Why Natural Gas? Why LNG? Because markets worldwide need more energy. Natural gas is a safe, clean, efficient and environmentally friendly energy source and a major part of the global energy mix. While natural gas reserves are abundant, much of this gas is located in regions distant from consuming markets. Today, more than ever, our energy-hungry world simply cannot afford to let this valuable energy remain unused.
Canaport LNG expects to supply approximately
20 percent of current natural gas
demand in New England
Natural gas in its liquid form has a reduced volume by approximately 600 times. This process of liquefaction allows for an easy, cost efficient way to transport natural gas to consuming markets where it is needed. Today, LNG is exported from Trinidad and Tobago, Australia, Algeria, Nigeria, Egypt, Indonesia, Malaysia, and Qatar, as well as the United States, to supply the growing energy needs and demand of markets worldwide.
By 2015, The Atlantic Basin will account for half of the global LNG trade, according to forecasts by industry consultant Poten & Partners. The most significant contributor to this growth in demand is the United States and Canada, which will make up 50% of the Atlantic Basin LNG demand by 2015. In the U.S., demand for natural gas is expected to increase by 1.5% a year between 2003 and 2025, reaching 30.7 trillion cubic feet per year in 2025.
To bridge the widening supply-demand gap, the U.S. is expected to increase LNG imports to 8.9 trillion cubic feet by 2025. As a result, the percentage of U.S. natural gas supply provided by LNG is projected to increase from approximately 2% in 2003 to more than 20 percent in 2025, according to the U.S. Energy Department.
Canaport LNG is at the forefront of Canada's
historically export-driven natural gas industry.