Appetite for LNG in Asia strong, says Chapman

Business

THERE is no question that the appetite for liquefied natural gas (LNG) throughout Asia is strong, ExxonMobil Corporation says. Senior Vice-President Neil Chapman, pictured, highlighted during the two days Apec CEO Summit in Port Moresby that the market for increased production “is out there”.
“We are talking with the government about a three-train expansion. This will involve several partners and will roughly double LNG capacity from Papua New Guinea.
“I’m hopeful with support of the government we can come to an agreement on terms soon and together move forward on a new chapter in Papua New Guinea’s energy story.
“There’s no question about the appetite for LNG throughout Asia is strong.
“The market for increased production is out there.
“LNG import terminals are being built throughout the region. Governments are facilitating the import and use of natural gas in their economies.”
Oil Search managing director Peter Botten said the country had substantial yet to be commercialised gas resources, highlighted by
the Elk Antelope and P’nyang gas fields.
Project participants are discussing with Government the potential development of the Papua LNG Project, operated by Total, and the expansion of PNG LNG to add a third production train.
“Along with Papua LNG, PNG LNG will also be negotiating fiscal terms for the development of a new LNG train contemporaneously with Papua LNG, in a highly capital efficient and coordinated development, bringing new jobs, new skills and investment opportunities for local and international groups.
“With these projects moving forward, it is now likely that PNG has the capacity to double LNG production to around 17mtpa by 2024/25, with this energy fuelling customers in Apec countries, especially in the northern Pacific, a place where energy demand is growing strongly,” Botten said.

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