Minister Promotes Canadian LNG at World Energy Congress

Canada’s Minister of Natural Resources Joe Oliver on Tuesday delivered a keynote speech at the World Energy Congress in Daegu, South Korea. Minister Oliver took this opportunity to promote Canada as a secure, responsible supplier of energy, particularly liquefied natural gas (LNG), to Asia.

“Expanding and diversifying our energy exports is a top priority of the Canadian government,” said Minister Oliver. “Canada has an emerging LNG industry and a strategic imperative to become an important supplier of energy to Asia.”

The International Energy Agency expects China and India alone to account for more than 80 percent of the world’s oil demand growth (excluding biofuels) between 2010 and 2035. The IEA expects LNG trade to double between 2010 and 2035.

Canada is well placed to meet the growing demand for oil and gas. Canada is the world’s fifth-largest producer of oil and has the third-largest proven reserves — 172 billion barrels, of which 168 billion are from the oil sands. Canada is the world’s fifth-largest producer of natural gas, with recoverable gas resources approaching 1,300 trillion cubic feet — some 200 years of production at current rates.

The Minister also highlighted that about $650 billion in new investment is planned or underway over the coming decade in hundreds of major resource projects in Canada.

During the Congress, Minister Oliver met with his counterparts and Asia-based companies to promote Canada’s abundant energy resources, as well as its streamlined regulatory regime, world-class environmental standards, strong economic fundamentals, welcoming environment for investment and world-leading clean energy technologies.

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LNG World News Staff, October 16, 2013; Image: Kitimat LNG