Canada Misses LNG Boat Again as US Dominates Global Market
Canada's lag in liquefied natural gas (LNG) production has left it behind the United States, which now boasts eight operational LNG export terminals and several more under construction or approved. In contrast, Canada has only one operational terminal, with a handful of projects in various stages of development.
According to energy giant Shell, global demand for LNG is expected to increase by 54-68% by 2040, driven primarily by Asian markets. The US has taken advantage of this trend, setting new LNG export records and becoming the world's leading LNG exporter.
Dane Gregoris, energy director at Enverus Intelligence Research, sees a 'second wave' of LNG projects emerging due to growing global demand for natural gas. TC Energy CEO François Poirier agrees, stating that Canada has a rare opportunity to dominate the market and must seize it.