Canada could displace more than half of Russian oil and gas exports over the next decade, according to a study done by SecondStreet.org. .“Putin is paying for his rockets and tanks by selling oil and natural gas to the world,” said SecondStreet.org President Colin Craig in a press release. .“Canada could take a big bite out of Russia’s military funding by stealing many of Putin’s oil and natural gas customers.”.Craig said it cannot happen overnight, but “we need to remember, the world is facing a long-term problem with Russia.”.The study examines how much of Russia’s oil and natural gas exports Canada could displace over the short term (one year), medium term (three to five years) and long term (seven to 10 years). A key assumption was Canada made it a priority to develop and export more resources..SecondStreet.org surveyed eight experts in the oil and gas industry, asking them to estimate how much Russian energy Canada could displace in the short to long term. Their responses were averaged and compared with projections for future Russian oil and gas exports..The study said Canada could offset upwards of 59% of Russia’s annual natural gas sales and 46% of its crude oil exports in the next seven to 10 years. It said few Russian energy sales could be offset by Canada in one year. .This stems from limitations on pipeline capacity and new energy projects taking longer than one year to start. Experts said Canada could offset 4% of Russian natural gas exports and 6% of crude oil. .The study went on to say a more significant reduction to Russian energy sales could be achieved in three to five years. This would measure out to 18% of natural gas and 19% of crude oil..Craig said it is great alternative energy sources such as wind, solar, and hydrogen power are emerging and growing. He said the problem with renewables is it's a small percentage of global energy, and “the world is expected to continue using oil and natural gas for decades.”.“There’s a big opportunity for Canada to step up and be an ethical, dependable supplier on the world stage,” he said. .This study comes after Prime Minister Justin Trudeau said in August Canada will not be shipping natural gas to Europe to address the continent’s energy crisis. .READ MORE: Trudeau rejects exporting Canadian natural gas to Europe .“Canada is a major oil and gas producer in the world,” said Trudeau. .“But because of our commitment to fight climate change, we are working very, very hard to decarbonize and develop other sources of energy we can rely on and we can share with the world.” .Canadian LNG exports to Asia could provide the net emissions equivalent reduction of removing every single car from Canadian roads, according to a November 7 study done for the Canadian Energy Centre. .READ MORE: Study shows supplying Canadian LNG to Asia could cut emissions massively.“In Canada, we have an abundance of natural gas,” said Wood Mackenzie Director-Americas Consulting Matthias Bloennigen. .The study said Canadian LNG can help Asian countries meet growing demand and lower net global emissions by eliminating coal..It said Canada has an opportunity to become a key supplier for decades to come because of the country’s vast natural gas reserves, proximity to Asian markets, and competitive prices.
