A new survey of oil and gas executives and investors finds LNG is still ranked as the main opportunity for the Canadian sector over the medium to long term, topping the changes in federal energy policies, the revival of oil pipeline projects and even the prospect of data centres.

And even after another tough year of weak natural gas prices, Western Canadian producers expect to see stronger market conditions ahead; they also believe the war in the Middle East could increase the drive to build new LNG projects in the country.

“LNG remains the top-ranked opportunity for the industry,” said Tim Monachello, an analyst with ATB Capital Markets, which released a survey Wednesday on views of industry executives and investors.

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“From a risk perspective and a view on global supply, Canadian LNG certainly ranks more favourably now than pre-conflict.”

While oil prices spiked recently above US$100 a barrel in the wake of the war in Iran and the effective blockage of the Strait of Hormuz for crude shipments, about 20 per cent of global liquefied natural gas supply also typically moves through the waterway.

With the blockade and damage to regional energy infrastructure, LNG spot prices in Asia hit US$19.35 per million British thermal units on Tuesday, while benchmark AECO gas prices in Alberta closed at C$1.08 per thousand cubic feet, according to TD Securities.

But the war in the........

© Calgary Herald