Regulatory red tape is getting in the way of British Columbia’s LNG developments, costing the province billions in lost revenue, according to a report from the Fraser Institute.
The think tank released a study on Tuesday identifying B.C.’s approval process as a hindrance to the numerous liquified natural gas projects planned for the province. The provincial government lists 23 LNG projects in development, including a $30 billion plant 75 kilometres southwest of Port Alberni in Sarita Bay.
With an estimated 10.6 trillion cubic metres of natural gas reserves waiting to be tapped, B.C. has the potential to compete with the largest international exporters of the substance in its liquified form. But as long as the current regulatory regime remains in place, big players like Australia, Qatar, the Uniter States and Indonesia will be in another league, according to the Fraser Institute. The report predicts that no projects will be operational by 2020, resulting in lost revenue equal to as much as 9.5 per cent of B.C.’s gross domestic product.
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Eric Plummer – Alberni Valley Times –Â Sep 24, 2015.
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