Al Monaco, CEO of Enbridge Inc., said in a speech to the Canadian Club of Toronto that Canada could play an “outsized” role in world energy markets, which, he said, are in crisis. The government has pledged that Canada will add 300,000 barrels of oil equivalent to world supply by the end of 2022 in comparison to 2021. Industry has confirmed that this is possible. However, the country is not as well-positioned to address the need for natural gas arising from the plan by European countries to reduce or eliminate their dependence on Russian supply.
While developers in Canada have proposed a large number of LNG facilities in the recent past, most projects have been abandoned. Monaco said that the cost, timing, and uncertainty of the regulatory approval process in Canada remain obstacles frustrating the development of the country’s large natural gas resource base. One industry commentator has gone so far as claiming that Canada currently cannot mobilize very large energy infrastructure projects.