Tuesday, February 13, 2018

More investments in the oil and gas industry in PNG

More investments are expected in the oil and gas industry.
This resulted from a huge demand growth from China and India with emerging demands from Pakistan and Bangladesh, Vietnam and Ireland.
Kumul Petroleum Holdings Limited managing director Wapu Sonk told an Oxford Business Group round table meeting yesterday that the country’s LNG market remains attractive and competitive with more demands coming from the 21 APEC economies.
Mr Sonk was responding to a question on how LNG can support the country’s need for energy.
He said the industry needs stable systems and government to supply the much needed energy both locally and internationally.
“We are very competitive at the moment and the demand is from our APEC region economies.
“There is a big growth from China, India is not in the APEC but they are also close… that is another growth centre and Taiwan is another growth area,” Mr Sonk said.
There is also emerging growth from countries that never use to import LNG is now interested so there is also growth and demand.
Mr Sonk said while Australia is the largest supplier of LNG in the market compared to US, Canada and Russia, both the US and PNG will be the new suppliers in the market soon.
He said this is because PNG is still in its early stages with many resource base areas not yet fully explored.
“The key potential areas are the offshore of Gulf and Western province… there’s lot more areas to discover.
“We have two trains, maybe three trains… depending on how TOTAL and Exxon utilise a plan to come up with a development plan where we have the Pyn’yang gas to use there.
Basically all our buyers in the LNG are all national oil and gas companies from China, Japan and Taiwan…they want to make APEC special, they want to make an entry in PNG,” Sonk said.
He said he has been involved in a lot of meetings with these partners and believes that there are still lots of opportunities for the country in the energy market. Post Courier

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