2007/5/29 By Angela Macdonald-Smith SYDNEY, Bloomberg
The Asia-Pacific Economic Cooperation region will become a net importer of natural gas by 2015, with six more member nations set to start importing the fuel, said Belinda Robinson, head of an Australian petroleum industry group. The expected increase in natural gas and liquefied natural gas trading between member nations will increase the inter- dependence of the group's economies, Robinson, chief executive officer of the Australian Petroleum Production and Exploration Association said Monday at an APEC energy business forum.
APEC nations, which include the U.S. and China, are responsible for 60 percent of global energy demand. Australia may quadruple LNG production capacity by 2017, the industry group estimates. Philippines, Singapore and Chile are among APEC nations considering starting LNG imports. "Gas producers face an unprecedented opportunity to access the burgeoning Asia-Pacific market," Robinson said. "Gas and power market reforms in particular should help importing economies to ensure cost-effective supplies to consumers making their markets attractive to suppliers."
APEC energy ministers, who are meeting this week in Darwin, Australia, need to work to remove barriers to cross-border trading in gas and help ensure the conditions where companies will invest in supply projects and consumers will commit to long- term LNG purchase contracts, Robinson said.
Australia has more than A$50 billion (US$41 billion) of new LNG projects proposed by ventures headed by companies including Woodside Petroleum Ltd., Inpex holdings Inc. and Chevron Corp. Some projects such as Chevron's US$10 billion-plus Gorgon LNG plant, have been delayed due to rising construction costs.
The 21 APEC members are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the U.S. and Vietnam.
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