AT PEC24, Day 1 on Thursday, Dr. Fereidun Fesharaki, Chairman of FGE Global, provided key insights into the future of global oil and LNG markets.
His presentation predicted that global oil demand would grow by an additional 5 million barrels per day before peaking in the 2030s, with China’s demand expected to peak around 2028-2029.
He emphasized the significant role Southeast Asia and China will play in driving future LNG demand, which is projected to peak in the mid-2040s.
He also noted the impact of electric vehicles (EVs) on reducing oil demand and discussed how geopolitical tensions, particularly between the U.S. and China, could disrupt global LNG flows. Despite expected market volatility, LNG will remain critical as countries transition from coal and oil.
ExxonMobil’s Peter Clarke also highlighted the success of the PNG LNG project, which has created thousands of jobs, engaged 155 local businesses, and invested K6.8 billion in Papua New Guinea’s LNG industry, showcasing its resilience and global standing.
The conference also featured discussions on PNG’s exploration potential and stranded field development, spotlighting the Malu Prospect as PNG’s first deep offshore well.
Industry leaders explored optimization strategies for remote drilling and the promising prospects of the Torres Sub-Basin for the region’s energy future.
In Session 4, experts focused on value maximization and fiscal regime changes in PNG’s energy sector. The session covered strategies to optimize LNG value, adapt fiscal policies, and maintain competitiveness in the global energy market, drawing lessons from past projects.
