Stakeholder collaboration key to evolving BC's LNG opportunity
VANCOUVER, May 20, 2014 /CNW/ - Moving BC's LNG opportunity from promise to reality requires all industry proponents come together and address five key factors impacting competitiveness, says EY in a new report.
"There's no denying BC's potential in the global LNG market, but success for players won't come easily," says Barry Munro, EY's Canadian Oil and Gas Leader. "Investment will depend on whether LNG projects are competitive globally. Plentiful natural gas reserves alone will not support development."
Competing in the global LNG market finds that understanding where Canada stands on the global stage requires zeroing in on the factors that determine competitiveness:
1. Global competition
2. First Nations
3. Capital allocation
4. Fiscal policy
5. People, processes and costs
"Unanswered questions revolve around many of these factors — each with the power to attract or deter investment here in Canada," says Munro. "Working together with the various stakeholder groups to address these questions head on is the only way we stand to benefit from BC's LNG resource potential."
That means understanding how competition will impact supply, demand and pricing balances, creating a framework that's supported by First Nations, addressing complex capital allocation decisions, building a fair fiscal policy and developing world-class competencies around people, processes and costs.
EY is a Silver Sponsor of the International LNG in BC Conference. The conference brings together BC community and First Nations leaders, environmental leaders, elected officials and LNG proponents from across BC and around the world. Barry Munro will be participating in the panel discussion, "B.C.'s LNG Advantage – Fiscal and Regulatory Competitiveness" tomorrow, Wednesday, 21 May 2014.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY is proudly celebrating 150 years in Canada. For more information, please visit ey.com/ca. Follow us on Twitter @EYCanada.
EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
SOURCE: EY (Ernst & Young)
For further information: Erika Bennett, firstname.lastname@example.org, 416 943 5497; Sarah Shields, email@example.com, 604 648 3607; Julie Fournier, firstname.lastname@example.org, 514 874 4308