Oil Report

ExxonMobil sees LNG demand up 400 pct by 2030

BANGKOK, March 10 (Reuters) - ExxonMobil XON.N said on Monday it expected global liquefied natural gas demand to rise 400 percent by 2030.

“Global LNG demand is expected to increase from about 100 million tonnes per annum in 2000 to more than 500 million tonnes per annum in 2030,” Andrew Swiger, president of ExxonMobil Power & Gas Marketing said in a speech to an industry conference.

“That is a staggering fivefold increase which will change the way LNG is traded and, for that matter, change the face of the gas industry as a whole,” Swiger said in Bangkok, according to the text of a speech issued by his company.

Meeting the demand would require strong cooperation, he said.

ExxonMobil and Qatar Petroleum had formed joint ventures to build four 7.8 million tonne per year LNG trains in Qatar, the world’s largest LNG exporter, that were almost four times larger than trains built in the mid-1990s, he said.

The companies were building an LNG tanker with a capacity nearly double that of conventional LNG carriers as well as regasification facilities in various markets, he said.

“Advances in technology have made it possible to economically supply LNG from remote resources to growing demand centres,” Swiger said, citing Papua New Guinea as an example.

ExxonMobil was leading the development and commercialisation of fields in Papua New Guinea and a 6.3 million tonne per year LNG facility on the Gulf of Papua, he said. (Reporting by Ploy Chitsomboon; Editing by Khettiya Jittapong)