He made the comments following a high meeting with executives from Indian Government-owned Oil and Gas Company Group Ltd, Petronet LNG Ltd and GAIL (India) Ltd in New Delhi.
“India is an enormous market with a constantly rising demand for energy,” O’Neill said.
“Papua New Guinea is geographically close to India. Our LNG is of a high quality and the market is ready to take our LNG.
“LNG currently accounts for around 9 per cent of the energy market in Papua New Guinea whereas the comparable economies are using around 24 per cent LNG.
“India has an expressed desire to use more LNG for both the economic and environmental benefits as a cleaner burning fuel.
“With the Papua LNG project moving forward there is a market that is waiting to import our gas.
“An earlier MOU that was signed between Petromin PNG Holdings Ltd with the ONGC Group and Petronet LNG Ltd that provides an avenue to advance these negotiations.”
He said India had experience in production of petrochemicals that offered opportunity for cooperation. “India has a great deal of technical knowledge and expertise in downstream processing of
petrochemicals.
“In particular, India’s experience in the production of fertiliser will be of significant value to Papua New Guinea and is a further market for our petrochemical
products.
“Cooperation between energy and resources companies from India and Papua New Guinea will continue in the months ahead.
“We look forward to the discussion we have advanced today leading to concrete agreement and the expansion of jobs and economic output in both countries.”