"It is a vote of confidence in a country that recognizes the need to develop our energy in way that takes the environment into account, and that works in meaningful partnership with Indigenous communities", he says in the release, announcing the project.
"LNG is good for B.C., it's good for Alberta and it's good for Canada".
Companies from the three countries are partners in the Canadian LNG project. LNG Canada achieved this through a combination of using renewable hydropower from BC Hydro and highly-efficient gas turbine engines.
Shell said the project will initially export LNG from two processing units or trains totalling 14 million tonnes per annum, with the potential to expand to four trains in the future.
TransCanada Corporation will build, own and operate the 670 km Coastal GasLink (CGL) pipeline that will connect natural gas from northeastern British Columbia to the export plant in Kitimat.
Joint venture partner Petronas of Malaysia claims to be one of the largest resource owners in Canada with more than 52 trillion cubic feet in contingent resources.
"The largest infrastructure project of its kind in Canada, it will include a natural gas liquefaction facility, a pipeline, and a marine terminal to export surplus Canadian natural gas to some of the world's fastest growing economies in Asia".
A lump-sum engineering, procurement and construction contract has been awarded to a joint venture consisting of U.S. contractor Fluor and JGC of Japan, with several Chinese yards understood to be lined up to fabricate modules.
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An expected shortage by the end of this decade prompted the massive wave of investment in Australia and the United States in the past few years, but the market view then swung 180 degrees and a surplus was expected by the early 2020s.
"As the market grows, our LNG business needs to grow", Shell Chief Financial Officer Jessica Uhl said in a call with reporters after the FID disclosure. Dredging activities are expected to continue into 2020.
Additionally, the LNG Canada investment would see the construction of a natural gas pipeline from northeast BC to Kitimat, where a new terminal would process and ship LNG to Asian markets.
"This would make LNG Canada the biggest project sanction globally since the Tengiz expansion was approved in 2016, and the biggest greenfield project to be sanctioned since Yamal LNG in 2013", said Dulles Wang, director, North America gas at Wood Mackenzie.
The project marks a turning point for Canada and the gas industry.
Feer noted that there's now a stronger likelihood that other Western Canada LNG proposals will win final approval as well. Petronas cancelled its own $36-billion Pacific NorthWest LNG project a year ago, in addition to projects cancelled by Nexen and AltaGas Ltd.
Electric sector demand is expected to increase by 0.7 Bcf/d as new gas-fired capacity replaces retiring coal plants.
LNG Canada CEO Andy Calitz says the project received support from the B.C. government, local First Nations and the Kitimat community.
"Moreover, it highlights a strategic industry focus to expand LNG presence". PetroChina via subsidiary PetroChina Canada Ltd and Mitsubishi via subsidiary Diamond LNG Canada Ltd own 15% each in the project.