Energy demand throughout the world is strong and growing, as populations increase, industrial growth outpaces existing energy supply, and emerging markets fuel global consumer demand. And many countries are searching for cleaner, more environmentally acceptable fuel sources and seeking to diversify their supply with reliable resources from their allies in Canada.
Global natural gas demand is projected to grow from currently 320 bcf/d to 500 bcf/d in the next 20 years. Global LNG demand is expected to rise from 280 million metric tons per year (mtpa) in 2017 to 520 mtpa by 2040, largely driven by demand in Asia-Pacific and Europe. Given the changing dynamic in the North American markets where gas prices are being driven down and Canada now possessing a significant amount of excess capacity, North American LNG projects that are competitive with sound fundamentals are poised to export large volumes of LNG to global markets.