THERE is a significant source of LNG (liquefied natural gas) supply outside of Papua New Guinea (PNG), says ExxonMobil PNG Ltd managing director Peter Laden.
Laden said currently, PNG represents two per cent of the LNG market producing eight to nine million tonnes per annum.
“In the future, even after Papua LNG, we will still represent about two per cent 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 country’s competitive advantages.
“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 globally 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, ExxonMobil was conducting its own seismic campaign and building on over US$2 billion (K6.9 billon) 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.”
The National / Pacific Mining Watch