While several U.S. LNG export terminals are under construction, and one company will start exporting by the end of the year, their Canadian neighbors up north are fighting for the same kind of business.
19 Canadian LNG export terminals are still in the approval-seeking stages before construction can begin. Pending regulations and investments, the facilities will be located on Canada’s Pacific coast and used mainly to export to Asia.
The country has only approved one conditional investment from Malaysia’s Petronas. Meanwhile, U.S. shale production and the consequent excess natural gas continues to eclipse Canadian supply.
If this continues, the Canadian Association of Petroleum Producers estimates that Canadian gas production will drop 10% to 13 billion cubic feet per day by 2025.
Much like U.S. producers need oil exports to revive shale production, Canada needs LNG exports to salvage market share for natural gas and LNG. And in such a competitive market, one based largely on long-standing, established trades, Canada needs to act fast.
“Accessing the global LNG market can strengthen the long-term viability of Canada’s natural gas industry,” says Tim McMillan, the CAPP’s Cheif Executive. “The window of opportunity for Canada’s LNG market will not stay open forever.”
Should Canada’s LNG export plans be approved in time, the country’s production could stay at current levels and possibly rise to 17 billion cubic feet per day by 2030.
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