PNG oil to account for 0.13% of regional demand

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PAPUA New Guinea’s oil supply is projected to account for 0.13% of the Asia-Pacific regional oil demand by 2014, while providing 0.38% of supply, according to a new PNG Oil and Gas report from US-based BusinessWire Research and Markets.
PNG’s share of gas consumption last year was an estimated 0.03%, while its share of production is put at 0.04%.
By 2014, its share of gas consumption is forecasted to be 0.04%, with the country accounting for 3.69% of supply in the Asia-Pacific region.
The report said there was indirect State involvement in the upstream oil and gas industry, as the Government was a minority owner of Oil Search and ExxonMobil, which are responsible for the country’s current oil and gas supply, as well as being a partner in the LNG project.