A s well, the second phase of the LNG Canada export terminal in Kitimat, B.C. shows increas- ing signs of moving forward, which would roughly double its annual production capaci- ty from 14 million tonnes to 26 million tonnes, Exner-Pirot added. While nearby, Cedar LNG, the world’s first Indige- nous-owned LNG export facility, is closing in on the finish line with all permits in place and early con- struction underway. When completed, the facility will produce up to three million tonnes of LNG an- nually, which will be able to reach customers in Asia, and beyond. According to the International Energy Agency, the world is on track to use more oil in 2024 than last year’s record-setting mark. Demand for both oil and natu- ral gas is projected to see gradual growth through 2050, based on the most likely global scenario. Kevin Birn, chief analyst for Canadian oil markets at S&P Global, said despite the Trans Mountain expansion increasing Canada’s oil export capacity by 590,000 barrels per day, conversations have already begun around the need for more infrastructure to export oil from western Canada. “The Trans Mountain pipeline, although it’s critical and adds the single largest uplift in oil capacity in one swoop, we see production continue to grow, which puts pressures on that egress system,” he said.
94 SPOTLIGHT MAGAZINE ON BUSINESS MAGAZINE • VOL 24 ISSUE 3
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