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Canadian natural gas producers are bouncing back faster from the COVID-19 pandemic than battered U.S. shale firms, putting them in a position to boost net gas exports to the United States for the first time in five years. The opportunity for Canadian firms to take a piece of the market back from U.S. rivals reverses one of the dominant energy trends of the last decade, where U.S. shale drillers unleashed a flood of cheap plentiful gas – largely a byproduct of crude oil drilling – and pushed Western Canadian producers out of their only export market. Canadian drilling is picking up swiftly, spurred by better pipeline access and because U.S. producers have cut back crude output, and with it, the associated gas produced with that oil. Canada’s production is forecast to keep rising as coal-fired plants are retired and with the expected start-up of its first liquefied natural gas plant. Oil and gas producers across North America endured a brutal 2020 as the pandemic crushed demand. The fall in Canada was furious, as companies cut gas rigs from 92 at the beginning of 2020 to just nine by June. Now, Canadian gas companies are putting rigs back to work […]
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