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10th LNG Producer-Consumer Conference Held
October 6, 2021
On October 5 (Tue.), 2021, the Ministry of Economy, Trade and Industry (METI) and the Asia Pacific Energy Research Centre (APERC) held the 10th LNG Producer-Consumer Conference online. LNG has enabled Japan and the world to enjoy a stable energy supply and sustainable growth, but the environment surrounding it is changing significantly. With the whole world moving toward decarbonization, speakers further discussed the roles of and their expectations for LNG in the next decade.
For the 10th conference, messages from ministers from more than 25 countries and from leaders of more than 70 companies and international organizations were posted on the website, and more than 2,000 people from over 55 countries registered to participate.
Note: An archive video of the entire meeting will be published on the official web page.
Overview of the conference
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The LNG and gas market has become extremely unstable, exacerbating the decline in upstream investment and triggering a historical surge in prices. The signs of this situation include the recent global supply shortages and demand increases, and the tight supply and demand in the Asian LNG market seen this January.
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In this context, the 10th LNG Producer-Consumer Conference aimed to clarify LNG's position as a key resource for successful energy transition, and accordingly discussed two main themes: (1) the increasing role of LNG as “transition energy”, and (2) the ideal methods of producing and using “clean LNG”, given that it is an important resource. Through these discussions, the participants affirmed the need for further cooperation between producers and consumers.
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Mr. Hosaka Shin, Commissioner of the Agency for Natural Resources and Energy, told the world that LNG would play an important role in the transition to carbon neutrality, and that upstream investment in LNG and gas is necessary. He also presented JOGMEC's research results and outcomes regarding destination restrictions, on which Japan has been leading the discussions in the LNG Producer-Consumer Conference. He also added that under the "Make Clean LNG Cleaner" policy announced last year, JOGMEC would work on formulating a simple and highly accurate methodology for calculating GHG emissions in the LNG value chain, and aim to validate it with actual data at an actual LNG plant in the near future.
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The conference announced the establishment of Asia Natural Gas and Energy Association (ANGEA), a private-sector initiative that will provide assistance toward introducing renewable energy and energy-saving resources and LNG in order to support energy transition in Asia. It also announced the launch of an international discussion on CCS/CCUS and carbon credits by private businesses and the International Emission Trading Association (IETA). METI welcomed these positive efforts by the private sector, and called for a new partnership between public and private sector players involved in LNG for the next decade in order to meet the demands of the new era.
Divisions in Charge
International Affairs Division, Commissioner's Secretariat, Agency for Natural Resources and Energy
Petroleum and Natural Gas Division, Natural Resources and Fuel Department, Agency for Natural Resources and Energy