World’s economic growth expected to start in Asia

By GYNNIE KERO
PAPUA New Guinea is poised to play in the economic life of this region in the coming years, according to ExxonMobil Corporation senior vice-president Neil Chapman.
The US giant is the operator of the US$19 billion (about K63bil) PNG LNG project in the country.
Its partners are Oil Search Limited, Kumul Petroleum, Santos,
JX Nippon and Mineral Resources Development Company.
During the Apec Chief Executive Officers’ Summit in Port Moresby on Friday, Chapman predicted that about half of the world’s economic expansion was expected to take place in Asia in the next decades.
“Because natural gas is cleaner than coal when used for electricity generation – producing up to 60 per cent fewer greenhouse gas emissions – it offers the possibility of less-carbon-intensive economic growth at a time when government leaders everywhere are considering ways to reduce emissions to tackle the very important issue of climate change,” he said. “Indeed, substituting natural gas for coal in power generation provides an immediate, large-scale and cost-effective option for making significant progress in lowering the global emissions while improving air quality.
“If you want to see just how much of an environmental benefit natural gas can deliver, look no further than the United States. The results have been profound.
“It’s even more extraordinary when you consider it has happened against the background of a growing economy, rising energy production and increased energy use.
“With natural gas looking to be an important energy source to fuel the region’s continued development, PNG is well-positioned to benefit from the growing liquefied natural gas trade.
“Nature made the energy resources of PNG abundant, but not easily accessible. It took a simply extraordinary effort, and the application of advanced technology, to develop those resources and unlock their value.”