New Markets and Significant Growth Potential
Canada’s natural gas industry is seeking new markets where natural gas can be exported overseas as liquefied natural gas (LNG). The need to find global customers, especially in Asia where demand for natural gas is growing, is crucial to Canada’s natural gas industry.
Canada has an opportunity to provide emerging economies in Southeast Asia, China and India with responsibly produced natural gas. These growing markets are close to Western Canada’s abundant natural gas resources in B.C. and Alberta. In fact, Asian markets are an eight-day to an 11-day sail from proposed West Coast terminals, two days closer than most of our international competitors.
An LNG industry in Western Canada can play a key role in supplying India and China with the additional 45 billion cubic feet per day (Bcf/d) of clean, affordable and reliable natural gas they are expected to need by 2040. (Source: IEA, 2020 World Energy Outlook, Stated Policies Scenario)
Canadian LNG export opportunities are also being explored on Canada’s East Coast.
Nova Scotia’s offshore resource potential is 120 Trillion cubic feet (Tcf) of natural gas, while offshore Newfoundland and Labrador the resource potential is more than 146 Tcf. To put this into context, the average home in Canada consumes about 95,000 cubic feet of natural gas per year. (Source: Nova Scotia Department of Energy and the Government of Newfoundland and Labrador and Natural Resources Canada)