Regional LNG: Release: Between 1999 and 2020, natural gas consumption in Asia Pacific countries expected to rise by an average of 2.6% per annum
Friday, August 6 2004 - 08:30 AM WIB
Among Asia Pacific countries, natural gas is the fastest growing primary energy source of choice. Between 1999 and 2020, the region?s natural gas consumption is expected to rise by an average of 2.6% p.a. Meanwhile, the volume of gas reserves is almost as oil, but is growing faster and found in more countries. Oil reserves are concentrated in a handful of countries, while rich gas reserves are better dispersed, making it less vulnerable to supply disruption on a global scale. This book gives an update of the natural gas industry in seven Southeast Asian countries:
- Brunei
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
Brunei
Brunei?s economy was spared the twin threats of SARS and terrorism that blighted many parts of East Asia in the first half of 2003. The government expects the economy to grow by a strong 5% to 6%, thanks largely to high oil and gas prices. Brunei produces around 218,000 barrels a day of crude oil and natural gas liquids, down from the peak of around 270,000 b/d in 1980.
Indonesia
Indonesia?s economy grew by around 3.6%, up from 3.3% the previous year, but below the government?s original target of 5%. Indonesia is the world?s leading exporter of LNG, controlling more than a quarter of global market share. What are its prospects in competing against new and expanded LNG supplies from other parts of the world?
Malaysia
Malaysia?s reserves include 4.5 billion barrels of crude oil and 89 trillion cubic feet (TCF) of natural gas. Its gas reserves, the 12th largest in the world, are expected to last around 60 years at current rate of production. The country has been using its oil and gas industry to spearhead its economic expansion and globalisation drive. With the change of political leadership later in 2003, how will energy policy be affected?
Philippines
The Philippines has visions of becoming a significant producer and user of natural gas in the Asia-Pacific region. Natural gas is projected to contribute 16.9 million barrels oil equivalent (6.3%) of the country?s energy mix in 2003, rising to 22.8 mmboe (7%) in 2007 and 26.2 mmboe (6%) in 2012. The Malampaya Deep Water Gas Project is expected to produce 146 billion cubic feet (BCF) of gas annually between 2003 and 2012.
Singapore
Natural gas is a key plank of Singapore?s energy policy in the new millennium. The government wants to drastically reduce the country?s dependence on oil as it seeks to reduce carbon dioxide and sulphur emissions that result from fossil fuel burning. The emphasis on gas is also aimed at enhancing energy supply security as most of the country?s oil is sourced from the Middle East. For now, however, Singapore?s natural gas imports from Indonesia and Malaysia substantially exceeds domestic demand.
Thailand
Thailand has been rapidly developing its natural gas industry over the past 20 years. The sector is now expected to play a bigger role in the country?s energy diversification policy over the next 20 years as it seeks to sharply reduce its 63% dependence on imports to feed its energy needs. Thai energy planners project that domestic gas reserves are large enough to keep the country self-sufficient for the next 20 years.
Vietnam
After being at war for most of the last four decades while its southern neighbours prospered in peace, Vietnam is starting to have a taste of both. Ironically, it?s the rest of the region that is now increasingly worried about political instability, terrorism and recession. Helped initially by a booming oil and gas sector, Vietnam?s economy roared ahead by more than 8% p.a. over the last decade, and expects to expand by 7% this year. Will Vietnam?s economic boom and its oil and gas expansion continue? (end of release)
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Source: Research and Markets Ltd.