Formentera: Asian gas buyers seek more Australian gas due to supply shortage

The energy-focused U.S. investment firm, 'Formentera Partners,' said Tuesday that many Asian buyers of?oil and gas?, including Japan, might look to purchase more gas from Australia, as they struggle with a global shortage caused by the Middle East conflict.

At the Australian Energy Producers Conference in Adelaide, CEO Bryan Sheffield stated that this is the first time there has been a shortage within Asia.

The?U.S. The?U.S. Inpex operates the Ichthys project for liquefied gas in Darwin.

He said that Japan is suddenly looking to buy more gas from Australia. This will?lead more development.

In March, Inpex joined Formentera?in?the?frontier region in its first move onshore Australia. Sheffield said the deal is valued between $200 million and $600 millions, but "we both know that the gas is there".

Inpex announced on Friday that it would also buy PetroChina's 10.67% stake in the Browse Gas Fields operated by Woodside Energy off Australia.

(source: Reuters)