thanks for the info Bruce381.
Badnewsbare, I've read the article in machinery lubrication before and do agree to a certain extend. However, I was told that PAG in general are not really a good lubricant except for it's better heat transfer and water solubility properties.
As I'm in contact with ester based products more, I do believe for air compressor ester are still a better option. If you're using an IR screw comp, changing to a PAG may/would reduce the discharge temp due to it's design.
Anyway, above is just my personal opinion.