News

Capital injection is needed to boost future needs of LNG

KUALA LUMPUR, Nov 20 -- A huge capital injection is needed to boost the upstream development in order to fill the future needs for liquified natural gas (LNG). 

Exxonmobile LNG Market Development Inc. president Irtiza Sayyed said LNG had a significant role to meet global needs for clean energy. 

"To be able to achieve it, new upstream projects need to be invested in. Certainly, you really need to believe in a long-term vision, and the role LNG plays," he said during a discussion titled "Re-energising APEC's Economic Recovery" today.

The session, which was part of the APEC CEO Dialogues, was held virtually.

Irtiza said traditional buyers were very accustomed to the dynamic as well and they were willing to work with suppliers to ensure that the upstream projects were getting to them.

He added that investments were required just to maintain a supply of natural gas and should lack of investment persisted over the next one year, it certainly could be an impact to the production of LNG. 

Irtiza said the LNG was a significant contributor to the total energy mix.

"The entire energy mix has been dominated by LNG consumption. For the Asia-Pacific, we view that LNG is a complementary to sustainable renewable energy.

"It will play its role and offer to bridge the immediate needs for the economy to grow and to be able to depend on their growth on revival," he added.

Irtiza said LNG prices would also need to recover to comfort the investors to make those investments in and noted that many emerging markets in the region do not necessarily have the policy of zero carbon yet nor the economic power to move towards that.

Petroliam Nasional Bhd (Petronas) president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz said the national oil firm is planting the seed of pursuing the space of hydrogen.

"We work through memorandum of understanding and partnership with technology players to ensure that we have the right capital and the right capability and expertise to develop as we presume hydrogen agenda.

"It’s a proven technology but has not been done by scale," he added.

For carbon taxes, Tengku Muhammad Taufik said all oil and gas players faced the need to address whether the carbon emission from the LNG production is transparent and visible. 

"In Singapore, buyers are now asking for Carbon Certification, how much it has been de-carbonised.

"Together with the challenge of making project work to US$2-3 per metric million British thermal unit, we are also compelled to ensure the carbon component of the equation is dealt with the exportation of the LNG," he noted.

-- BERNAMA

 

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