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Woodfibre LNG granted 40-year export license

Woodfibre LNG granted 40-year export license
Squamish, B.C. - The Canadian government has granted a 40-year export license to a Woodfibre liquefied natural gas (LNG) project near Squamish, B.C.

Jim Carr, the minister of natural resources for Canada, made the announcement on June 5 at the Canadian Embassy in China.

"We know there is tremendous demand for natural gas, especially in the fast-growing countries of Asia. The approval of Woodfibre LNG's 40-year export licence provides certainty for investors while creating jobs for Canadians as the world moves toward a low-carbon future," Carr said. "This project also underscores the significance of working together with First Nations communities, as it will lead to environmental protection and economic benefits for the Province of British Columbia and the Squamish Region."

The National Energy Board approved Woodfibre's application on April 6 and the decision was reviewed and supported by the federal government. It was approved provincially in October 2015, and the Squamish First Nation Council also voted at that time to approve an environmental assessment agreement and issued an environmental certificate for the project.

The project is licensed to export 2.1 million tonnes of LNG per year for 25 years. It is set to come online in 2020, and the estimated cost of the project is $1.4 to $1.8 billion.

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