LNG Demand to Keep Rising on Asia’s Energy Growth, Woodside...

LNG Demand to Keep Rising on Asia’s Energy Growth, Woodside Says

Demand for oil and natural gas will stay resilient for decades, driven by population growth and industrialization in developing economies across Asia, according to Woodside Energy Group Ltd., a key supplier of fossil fuels to the region.

“Growth in demand for LNG in particular is expected to continue as buyers seek to secure supplies to support renewables in the power mix as they decarbonize,” Chief Executive Officer Meg O’Neill said Wednesday in a statement ahead of an investor briefing.

Perth-based Woodside is advancing a slate of expansion projects, and continues to target a first liquefied natural gas shipment from its Scarborough project off the coast of Western Australia in 2026.

LNG consumers have been locking in a flurry of decades-long supply contracts amid intensifying global competition. Some European nations are relying more on seaborne gas after Russia cut most of its pipeline flows to the region, while the fuel is also seen as a less emissions-intensive alternative to coal.

https://finance.yahoo.com/news/lng-demand-keep-rising-asia-002642398.html