Dr. Fereidun Fesharaki

Be ahead in LNG market: Official

Chairman of FGE, Dr. Fereidun Fesharaki, said currently they forecast 180 million tonnes in Final Investment Decisions (FID) to be made between 2018 and 2021, in a bid to supply demand from 2022 to 2025.

Dr Fesharaki said this at the 3rd Petroleum and Energy Summit in Port Moresby last week.

Dr. Fesharaki said a significant shortage is expected from 2022 to 2025, following a lack of FIDs between 2016 and 2018, and by 2022, there will be a major shortage.

LNG revenue to be affected: Executive

Chairman of FGE, Dr. Fereidun Fesharaki, says this is expected in the short term while the medium to long term looks promising with global prices expected to stabilise.

In his Global Energy Industry overview during the 2nd Petroleum and Energy Summit on Monday (March 19), Dr.  Fesharaki said the recent earthquake in the highlands affected the potential revenue to be made from the increase in LNG prices currently experienced.

He, however, had further bad news, saying the estimated resumption of the PNG LNG Project could come at a time when sport prices were also falling.