EDMONTON, A.B. – The Province of Alberta is fighting for the full value of its natural gas.
The Alberta Government announced that is creating a Liquefied Natural Gas Investment Team to work directly with the industry on reducing barriers for securing final investment decisions on export projects that will increase the value of natural gas resources.
This announcement comes after a key recommendation of Alberta’s Natural Gas Advisory Panel, appointed in May 2018 to provide advice to the Minister of Energy on short and medium-term actions Alberta can take to address persistently undervalued natural gas and extreme price volatility due to transmission, storage and market access challenges.
Alberta Minister of Energy, Margaret McCuaig-Boyd, says the Province needed to come up with a way of raising the value of Alberta’s oil and natural gas.
“Whether we’re talking about oil or natural gas, the details are different but the story is the same. Albertans are getting pennies on the dollar because we can’t get our resources to international markets, and our biggest customer has become our biggest competitor. We can’t sit on the fence like previous governments did. We must take the bull by the horns and fight for the full value of our natural gas.”
The Investment Team will consist of five members that will advise and work with the industry on getting more value for natural gas.
The Investment Team is part of a broader made-in-Alberta oil and gas strategy that includes the aggressive expansion of energy upgrading opportunities within the province as the government takes short-term action to address the oil price differential crisis.