B.C.’s North Coast poised to boom
October 3, 2013
By
Canadian Consulting Engineer
Plans to construct LNG plants along the northern coast of British Columbia are roaring ahead.
Plans to construct LNG plants along the northern coast of British Columbia are roaring ahead.
According to a review by ACEC-BC of the province’s Major Products Inventory, the total capital cost of major projects in B.C. hit a record high in the second quarter of 2013. This was based on a surge in proposed LNG projects.
Total capital cost of major projects in BC reached $299.4 billion in the second quarter of 2013, representing an 8.8 per cent jump over the previous quarter and 26.5 per cent higher than one year earlier. Total capital cost represents the combined value of projects identified as proposed, construction started, completed and on hold.
“The data shows that the resource sectors, and oil and gas in particular, are not only a major driver for growth in B.C., but their influence continues to strengthen rather than wane,” said Keith Sashaw, President and CEO, ACEC-BC.
The North Coast propelled the year-to-year gain, thanks mostly to the Pacific Northwest LNG and the Prince Rupert LNG projects. Combined with the proposed Kitimat oil refinery and others, resource-related projects account for more than $50 billion.
The North Coast region continued to have the highest proposed and total capital cost dollar amount of any region in the province.
ACEC-BC reported that total project costs for residential and commercial projects only had a growth of 2.4 per cent over the quarter, with proposed projects down slightly (0.7%).
