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Enbridge Inc. chief executive Al Monaco believes Canada missed a huge economic opportunity to supply the world with natural gas, when demand for the fuel started to climb.
Now, as Moscow’s war against Ukraine continues and Europe struggles to plug the supply gaps left by sanctions on Russian natural gas, Mr. Monaco says he is optimistic that Canada can help shore up the market.
Calgary-based Enbridge recently made a significant bet on the Woodfibre LNG terminal in British Columbia, investing US$1.5-billion for a 30-per-cent stake. The company’s hope is to bolster the long-delayed project, which is still years away from being operational. When complete, the terminal will export liquefied natural gas to Asia.
In an interview from Houston on Tuesday, Mr. Monaco said the Western Canadian basin has many advantages over the U.S. Gulf Coast as a fuel export location, including cheaper natural gas supplies; shipping times to Asia that are shorter by two to four weeks; and abundant hydroelectric power, which will lower Woodfibre’s overall emissions.
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