President Tesseral Ai | Focused on delivering industry-best solutions to your critical problems especially with AI and machine learning.
Shell's CEO, Wael Sawan, is focused on increasing natural gas production and reducing the company's emphasis on renewable energy. Shell is currently working on new projects in the United Arab Emirates and Trinidad and Tobago and has acquired an extensive trading portfolio to support this strategy. These efforts have helped Shell reach halfway to its goal of increasing LNG volumes by up to 20 million metric tons per annum (mtpa) between 2023 and 2030. Shell predicts that the global LNG market will grow by around 50% by 2040, rising from approximately 400 mtpa in 2023. This growth is driven by the expansion of Asian economies and the transition from coal to natural gas in power generation. Conservative Leader Pierre Poilievre has stated that if elected, he will focus on developing LNG for the global market. The LNG Canada project, composed of Shell, PETRONAS, PetroChina, Mitsubishi Corporation, and KOGAS AKKAS B.V., is more than 90 percent complete and is preparing to start commissioning activities later this year. It is expected to begin operations soon, with the first cargoes anticipated by the middle of this decade. Another West Coast LNG project is the Cedar LNG, a floating liquefied natural gas (FLNG) facility with a capacity of 3.3 mtpa. ARC Resources Ltd. has signed a Memorandum of Understanding (MOU) with Cedar LNG to supply and liquefy natural gas for a 20-year agreement at approximately 200 million standard cubic feet per day (MMcf/day) of natural gas. A third West Coast LNG project, the Ksi Lisims LNG floating liquefied natural gas facility, is planned to be sited in the territory of the Nisga'a Nation near Prince Rupert, about 900 miles north of Vancouver. Rockies LNG Partners will partner with the Nisga'a Nation for this project. LNG can also spur growth, providing fresh revenue streams for much-needed investments in healthcare, housing, and education. B.C. alone has the potential to add roughly $7.4 billion annually to Canada's economy over the next three decades and raise national employment by an average of 65,000 jobs annually. LNG and partnering with indigenous groups will contribute to reconciliation efforts.
Brian Schulte
3mo
In an EDI class I talked about how oil and gas are working with Indigenous communities to bring about reconciliation. We see many Indigenous companies being created to support oil and gas and west coast LNG is a good example how Indigenous communities can work in cooperation with oil and gas to create jobs and sustainability for the community. We also saw this with the building of the Coastal GasLink pipeline. West coast LNG will shave days off of the transportation of LNG to Asia since it does not have to go through the Panama Canal, and as Asian countries move away from coal to LNG it will reduce emissions in half globally. We saw the speed in Germany took to build the 90 kilotonne shipborne regasification terminal, which will supply enough gas for 50,000 households for a year. Further floating liquid natural gas terminals will follow. We need to be looking at East Coast LNG and the ability to supply LNG to Europe. If we do not do it some other country like Argentina will. Argentina is already planning LNG because of the production in Vaca Muerta. We can see with the increase in LNG and gas plays globally that Shell’s decision to bet on natural gas rather than renewables might be a better decision.
President Tesseral Ai | Focused on delivering industry-best solutions to your critical problems especially with AI and machine learning.
3moTesseral Ai plans to incorporate rock properties into our synthetic modeling to help with the tight sand plays in the deep basin (Montney and Duvernay) in NE BC and NW Alberta. During my time at Repsol, we incorporated rock properties such as AVO and inversion into the workflow to improve production and optimize well placement, which ultimately led to enhanced success. Bringing this experience with rock properties to Tesseral, we aim to become leaders in synthetic seismic modeling to streamline and expedite the interpretation of seismic data.