Qatari LNG prepares for international competition
Qatari LNG demand under threat from the Papua New Guinea and Australia
While Qatar is currently head and shoulders ahead of the rest of the world when it comes to LNG production, the Middle Eastern country’s demand could soon come under threat from international LNG developments to the west of the South Pacific.
Corporations such as Exxon Mobil, Mineralogy Pty and Total SA have all commenced field development in Papua New Guinea where early studies reveal a potential 22 trillion cubic feet of gas.
According to a statement on Bloomberg, Clive Palmer, the Australian mining magnate will be selling stakes in an $8 billion natural gas project through his company Mineralogy Pty, which has been given permits to cover 16,668 miles in the Gulf of Papua, west of the country’s capital Port Moresby.
“We are doing more work in the field because the more we develop the project, the better,” said Palmer.
Outside of Papua New Guinea, more investments are being made in Australia directly, in particular through companies such as Chevron Corp and Woodside Petroleum Ltd. It is anticipated that Australia will overtake Qatar as the largest producer of LNG before 2020.