Natural gas is already the fastest growing energy sector, with a global growth of 2.7% per annum, and was forecasted to account for 23% of the world energy market by 2010.

“The high oil prices will be the catalyst for increasing the global importance of natural gas as the fuel of choice,” Hashim said.

The key factors driving gas’ global importance were: increased access and availability, either via pipelines or LLNG; commercial viability; technology and sustainable development, he said.

Australia’s natural gas exports were forecasted to boom from thecurrent 11 million tonnes per year to more than 40 million tonnes by 2015, according to APEC vice president, Dr Yonghun Jung.

But even though natural gas held many benefits, including price stability compared with other energy sources, Jung said it also faced barriers.

These included China’s demand not meeting expectations – due to expensive household connection fees – and difficulties faced by many small-scale players in entering the industry.

Dr Jung also predicted the United States would look to the rest of the world to import 60 million tonnes per year by 2020, as Canadian gas reserves were already drying up.

US Department of Energy spokesperson, James Slutz, said the LNG market had flourished in the last two years.

“Things have moved very fast and the US is embracing what LNG offers,” Slutz said.

“It’s critical we increase our trade alliances, as the US imports more and more natural gas. If we don’t, we will face a serious supply shortfall.”

Hosted by the Asia-Pacific Economic Cooperation, the inaugural APGAS forum brought together energy executives and policy makers from 21 countries for a two-day forum to begin developing regulatory frameworks to increase international LNG and gas trade in the Pacific Basin.