Bear Head LNG export licence approved by National Energy Board
Environmental approval was granted in May
Posted: Aug 14, 2015 9:39 AM AT Last Updated: Aug 14, 2015 4:15 PM AT
The National Energy Board has approved export and import licences for a proposed liquefied natural gas facility in Cape Breton.
The Bear Head LNG Corporation wants to build a facility in Point Tupper, Richmond County.
On Friday, the board issued an import licence for natural gas and approved the plant to export liquefied natural gas.
Its ruling is subject to the approval from the governor in council.
Heritage Gas filed an official comment raising concerns how exporting liquefied natural gas could affect the supply in Canada and how it "flows into the Maritimes."
"We have determined that the quantity of natural gas proposed to be exported by Bear Head LNG is surplus to Canadian needs," wrote the board in its decision. The U.S. Department of Energy approved Bear Head LNG for an export licence back in July.
Environmental approval was granted by the Nova Scotia's Environment Department in May.
The company must address 32 terms and conditions to control greenhouse-gas emissions and to reduce impacts on wildlife, water and wetlands at the site near Port Hawkesbury.
Construction of the facility could begin as early as next year, with operations to start in 2019.
The company purchased the Point Tupper site from Anadarko Global Holdings Company in August for $11 million.
LNG Price at posting:
$2.83 Sentiment: Buy Disclosure: Held
