Canada signs off on two LNG export licenses

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.