Canada’s push to expand its liquefied natural gas (LNG) export capacity could yield significant economic benefits beyond just the LNG sector, according to a new report from S&P Global Energy. The study highlights that scaling up LNG production would also positively impact the oilsands and petrochemical industries.
The report notes that Canada aims to produce up to 100 megatonnes of LNG annually by 2040, a target that would position the country as the third-largest global supplier. Currently, Canada is projected to reach 36 megatonnes per year by 2050, indicating substantial growth potential in the sector.
The spillover effects into the oilsands and petrochemical sectors are expected to enhance overall economic performance, providing a broader industrial boost. This aligns with Canada’s strategic goals to leverage its natural resources for long-term economic gains.