PNG gas competing on global supply market, says exec

by PNG Business News - September 05, 2022

 

According to Peter Laden, managing director of ExxonMobil PNG Ltd, there are major sources of LNG (liquefied natural gas) supplies outside of Papua New Guinea (PNG).

According to Laden, PNG presently accounts for 2% of the market for LNG, which produces eight to nine million tonnes annually.

“In the future, even after Papua LNG, we will still represent about two percent of the global LNG market as a number of new projects come online in the coming years,” he said.

“We are challenged and fighting for a limited amount of global capital to advance the next trench of projects here in PNG.

“That’s why we are all here with the common objective, we want PNG on the map and we want to advance the resources here in a responsible way.”

Laden acknowledged the benefits of the nation's competitiveness.

“Specifically, proximity to Asia where the majority of our customers are is a true advantage.

“This is a true advantage with shorter shipping routes to South East Asia at this point in time and it is also one of the global greenhouse competitive LNG projects already.

“So when future investors and lenders look for future opportunities, they will start from there.”

Commenting on exploration, Laden said this year that ExxonMobil was conducting its own seismic campaign and building on over US$2 billion (K6.9 billion) in exploration investments since 2010.

“We are very active in the exploration space but we are going to need to work together to advance the exploration potential in this country.”

 

Reference: Pacific Mining Watch (29 August 2022). “PNG gas competing on global supply market, says exec”.



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