Lynda Hong Ee Lyn Today Online 22 Jun 11;
SINGAPORE - Abundant enough to sustain world production for over 250 years and available all over the world, natural gas produces one of the lowest levels of carbon emissions when burnt for electricity production.
And Singapore is well-positioned to be a regional natural gas hub, said Dr Birol Fatih, chief economist of the International Energy Agency (IEA).
Natural gas was one of the main topics touched on by Dr Birol, who spoke at the Energy Market Authority's (EMA) Distinguished Speaker Programme, which was attended by nearly 300 industry players in the energy sector.
Sharing key findings from IEA's special report, "Are We Entering a Golden Age of Gas?" Dr Birol said that the building of an LNG terminal in Jurong Island was "very timely".
"It's definitely going to put Singapore in a very good position in the region to be a regional hub. This will definitely put Singapore in a very advantageous position in the region," said Dr Birol, who was named by Forbes Magazine as the world's fourth most powerful and influential person in the global energy scene,
EMA CEO Chee Hong Tat said the LNG terminal is on track to complete by the second quarter of 2013.
When in operation, Singapore's LNG terminal will be Asia's first open-access, multi-user LNG terminal, allowing different companies to process LNG by processing and storing up to six million tonnes per annum (Mtpa) in its three tanks.
Mr Chee also said LNG has seen a strong uptake by Singapore companies, having sold about 2.3 Mtpa of LNG to mostly power generation companies as of end-May this year. There is also interest from industrial companies outside the power generation sector to purchase LNG to fuel their new businesses and project expansions, added Mr Chee.
Compared to other fossil fuels, natural gas is considered by industry players and academics to be the "cleanest", producing less carbon than other hydrocarbon fossil fuels, thereby reducing carbon emissions.
Energy production and sources have been responsible for producing two-thirds of the world's carbon emissions, noted Dr Birol.
However, natural gas alone cannot help mitigate carbon emissions from climate change. Renewable energy sources have to be part of the balance, and so far, all countries with a strong renewable energy programmes are backed their governments, he said.
