Wood Mackenzie and Mark Carney project Canada's LNG sector growth for Asian markets
What happened
Mark Carney and Wood Mackenzie project that Canada's LNG sector is entering a new phase of growth, positioning itself as a long-term supplier to Asian markets. LNG Canada reached a final investment decision on its Phase 2 expansion in September 2026, which doubles the facility's capacity to 28 million tonnes per year. Combined with other projects, Canada aims to export 33 million tonnes per year of LNG by the end of this decade.
From lngindustry.com
Why it matters
Asia's long-term energy security increasingly relies on diversified, reliable, and lower-carbon LNG supply. While Canada's potential is significant, global competition for LNG investment is accelerating, which may limit Canada's ability to secure a larger position in the next phase of supply growth.
From lngindustry.com
Who's involved
- Mark CarneyAssessed the potential for Canada's LNG sector growth and Asian market capture.
- Wood MackenzieGlobal research and consultancy firm that prepared the assessment on Canada's LNG prospects.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- ShellSpeculative
Major energy players like Shell might benefit from strengthened global supply options provided by Canadian LNG growth.
- IndonesiaSpeculative
Indonesia may experience changes in Asian energy market prices and competition due to increased LNG supply diversification.
- EuropeSpeculative
Europe could benefit from diversified, lower-carbon Canadian LNG supply addressing energy security needs.
- Mitsubishi Heavy IndustriesSpeculative
Mitsubishi Heavy Industries might see increased demand for gas turbines required for LNG expansion projects.
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The entities involved
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Mark Carney
24th prime minister of Canada since 2025
- Fire skid units were delivered to Thunder Bay as Canada mobilizes for the ongoing wildfire crisis.
- Talks regarding the potential separation of Alberta are being discussed in the context of how such political shifts affect the national outlook and economic stability, involving international financial bodies.
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Wood Mackenzie
Global research and consultancy firm
Nothing else this week.
Related events
- Mark Carney and the Fraser Institute are providing reports on trade reliance, infrastructure, and how U.S. market size influences Canadian export diversification.
- Mélanie Joly defers to Mark Carney on Canada's overall approach while discussing leveraging Alberta energy exports amid U.S. tariffs from Donald Trump.
- Mark Carney is negotiating an ambitious trade deal with India while also advocating for pipeline talks to export crude from Alberta to Asia.
- Canada is awaiting a trade deal with Donald Trump amid political maneuvering involving Justin Trudeau, Stephen Harper, and Mark Carney.
- Canada and BC signed a Cooperative Prosperity Agreement, which includes a proposal for BC to interconnect with Alberta and boost LNG supply.