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| PNG LNG to meet global energy demand |
| Thursday, 17 December 2009 15:37 | |||
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PORT MORESBY, PNG ----- With the global energy demand forecasted to triple by 2030, the PNG LNG project will be an important supply source to meet future demands, particularly in the growing Asia Pacific region. Following ExxonMobil Corp and its partners final approval on Tuesday to the $15 billion liquefied natural gas (LNG) project, it will pave the way for the project to start shipments in 2014. The project sanction or (Final Investment Decision –FID) is pending completion of sale agreements with LNG buyers and finalisation of financing arrangements, after which construction activity would begin in 2010. “With global demand for LNG forecast to nearly triple by 2030, the PNG LNG project will be an important supply source to meet this future demand, particularly for the economies in the fast growing Asia Pacific region,” Neil Duffin, president of ExxonMobil Development Company, said in a statement to Reuters. The widely expected approval comes just three months after the massive A$43 billion ($39 billion) Gorgon LNG project in Western Australia was given the go-ahead by Chevron Corp. It will pave the way for Exxon and partners, including Australia’s Oil Search and Santos and Japan’s Nippon Oil Corp, to seek additional gas to expand the plant’s 6.6 million tonnes per year capacity, which could boost its profitability. Analysts have considered it to be a forerunner among the 16 planned LNG projects in the Asia-Pacific region, after Exxon secured deals to underpin its capacity. “PNG LNG expansion will be the next key area of growth given the large resource base available,” said Neil Beveridge, a senior analyst at Bernstein Research. P/Courier Mon, 14 Dec 2009
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| Last Updated on Saturday, 13 February 2010 19:18 |