LNG supply will be ample in the future - CNOOC chairman

SHANGHAI: Supply of liquefied natural gas (LNG) will be ample in the future, the chairman of China National Offshore Oil Corp, or CNOOC,  said on Tuesday at the LNG2019 conference in Shanghai.

"I hope in the future the contract terms will be shorter, more flexible and maybe cheaper," said Yang Hua, chairman of CNOOC, which is the parent of CNOOC Ltd.

"In Asia, (the) LNG market is still being curbed by lack of infrastructure. Some suppliers have stringent terms on length and destination of contract."

Last year, CNOOC supplied 12.8 billion cubic metres (bcm) of gas from domestic offshore fields and 50 bcm of gas in total, he added.