By PATRICK TALU
THE new Papua New Guinea oil and gas report from Business Monitor International (BMI) forecasts that it will account for 0.13% of Asia Pacific regional oil demand by 2014, while providing 0.38% of supply.
Regional oil use of 21.42 million barrels per day in 2001 is set to reach a forecast 27.15mbd this year, then to rise to around 30.21mbd by 2014.
Regional oil production was around 8.35mbd in 2001 and is forecast to average an estimated 8.82mbd this year.
BMI said it was set to increase only slightly to 8.89mbd by 2014.
Oil imports are growing rapidly, because demand growth is outstripping the pace of supply expansion, while PNG holds fifth place, behind Vietnam, in BMI´s composite business environment (BE) league table.
“PNG is now ranked fourth, ahead of Malaysia, in BMI’s updated upstream Business Environment (BE) rating, benefiting from its strong gas production/export potential, an attractive licensing environment and a lack of state involvement,” BMI said.