Canada signs off on two LNG export licenses

Canadian regulator says there's enough gas at home for exports.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   May 2, 2014 at 9:37 AM
| License Photo

CALGARY, Alberta, May 2 (UPI) -- Two project companies were given licenses to send liquefied natural gas from ports in British Columbia, Canada's National Energy Board said.

The NEB, the nation's energy regulator, approved two applications for 25-year export licenses.

Aurora Liquefied Natural Gas Ltd., backed by Asian energy companies, secured a license to export LNG from a proposed terminal in Prince Rupert, British Columbia.

Oregon LNG Marketing Co., backed by U.S. holding company Leucadia National Corp., received approval to export LNG using existing gas lines near Kingsgate and Huntingdon, British Columbia.

Canadian Prime Minister Stephen Harper has tried to find more customers for his country's natural resources. Most of those resources are exported currently to the United States and LNG is seen as an option to reach overseas markets, particularly those in Asia.

NEB said Thursday it was mindful of the glut of natural gas in the North American market, which came as a result of increased production from shale reserves.

"The board determined that the quantity of gas proposed to be exported is surplus to Canadian requirements," it said.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
Aetna to acquire Humana for $37 billion in cash, stocks
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue