Repsol YPF and the Canadian company Irving Oil have agreed to develop the first liquefied natural gas terminal on the eastern coast of Canada to supply markets in Eastern Canada and the Northeastern United States.
The plan includes the construction of a regassification plant at Irving Canaport in Saint John, New Brunswick,Canada. The initial capacity will be 5 billion cubic meters per year, three storage tanks with a total capacity of 480,000 cubic meters, and an initial expected production of 14.2 million cubic meters of natural gas per day, which could reach 28.4 million meters.
The companies are now working together on the detailed engineering phase of this project to address installations at Irvings deepwater receiving terminal located 65 miles from the United States.
Irving Oil has the largest refinery in Canada, running at 270,000 barrels per day capacity . The Refinery is connected by pipelines to the Canaport terminal and electric power generation plants at Bayside and Coleson Cove. These plants have a total capacity of 1,325 megawatts.
With this project, Repsol YPF takes a major step in the development of integrated LNG projects in the Caribbean and the North American Atlantic Basin an area with large demand for gas. Natural gas production from Trinidad and Tobago now reaches 120,000 boepd.
The geographical location of Canaport is fundamental, given its proximity to high-growth markets, such as those of Boston and New York, which lead demand for natural gas in the United States.