Natural gas is enjoying a renaissance around the world and Canada is taking centre stage to supply Asian countries with cleaner-burning fuel, says a new report.
Consumption and production of natural gas was up over five percent in 2018, one of the strongest rates of growth for both demand and output for over 30 years.
While natural gas demand in the past was driven by power generation — displacing more carbon-intensive energy sources such as coal and oil — in the future, the demand will come from industrial applications and petrochemicals said the report entitled LNG: Canada’s Global Market Opportunity.
LNG developers in Western Canada have many advantages, including access to large and low-cost gas supplies, as well as faster access to Asian markets than U.S. Gulf Coast LNG plants.
There is also the potential to produce LNG with the lowest GHG emissions in the world, especially in British Columbia, where most of the province’s power is generated by hydropower.
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