More LNG in BC than previously thought, enough to sustain 160 years worth of exports

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VANCOUVER (NEWS 1130) – The worldwide oversupply of natural gas is even bigger than previously thought, and British Columbia is the reason.

A National Energy Board report puts the amount of gas in the Liard Basin at 848 trillion cubic feet, four times more than BC’s estimate. The province claims it could sustain exports of the resource for the next 160 years.

UBC Economics Professor Werner Antweiler says this won’t do much in the short-term but it’s a big development more than 10 years out.

“So this is a large amount but of course it doesn’t help getting it to market. But it’s the a long term play and of course it will take quite a bit of time to develop this resource, which is right at the border to the Northwest Territories,” he explains. “What’s important to keep in mind too is that Liard Basin is far north. It’s in a remote area, it needs to be developed, it needs infrastructure, it’s one of the more costly place for geological reasons.”

Worldwide natural gas inventories were 41 per cent above the five-year average this month, according to the Intentional Energy Agency, the biggest since 2012. Natural gas prices have hit multi-year lows in 2016.

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