Senior executives from BP and Shell are optimistic about the future of global gas and LNG demand, as well as the industry’s ability to manage the new wave of demand growth.
Speaking at the CWC World LNG Summit in Barcelona on Tuesday, Jonty Shepard, chief operating officer of BP’s LNG division, said that while supply would not be an issue for the foreseeable future, growing demand presents certain challenges. “It’s a healthy market and demand is growing – but the sources of that demand are changing,” said Shepard.
He said LNG suppliers needed to accommodate several new buyers who were seeking shorter, more flexible terms. “We don’t want to end up in the 2012 situation where there wasn’t enough supply, so we [the industry] destroyed demand.”
Malaysia’s Melaka LNG terminal. The LNG market could see a shift in demand sources. (Petronas)