Australia has capacity to adapt and react to new LNG market conditions
Mr Ferrier – also TOTAL’s Senior Vice President, Corporate, and the immediate Past President of the International Gas Union - said that while Australia is still a relatively new player in the LNG business, it has demonstrated its capacity to react and adapt to new conditions of fast-evolving markets.
“There is a need for innovations in producing, financing and marketing of gas projects and Australia shows it can muster the skills and the high level of technology and manpower to meet future demands in terms of project developments,” he said.
“The main feature of the gas business is that it looks on the very long term. The normal duration of a gas purchase agreement is over 25 years. We have to see and anticipate well in advance.