C. will see a “substantial increase” in the amount of Liquefied Natural Gas (LNG) drilling in the area as a result of Petronas’ $16 billion investment in the province’s energy industry.
While specific numbers are not being released to the media yet, Tessa Gill, manager for stakeholder relations for Progress Energy (whose parent company is Petronas), was able to confirm that the Peace Region will see a large share of this investment.
“There will be a substantial investment in that play (Montney Shale Play),” said Gill.
The Montney Shale Play area covers more than 2.6 million hectares in the Peace Region and contains an estimated 8 trillion cubic feet of natural gas.
“There is going to be a substantial increase in LNG drilling operations in NE B.C.,” said Gill.
“We are pleased to be a part of this exciting project.”
“I believe that you haven’t see anything yet,” said Fort St. John City Councillor Larry Evans.
“With this announcement, things in the Peace’s oil patch will only get better. This investment will change the landscape of the NE B.C.”
Kathleen Connolly, director of the Dawson Creek Chamber of Commerce, said, “Any and all development is great. Anything to help pull product out of the ground and get it to international exports is good. We’re 100 per cent good with that. This will help the investment climate in the Peace and any increase in revenue for the LNG market for the area will get more people working.”
Local companies are also excited by the news, which is expected to pump more revenue into the Peace Region.
“It’s very positive news,” said Bill Birch of Bill Birch Oilfield Consulting, based in Dawson Creek.
He said his company has contracts with Progress Energy and handles fluid hauling for many of their well sites, such as frack fluids, water and heating fluid hauling.
Birch said one of his employees told him of the recent news of Petronas’ huge investment in the LNG industry and said he’s, “looking forward to it.”
“It looks like they’re (Petronas) committed to the shale gas play and all that land locked gas and that will help domestic gas prices,” he said.
“This is nothing but positive news.”
Dwayne Taylor, director of operations for CorrPro, which has an office in Fort St. John, said the investment news will “definitely improve our own bottom line.”
“We do corrosion protection for Progress Energy in their pipelines,” said Taylor.
“Our company will definitely benefit from Petronas’ investment, it might be a while, but we’ll still get some of that pie.”
The investment announcement on Tuesday came in conjunction with the announcement by provincial B.C. Natural Gas Development Minister Rich Coleman, who said that Petronas is “dead serious” about investing in B.C.’s LNG market.
Greg Kist, president of Pacific Northwest LNG, confirmed that in 2014, Petronas’ and Progress Energy’s final investment number for N.E. B.C. would be finalized.
“We hope to reach a final investment decision by late 2014,” Kist said.
“This announcement will go a long ways in establishing investor confidence in the B.C. economy,” said John Winter, president of the BC Chamber of Commerce.
“I think there are some skeptics and doubters about the potential of the LNG market on the whole but this announcement sends a strong signal that Petronas has a lot of confidence in our economy and the LNG market in B.C.”
Winter said that the province had created a “Legacy Fund” for helping to pay down the provincial debt from the proceeds from the LNG market and this investment will, “open those doors.”
He added, “Many of these kinds of investments will be needed to establish us as a world player.”
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