A huge wave of liquefied natural gas is about to flood a world that’s supposed to be transitioning away from fossil fuels.
More than $235 billion has been plowed into the next slate of projects for the super-chilled fuel since 2019. The first of those plants will come online later this year, and a further $55 billion may be invested through 2025, Rystad Energy forecasts show.
That will help drive an historic 70% jump in LNG export capacity by the end of the decade, according to Baker Hughes.
The industry is essentially betting the world will need a lot more of the fuel as Europe rushes to replace piped Russian gas and Asia — particularly China — shifts away from coal.
Just today, US producer Chesapeake Energy Corp. agreed to snap up a key rival, capitalizing on demand for shipments from the Gulf Coast.
Massive export projects from the US to Qatar will cement LNG in the global energy mix for decades, especially with some purchasing contracts going into the 2050s — beyond targets set by many nations to become carbon-neutral.
Related: It’s not an easy time to be a politician.
Why should China shift away from coal?
They shouldn’t and aren’t. But media want to believe they are, so when China imports increasing amounts of gas (in addition to increasing the amount of coal they burn) the media tell themselves and us that all that new gas is to replace coal.
Just part of the “saving the planet” fantasy.
One of the stupidest things ever uttered by Trudeau, it’s hard to pick as there has been so many.
If the projects that were on the books when Trudeau got elected weren’t cancelled by sock puppet our O&G sector would be locking in contracts in the 10’s of $billions. The trickle down of companies servicing the O&G sector would be at max employment. Budgets would be balanced.
Trudeau is deliberately bankrupting the country to make it ripe picking for the globalists.
He should be in jail along with Fraulein “Click your Heels” Freeland.
“Trudeau is deliberately bankrupting the country to make it ripe picking for the globalists.”
True. But he’s got this itchy hemorrhoid Singh that’s steering him – and us – into a left-hand spiral. Such is the cost of retaining power.
Trudeau is left of Singh.
Old school Liberals must be pretty choked at where they are right now and they have no one to fall back on.
Freeland? Never, she’s worse
Carney, He’s all in on the $billions to be made ripping off the public on climate change.
“True. But he’s got this itchy hemorrhoid Singh that’s steering him – and us – into a left-hand spiral. Such is the cost of retaining power.”
No. this started long before Justatwit and Jughead. This started with Trudeau Sr. deliberately picking a fight with Alberta over control of oil and gas revenues and royalties in Canada. Have you forgotten the National Energy Program of 1981? Since oil and gas is Canada’s principal export by dollar value, the Liberals want control of it by the federal government, not the provinces. And they’ve been trying to do this for about half a century.
This has nothing to do with globalism or other delusions. This is about permanent political power and money in Canada, and always has been.
“No. this started long before Justatwit and Jughead. This started with Trudeau Sr. …”
You’ll get no argument about that. But that left-hand drift (which, BTW, also infected Conservatives) was relatively slow and incremental. Our descent into commie totalitarianism has jumped to warp-speed since jag and turdo joined near the hip.
1000% Bob.
(Trudeau is a NAZI – thru n thru.)
As for LNG
I work in O/G industry and just did 3Mo. up in Kitimat @ LNG Canada.
Inspecting Module Closure Welds.
From what we were told, sequential commisioning to start some time in June/July 2024 with all of the product going to Asia.
Full boatloads will leave every 2 Days. ~ 180-200Million CAD per. Looks like the project would be fully paid for in ~2-3 yrs.
Something of real value. Yet the liberals want canadians not to have this marvelous resource.
Can you imagine if we had terminals in Churchill and Halifax and St John????
$30Billion per year each!!
No business model….
My gawd, what a moron.
“ It’s not an easy time to be a politician.”
Especially if that politician is stupid.
Why do the few approved pipelines of any type always go to the west coast, to service China?
Wait, I just answered my own question.