Prediction sees rise in demand for gas

 ExxonMobil PNG Ltd sees ongoing growth in demand for energy being driven by growth in population and living standards, managing director Andrew Barry says.

“Over the next three decades the Asia-Pacific region’s gas demand is expected to increase by almost three-fold, with power generation and industrial requirements being the primary drivers of this demand growth,” Barry said.

He highlighted that this was a positive indication for PNG.

“Critical for PNG is that a good proportion of that demand growth will be satisfied by LNG. In other words, the long term opportunity for PNG to earn value through LNG is strong.”

Barry was making a presentation based on ExxonMobil’s 2015 energy outlook during a leader’s Summit in Port Moresby last Thursday. 

He told the gathering that with more than 60 LNG cargoes now safely produced, the PNG LNG project was more than just the physical assets that were built, or revenues that flow. 

Barry said the multi- billion kina project had and would continue to build intellectual and skill capacity within the country. 

“During construction we (ExxonMobil) employed more than 9000 Papua New Guineans and delivered more than two million hours of training through some 13,000 training courses. 

“We have worked with local suppliers, which has resulted in an in-country spend of almost K11 billion. We have invested more than K650 million in community programmes and infrastructure, with a particular focus on education and community health. 

“The global context relative to the LNG market, then reflected upon what has made PNG LNG the success that it is and how we can build upon this success to create a future that every Papua New Guinean so richly deserves.”