LNG Canada represents a USD 40 billion-41 billion investment following a final investment decision in October 2018—making it Canada’s largest private-sector investment ever. Construction began in early 2020 and by mid-2024 was over 95% complete.
Once LNG Canada becomes fully operational, natural gas exports to the United States are expected to decline as more gas is directed to the liquefaction trains on Canada’s West Coast. There are also two smaller LNG export facilities under construction there, which will further squeeze exports to the south in the future. Woodfibre LNG and Cedar LNG are scheduled for completion between 2027 and 2028.
“G7 members must fully ban imports of Russian energy – oil, coal, natural gas, uranium. Canada, with the world’s fifth-largest oil reserves and as a top-three uranium producer, can help fill the gap.” The statement was made this week by the head of the G7 research group, a University of Toronto political science professor.
But can Canada really replace Russia entirely on the global energy scene? That might be tough.
Petronas, as the Malaysian state energy firm is known, is working with a financial adviser on a potential disposal, the people said, asking not to be identified because the deliberations are private. A transaction could value the Canadian business at $6 billion to $7 billion, they said.
Alberta’s wildfire season is off to a fiery start, with a major blaze near the town of Swan Hills prompting evacuations and temporarily shuttering oil operations. The fire—burning out of control and spanning roughly 1,600 hectares—is just 7 km from Swan Hills, forcing the town’s 1,200 residents to flee Monday night.
TotalEnergies has signed an agreement to purchase 2 million tonnes per annum of LNG over 20 years from the Ksi Lisims LNG project in British Columbia, Canada, the company said on Monday.
The agreement, subject to the project’s final investment decision, also includes TotalEnergies acquiring a 5% stake in Western LNG, the project’s developer and future operator, with the option to raise its participation up to around 10% upon FID.
Canada’s Stamper Oil & Gas will acquire BISP Exploration for an indirect stake in five offshore Namibian blocks, Stamper said on Wednesday.
The plunge in oil prices over the past week was more severe than the market’s dynamics justify, and the drop may be short-lived, according to Canadian energy executives gathered in Toronto.
Leaders of oil and gas producers as well as pipeline companies characterized the sudden decline — sparked by US President Donald Trump’s global tariffs and OPEC’s surprise decision to revive output more quickly than expected — as more of a shock reaction than a reflection of actual supply-and-demand imbalances.
LNG Canada is the country’s first project for the export of superchilled fuel, with a focus on Asian markets as the biggest demand driver. Eventually, however, Canada could potentially supply 36.2 million tons of LNG per year by 2040, according to estimates by Wood Mackenzie. That’s despite statements by the previous Canadian government that there was no business case for liquefied natural gas in the country. The statements were made in response to a request by the former German chancellor, Olaf Scholz, for potential LNG supply deals with Canada.
The Liberals, who were trailing Conservatives for years under former PM Trudeau, are now ahead in the opinion polls and widening the lead over Conservatives as the new Liberal leader Carney is seen as more capable than Poilievre of standing up to President Trump’s threats. If the six-point lead of the Liberals holds until Election Day, Carney could be able to form Canada’s first majority government in a decade