At a keynote speech during the World Energy Conference in Daegu, South Korea, Joe Oliver, Canadian Minister of Natural Resources, delivered Canada’s plans to export liquefied natural gas (LNG) to Asia. Oliver stressed that Canada was a secure and reliable energy supplier on the global stage. He said: “Expanding and diversifying our energy exports is a top priority of the Canadian government. Canada has an emerging LNG industry and a strategic imperative to become an important supplier of energy to Asia.”
The Canadian minister revealed that, as of 2020, Canada expects to export up to 60 million tpa of LNG to Asian markets.The International Energy Agency (IEA) has predicted that China and India alone will account for more than 80% of global oil demand growth (excluding biofuels) between 2010 and 2013 and that LNG trade will double between 2010 and 2035.
As the world’s fifth largest producer of oil with the third largest confirmed reserves with 172 billion barrels, Canada is well placed to meet growing demand for oil. Likewise, Canada is the world’s fifth largest producer of natural gas. It is thought the country holds recoverable gas resources of around 1300 trillion ft3, which, at current rates of production, would last for 200 years.
Minister Oliver revealed that about US$ 650 billion in new investment is planned or underway over the coming decade in hundreds of major resource projects in Canada.
The Minister used the conference to meet with his counterparts and with Asia-based companies to promote Canada’s wealth of untapped energy, as well as its strict regulatory regime, heavy focus on environmental standards, strong economic background, welcoming environment for investment, and world-leading clean energy technologies.
Daegu is Minister Oliver's second stop on his economic mission to Asia, where he is promoting Canada's continued interest in trade and investment, as well as its commitment to energy diversification.
Edited from various sources by Ted Monroe
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