Inpex, a Japanese oil and gas company, sees a shortage of LNG in Asia by 2035

Inpex, Japan’s largest oil and 'gas producer, anticipates that global demand for liquefied?natural gas will grow by 75%, to a total of?700 millions metric tons per year in 2035. This could lead to a shortage in supply in the Pacific coast region, which includes Asia.

Inpex, who runs the Ichthys LNG Project?in Australia, and develops Abadi LNG Facility?in Indonesia among other assets, expects that global LNG demand will increase from its current level of 400 millions tonnes per year, driven by the Asia-Oceania Region, it said in its results presentation, published on Thursday.

The report forecasts a 231-million-ton annual shortage in the Pacific Coast region in 2035. It also expects an oversupply of 137-million tonnes and 56 millions tonnes respectively in the Atlantic and Indian Ocean coast regions.

Inpex reported that oil prices were down 7.8% in the year ending December, resulting in a drop of 393.8 billion yen (about $2.6 billion). It predicts a 16.2% drop in profit for this year to 330 billion yen as lower oil prices will continue. $1 = 153.0100 Japanese yen (Reporting and editing by Jane Merriman).

(source: Reuters)