But he said countries in the region also need to work together.
“This is one of those things where we can’t do it alone,” Heng said when asked about greater cooperation within the Association of Southeast Asian Nations (ASEAN) on gas procurement and emergency supplies.
“And if you want to do it alone, it’d be expensive.”
Heng said ASEAN was moving towards becoming a net importer of gas, creating a greater need for flexibility and cooperation among countries in the region.
One option would be to change the terms under which gas is bought.
Heng said future contracts should have enough flexibility to allow liquefied natural gas cargoes to be diverted to a neighbouring country without additional cost when supplies are needed there.
“This is not the current situation, but it will have to change with time,” he said.
At the same time, Heng said Singapore would continue using long-term gas contracts, which provide greater price stability, while retaining the ability to buy cargoes from the spot market when necessary.
