The start-up of LNG Canada, the country's first such export terminal, is likely to strain its natural gas supplies for multiple years and force producers to ...
The start-up of LNG Canada, the country's first such export terminal, is likely to strain its natural gas supplies for multiple years and force producers to reduce exports to the U.S. , where demand for the fuel is record high, companies said.
Canada exported about 8 bcfd of gas by pipeline to the U.S. in 2023, compared with an average of 7.5 bcfd over the prior five years, according to the U.S. Energy Information Administration. Cedar is expected to receive final investment decision mid-year for construction of a plant using 0.4 bcfd of gas after opening in 2028 and Woodfibre LNG will use 0.29 bcfd after completion in 2027.
In the short-term, however, Rubin said LNG Canada will help clear the "tremendous current oversupply of gas in storage" in Canada and the U.S. Canada, the fifth-largest global gas producer, pulled a record 18.8 bcfd of gas out of the ground in December, according to the Canada Energy Regulator's most current data.
Tourmaline's Heard said his company and ARC are expanding processing capacity, but not all of the new plants needed by the industry are yet under construction. "Past this current season where things look over-supplied, we're looking into a pretty exciting market," said Jean-Paul Lachance, CEO of Peyto Exploration and Development.
Gas Producer Canadian Gas Natural Gas Liquefied Natural Gas Canada U.S.
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