Botten says global demand for oil and gas expected to rise

GLOBAL demand for oil and gas is expected to rise in the next several years and is aligned with the development timeline of Papua LNG, says Oil Search managing director Peter Botten.
He said with an expected global supply shortfall around 2020, the company would be targeting Asia.
“It is expected that LNG from the Papua LNG Project will be equity marketed,” Botten said.
“In preparation, we have recently established an office in Japan, staffed by a team with collectively more than 70 years in LNG marketing. We are increasingly confident about the demand outlook for LNG from PNG, with a material shortfall in supply developing in the early 2020s, and will be targeting key NE and SE Asian markets for off-take agreements.
“The decision is that each party will be equity marketing its own gas.
“There are other new markets in Asia and we will be adjusting ourselves to those. At the end of the day, we think we are very well situated and positioned to be a good supplier for those markets.”