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Asia is going to the epicenter of growth for the natural gas sector in the next few decades, according to the Chairman and CEO Of Chevron[CVX
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], David O'Reilly.
"There's growing population and rising standard of living there," O'Reilly said in an interview with CNBC on Sunday.
"They (Asia) will need energy and gas is one of the cleanest forms of energy that exists today."
O'Reilly said he is not discouraged by natural gas prices, which have stayed depressed in recent months despite rising oil prices, saying the long-term outlook for the industry remains robust.
"We are in a long-term business, and we cannot be put off by near term pricing, either high or low. In fact, if you look at the developments we are planning in the northwest shelf area, off the coast of australia, we're looking at project that are have a lifespan of 40,50 years."
Chevron on Monday announced a new natural gas discovery off Western Australia that will help support the massive Gorgon liquefied natural gas (LNG) project.
Chevron, Shell [RDS.A
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]and ExxonMobil[XOM
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] last month agreed to develop the Gorgon field, spending some A$43 billion ($39.25 billion) in the initial construction phase of the country's largest-ever resources development.
Regarding outlook for the oil market, O'Reilly said he expects oil prices to continue to rise.
"The reason they're firming is two fold, there is the beginning of demand growth again for oil and gas," O'Reilly said.
"We saw a decline in oil demand in 2008 and 2009 - the first time since early 80's there've been successive declines in consumption for oil. But we see that reversing in 2010 and 2011 so we're looking at some growth and that's already beginning to occur in asia.
O'Reilly added that the weakening dollar has contributed to gains in the commodities sector as a whole.
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Data is a real-time snapshot *Data is delayed at least 15 minutes