The big news this week may have been the final investment decision (FID) on LNG Canada’s Phase 2, but that announcement — spurred in part by recent changes in Canadian tax policy — will have even larger upstream impacts. For one thing, TC Energy will now move ahead with its plan to nearly double the capacity of the massive Coastal GasLink pipeline, which serves LNG Canada. Also, producers in northeastern British Columbia’s Montney Formation can now make firmer plans to significantly ramp up drilling-and-completion activity, an expansion that will have positive effects on condensate production for use in the Alberta oil sands. In today’s RBN blog, we’ll explain why the newly sanctioned LNG Canada expansion signals a “beautiful day” for a wide range of Western Canadian market players.
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As you all know by now, the consortium that co-owns the existing LNG Canada Phase 1 — Shell (the operator, with a 40% stake), Petronas (25%, with one-fifth of that implicitly held by MidOcean Energy), PetroChina Co. Ltd. (15%), Mitsubishi Corp. (15%) and Korea Gas Corp. (KOGAS, 5%) — has now reached FID on Phase 2. In the team’s September 28 announcement, they said that, like Phase 1 (orange diamond in Figure 1 below), the Phase 2 expansion at Kitimat, BC, will consist of two liquefaction trains and boast a capacity of 14 MMtpa, or about 1.8 Bcf/d. Phase 2 (checkered orange-and-white diamond), which is expected to come online in 2031-32, also will include an additional LNG storage tank, condensate tank and loading berth, as well as expanded utility and process systems.
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About the song
“Beautiful Day” was written by U2, with lyrics by Bono, and appears as the first song on U2’s 10th studio album, All That You Can’t Leave Behind. The mid-tempo rock song is about losing everything, but still finding happiness with what one has. In its early form, the song was called “Always,” and this version appeared as the B-side on the single version of “Beautiful Day.” The band and producers Daniel Lanois and Brian Eno built the song from recording sessions at Hanover Quay Studio in Dublin during the winter of 1999. Released as a single in October 2000, it went to #1 on the Billboard Adult Alternative Singles chart and #21 on the Billboard Hot 100 Singles charts. It has been certified Gold by the Recording Industry Association of America (RIAA). Personnel on the record were: Bono (lead vocals), The Edge (guitar, backing vocals), Adam Clayton (bass), Larry Mullen Jr. (drums), Brian Eno (synthesizers, programming), and Daniel Lanois (backing vocals).
All That You Can’t Leave Behind was recorded between December 1998 and June 2000 at Hanover Quay, Windmill Lane, Westland, and Totally Wired in Dublin, and at Bono and The Edge’s homes in the South of France. Produced by Daniel Lanois and Brian Eno, the album was released in October 2000 and went to #3 on the Billboard 200 Albums chart. The RIAA certified it 4X Platinum. Four singles were released from the LP.
U2 is an Irish rock band formed in Dublin in 1976 with vocalist Bono, guitarist The Edge, bassist Adam Clayton and drummer Larry Mullen Jr. They signed with Island Records and released their debut album, Boy, in October 1980. U2 has released 16 studio albums, two live albums, three compilation albums, 12 EPs, and 85 singles and have sold more than 170 million records worldwide. They have won an American Music Award, 10 Billboard Music Awards, eight Brit Awards, two Golden Globe Awards, 23 Grammy Awards, four Ivor Novello Awards, and six MTV Video Music Awards. The band are members of the Rock and Roll Hall of Fame and have received Kennedy Center Honors. U2 still records and tours. In September, the Central Bank of Ireland issued a commemorative coin celebrating 50 years since the band’s formation. U2 will release their first studio album in nine years, Carnaval De Luz, in November.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
