Why Newfoundland LNG?
LNG NL believes that the best near-term contribution Canada can make to reducing global emissions is to facilitate massive exports of low carbon LNG from both the East and West coasts of our country. Over and above the fact that Newfoundland and Labrador is rich in natural gas and has available hydroelectric energy that can be used to produce it with limited environmental impact, there are other significant reasons why this project makes good sense.
Experience - Newfoundland and Labrador is a well-established oil and gas region with the skilled labour force and industry expertise to support in major construction projects such as the proposed natural gas development project.
Location and Project Economics - At a development cost in the range of $5.5 - 6.0 billion and after a preliminary review of transportation costs, LNG NL is comfortable that this project can be competitive internationally and has significant strategic value as a stable energy supply. Proximity to the EU makes LNG NL very attractive supply chain solution for this market.
Low Jurisdictional Risk – The Canada-Newfoundland and Labrador Offshore Energy Board is an experienced regulator and has worked well with industry for over 30 years. With only two jurisdictions (Federal and Provincial Governments) directly involved in the assessment and approval process, this project is less complex in relation to other inter-provincial projects.
Local and National First Nations Support - We are doing this project right. LNG NL is extremely proud to have established a partnership with Miawpukek First Nation of Conne River NL who will directly benefit as an equity partner and through participation in the development and operation of the infrastructure.
Low Technical Risk - This project is technically feasible. Any technical risks that do exist have been successfully managed either here or in other regions of the world.
Local and Regional Benefits - This project will be an important economic engine in a rural economy in need of employment and economic diversification.
1,300-1,500 direct jobs at peak construction;
400 permanent direct jobs; and
A significant tax revenue stream for all levels of governments.