A $2.9-billion investment in the natural-gas sector is proof positive of investor confidence in British Columbia's economy and sends a strong signal that British Columbia is a safe harbour in stormy economic seas, said Premier Christy Clark.
"Today's investment is about government, business and communities working together to make something happen and sending a signal to the world - that even though the global economy is turbulent, B.C. is a safe harbour where business can have the kind of confidence it takes to invest billions of dollars," said Premier Clark.
"While a lot of economies are just trying to batten the hatches, B.C. is reaching out to grow our relationships in Asia and build new industries to do what matters most - create and protect jobs here at home for B.C. families."
This morning, Encana Corporation announced it has entered into an agreement with Mitsubishi Corporation that will see the Japanese global integrated business enterprise invest approximately $2.9 billion for a 40-per-cent interest in the Cutbank Ridge Partnership. The partnership holds about 165,500 net hectares of Encana's undeveloped Montney-formation natural gas lands in the company's Cutbank Ridge resource play in northeast British Columbia.
The Cutbank Ridge Partnership's investment and long-term growth plans are expected to generate significant jobs, investment, vibrant economic opportunity and new revenues for the people and the government of British Columbia.
As part of the "Canada Starts Here: BC Jobs Plan", earlier this month the Province released its Natural Gas Strategy and a complementary strategy focusing specifically on the development of a brand-new Liquefied Natural Gas (LNG) sector.
"The strategies are the results of years of work with communities, First Nations, and businesses," said Rich Coleman, Minister of Energy and Mines. "The time is right to build the industry, to make sound policy decisions to support growth and clean energy, and to take action to ensure our province benefits from the opportunities that have emerged as a result of our natural-gas potential."
The Natural Gas and LNG strategies commit the Province to:
- Greater emphasis on market diversification to increase the value of B.C.'s natural gas.
- Support job creation together with industry, educators and communities.
- Continued strong leadership on clean energy and climate change.
- A redefinition of the Province's self-sufficiency policy to ensure B.C. is well positioned to power expansion.
British Columbia's Natural Gas Strategy: Fuelling B.C.'s Economy for the Next Decade and Beyond, as well as the Province's LNG Strategy: A Strategy for B.C.'s Newest Industry, can be found and downloaded at: http://www.gov.bc.ca/ener/natural_gas_strategy.html
For "Canada Starts Here: The BC Jobs Plan", visit: www.bcjobsplan.ca
Deputy Press Secretary
Office of the Premier
Ministry of Energy & Mines