While many headlines proclaim the Canadian federal government has approved an ambitious plan to export liquefied natural gas from the British Columbia coast worth a whopping $36 billion, the actual investment from the Pacific NorthWest LNG consortium is a fraction of that amount.
Below, BNN breaks down what is included in that total.
- $5.2 billion for Petronas to acquire Progress Energy (even though that deal closed in 2012)
- $6.7 billion for new pipelines to bring natural gas from the shale fields of northeastern B.C. to the export facility on Lelu Island outside of Prince Rupert, B.C. (even though a company not directly involved in the project – Calgary-based TransCanada – will be building them)
- $12.5 billion for extraction of all the natural gas required to feed the export facility (even though that spending is planned over a 25-year timeline)
- $11.4 billion for the export facility itself