Canada is establishing itself as a major helium supplier, joining the ranks of current leading global providers such as Qatar, the US, Russia, Poland, and Algeria. According to AKAP Energy, Canada produced ~160mmcf in 2023 (~3% of global supply), up 43% y/y mainly due to North American Helium adding wells and new facilities. Canada appears to export virtually all its production to the US but still imports helium as there is no helium liquefier; however, we note that there are certain quality issues with the export data which shows ~162mmcf exported in 2023, (+52% y/y). Furthermore, the price of helium in Canada averaged US$390/mcf in 2023 (+10% y/y). Although this is lower than the global pricing level (which is currently ~US$475/mcf), towards H2'23 pricing crossed US$400/mcf mark reaching US$456/mcf in Nov’23 as older contracts expired, and new agreements kicked in. With more junior explorers nearing production and the Canadian government positioning the country as a major helium supplier, we believe that 2024 will see yet stronger production and export figures as well as higher pricing.
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