Thursday, February 12, 2015

Another LNG company outlines plans for Terminal development in Prince Rupert

The energy sector may be in the midst of an economic correction these days, but for when it comes to potential LNG development on the North Coast, it appears that yet another Terminal plan is in the works.

New Times Energy, has just set up a British Columbia company through Vancouver offices, joining a fairly crowded field of would be exporters looking to make the province an export base.

On Wednesday, New Times Energy Ltd. filed an application with the National Energy Board, seeking to export 12 million tonnes of LNG per year over 25 year, shipping it through a floating LNG terminal proposal for somewhere in the Prince Rupert area.

Details remain pretty hard to find at the moment as to where that  proposed location for the Terminal might be. Though it appears that the proposed development will feature three LNG trains on a floating foundation located off shore, a process that the proponents say will reduce the cost of the project significantly.

All that is known about the New Times plan to this point is that which is found through their application to the NEB,

From that document, the Executive Summary outlines the proposed Terminal project as follows:

NewTimes Energy Ltd (NewTimes) is submitting an application to the National Energy Board (“NEB”) for a licence to export natural gas from Canada. NewTimes is proposing to build a LNG export facility (“the Project”) at a site near the Port of Prince Rupert, BC.

The Full overview of their Natural Gas Supply and Demand Forecast through to 2053 can be found here. The timeline for shipment to world markets would appear to have their proposed terminal in operation sometime in 2019.

New Times Energy is currently seeking out further investors from China and the United States and has yet to develop supply and infrastructure partnerships to deliver the gas to their proposed terminal development. At the moment, it also has no client contracts in place in Asia for when the gas is ready to flow.

The New Times proposal for the area, joins the seven other projects that have been suggested for the region, though none have as of yet delivered a Final Investment Decision to move ahead with construction.

Further items of interest related to the New Times Energy proposal can be found on our archive page for the project, for more items related to LNG development on the North Coast see our General Archive page here.

Some background on the proposed New Times Energy terminal project can be found below:

Alaska Highway News -- Amid falling energy prices, New Times Energy joins LNG race in B. C.
Globe and Mail -- Vancouver-based NewTimes Energy latest entrant into crowded LNG field

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