Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Exxon Mobil Corporation    XOM

Delayed Quote. Delayed  - 06/29 07:53:29 pm
92.6 USD   +1.86%
06/28 MARKETS RIGHT N : US stocks move higher, pound stabilizes
06/27 GUYANA : Exxon appraisal well finds large oil, gas deposits
06/25 EXXON MOBIL : New head of AKLNG calls for bigger Alaska role in gas ..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Exxon Mobil Corporation : ExxonMobil Says Asia-Pacific To Account For Third Of Global Gas Demand By 2040

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/17/2012 | 06:15am CEST

The need to develop unconventional sources of gas, such as coal seam gas, is increasingly important to meet the rising demand from Asia and an expected surge in gas-fired power stations over the coming decades, an executive at U.S. oil giant ExxonMobil Corp. (XOM) said Thursday.

Australia is well positioned to meet the demand for gas, although it risks dulling its competitive edge with tax and other policy decisions by its government, said Emma Cochrane, vice president of Asia Pacific and Africa for ExxonMobil's gas and power marketing.

In the text of a speech to the American Chamber of Commerce in Melbourne, Ms Cochrane said the Asia-Pacific region will account for almost a third of total worldwide gas demand by 2040 while demand in the U.S. and Europe will be flat to slightly lower.

At the same time, Australia's importance as a supplier of liquefied natural gas is growing and it is expected to provide a fifth of global supply by 2020, she said.

"A global market is emerging with the Asia-Pacific region poised to become the largest global gas market," Ms Cochrane said. "In some respects, the emergence of unconventionals--the Shale Gale, as some call it--could not come at a better time."

Worldwide demand for gas for power generation, meanwhile, is projected to rise 85% over three decades from 2010 levels and will represent nearly half of total gas demand, she said.

Natural gas is cleaner-burning, affordable and abundant. And natural gas power plants can be built quickly and cost effectively.

"With today's improved turbine technology, natural gas power generation can provide a significant source of flexibility and reliability to a power grid, responding to rapid changes either on the supply or the demand side," Ms Cochrane said.

Advances in technology have allowed more than 15,000 shale wells to be unlocked in the U.S. between 2008 and 2011, but in the rest of the world fewer than 100 shale wells have been drilled, she said. Australia in the same time period has drilled more than 1,000 coal seam gas wells in eastern Queensland, and more are expected over the next 20 years.

However, Ms Cochrane said while the coming years will present enormous opportunities for Australia, there are also genuine challenges for the energy industry.

"I note with some concern recent policy drifts which, taken together add significant cost to our industry and potentially lessen incentives for long-term investment," she said.

The country specifically has introduced a tax on carbon emissions, as well as changed a range of other taxes that are applied to the industry and supported an environment of tough labor relations policies, Ms Cochrane said.

"Only with the right regulatory framework will Australia and other countries in the region capture their share of demand growth," she said.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on EXXON MOBIL CORPORATION
06/28 MARKETS RIGHT NOW : US stocks move higher, pound stabilizes
06/27 GUYANA : Exxon appraisal well finds large oil, gas deposits
06/25 EXXON MOBIL : New head of AKLNG calls for bigger Alaska role in gas line project
06/25 EXXON MOBIL : Rockefellers, US states clash over Exxon's connivance of climate c..
06/24 NIGERIA : Press focus military's resolve to investigate coup rumour, ExxonMobil'..
06/24 NEWMONT MINING : Citigroup, Exxon Mobil plunge, Newmont soars
06/24 EXXON MOBIL : EFCC probes ExxonMobil over $3.75bn oil deal
06/24 EXXON MOBIL : Kazakh PM, ExxonMobil VP discuss Kashagan issues
06/23 EXXON MOBIL : ExxonMobil under investigation over lucrative Nigerian oil deal
06/23 EXXON MOBIL : China, Russia to Sign Big Energy Project Agreements
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials