Well…as you know I wrote on August 21 2015…Petronas PNW LNG project is dead…
http://powellriverpersuader.blogspot.ca/2015/08/british-columbia-and-lngs-last-gaspa.html
many of you fine Rupertonians have doubted my research and forecasting…
Here is the latest breaking Petronas news as it pertains to PNW LNG…In a nutshell…Even if the Federal Government approves PNW LNG…Petronas will not proceed until?..Until 2024 at the earliest…meaning no exports until near 2030…or never…
A little cut n paste…
_according to a source within the company, the Malaysian oil and gas giant likely won’t make a final investment decision on Pacific NorthWest until June 2017. The facility, which would be built on Lelu Island near Prince Rupert, would process gas from Northeast B.C. for export to Asia. It is undergoing a review by the Canadian Environmental Assessment Agency, with a decision expected by mid-September. “At the earliest is June of 2017, Petronas might come out with a final investment decision (FID),” Turchanski said in an interview. “If they come out with an FID, that doesn’t mean they’re going to go to work right away. They might delay it another year, they might delay it two years, they might delay it five years.” - See more at:
http://www.alaskahighwaynews.ca/wait-for-pnw-lng-investment-decision-could-drag-into-june-2017-1.2293709#sthash.zfDtHdZr.dpuf_
You see folks…there is no LNG demand, or need at present…new supplies won’t be marketable until …my estimate…NEVER…others say 2024…
MEI; LNG Oversupply To Stretch to 2024
_The latest research by McKinsey Energy Insights (MEI) predicts the LNG oversupply could last until 2024, meaning few projects could reach financial investment decision in the next 12 to 18 months. _
The research shows the LNG supply glut is “exacerbated by the 100 million tons per annum of new export terminal capacity currently under construction in the United States and Australia.”
By 2019, MEI expects the oversupply to peak at 60 mtpa.
http://www.lngworldnews.com/mei-lng-oversupply-to-stretch-to-2024/
You can read more here…
http://powellriverpersuader.blogspot.ca/2016/06/postmedia-defends-indefensable-site-c.html
Anywho…Petronas has been sniffing around since 2012 in B.C…it is now 2016…Petronas at present doesn’t need more LNG to sell, they can’t sell what they have now…Gorgon plant is hummimg…Egypt is sourcing it’s own massive supply…
http://www.telegraph.co.uk/business/2016/06/20/bp-fast-tracks-egyptian-gas-project/
Israeli is to become LNG exporter…a massive, gargantuan gas find…
China is building windfarms in Pakistan
https://t.co/jqAku4h0LL
Look folks…technology, a massive lng glut until at least 2030…And now you have Petronas insider stating regardless of Federal decision on PNW LNG…they ain’t building for 6 years or more…and come 2022–2024…if Petronas doesn’t see a demand…if the glut still exists…renewable power…nuclear power…fire-ice power, and or even really cheap coal…did I say coal…I do believe Christy Clark is wrong about LNG displacing coal use overseas…
_Manila. The Philippines will retain coal as a core part of its electricity generation mix due to its dependability, though it will seek to boost the use of cleaner fuels and renewable energy, the country’s energy minister said on Monday (04/07). _
_The Southeast Asian nation, with a population of more than 100 million people and one of the world’s fastest growing economies, aims to double its power generation capacity by 2030 to avoid a return to the frequent blackouts suffered during the 1990s. _
_“Coal is the more dependable, the more reliable source for base load,” Energy Secretary Alfonso Cusi told his first media briefing since the administration of President Rodrigo Duterte took office last week. _
“As a developing country we cannot afford not to have coal,” added Cusi.
http://energy.einnews.com/article/333995375/EUlyM7VCbPpSTbl8
A 100 million people there.another big market not in need of BC sourced gas…
The times are achangin…
In closing…Hi Mig…
If Petronas is delaying construction for a decade…how long am I on the hook for…2012…to 2024…2030…2035…
Mig…Jabber…Investor…ladies and germs…
Petronas is already gone…
Cheers Eyes Wide Open