Bigger benefits loom

Main Stories

By LUKE KAMA
JAPAN will continue to remain the biggest buyer of liquefied natural gas (LNG) in the Asia-Pacific Region, Dr Yuki Sadamitsu says.
Sadamitsu, the director for Oil and Gas Division at the Ministry of Economy, Trade and Industry in Japan, said that during the inaugural PNG Petroleum and Energy Summit in Port Moresby yesterday.
His message to PNG was clear – that it could become an important energy supplier in the Asia-Pacific Region as the demand would double in just over 10 years.
“Japan’s energy demand will continue to increase and that creates a greater opportunity for Papua New Guinea to benefit from its LNG gas reserves,” Sadamitsu said.
“If we look globally, Asia is the most rapidly growing energy market and Asia energy import will almost double by 2030.
“Thus, the Japanese government and companies are ready to cooperate with Asian countries to share and expand to the Pacific energy markets.”
Sadamitsu said Japan’s energy market wis under drastic reform for liberation and so companies need to be more competitive under flexible energy supply.
“Japan would like to reinforce finance mechanism to enhance Asia-Pacific energy infrastructure and I believe this will benefit PNG which sits at the centre of the Pacific Ocean.”
Sadamitsu said Japan was ready to collaborate with Asia-Pacific partners to develop and expand the energy market and that included cooperation between energy-producing and consuming countries like PNG.
Prime Minister Peter O’Neill, who acknowledged Japan as the major buyer of PNG’s LNG gas, said PNG was a participant in the international LNG market and its role would continue.
“I want PNG petroleum and gas sectors to be world leaders when it comes to efficiency, quality and reliability,” O’Neill said.
“The benchmark we have drawn from the PNG LNG project is second to none in that regard and we can and we must do even better to meet these increasing demands.”