The Globe and Mail reports in its Tuesday edition that the province of Newfoundland and Labrador estimates that natural gas reserves off the coast of St. John's could be worth about $400-billion (U.S.) in the European market. The Globe's Emma Graney writes that a recent study found these reserves to be between 19.8 trillion and 35.4 trillion cubic feet, with a best estimate of 27.6 trillion. For comparison, Canada's first offshore natural gas project produced two trillion cubic feet over 20 years until 2019. Newfoundland and Labrador's access to markets, ports and a supportive regulatory framework position it as a potential global fuel supplier, according to Energy and Mines Minister Lloyd Parrott. He highlighted Europe's current energy challenges due to the Iran war. "Newfoundland and Labrador represents the gateway to the north, and natural gas represents a whole lot of options that I don't think we looked at in the past," he said. Momentum in the natural gas sector is prompting Canada to revisit old engineering studies for liquefied natural gas projects. With global demand rising, Canada's significant entry into the export market marks a new chapter with the start-up of the LNG Canada terminal in Kitimat, B.C.