Exxon Mobil Corp., operator of a $19 billion liquefied natural gas project in Papua New Guinea, expects the Pacific nation will supply more than 10 million metric tons of LNG annually by 2025.
Natural gas demand is forecast to rise by more than 60 percent by 2040, Jeff Appleton, Exxon senior vice president of LNG marketing, said today in a speech in Sydney. The Asia-Pacific region will account for 29 percent of total worldwide gas demand in 2040, with consumption in the U.S. and Europe unchanged or declining, he said.
Exxon and its partners in the LNG venture, including Santos Ltd. and Oil Search Ltd., will increase production capacity by 5 percent to 6.9 million tons annually, the Irving, Texas-based oil producer said last month. Exxon’s development is on schedule to start shipments in 2014, even after a 21 percent cost overrun, the company said.