Current Trends in the Oil & Gas Industry of the Asia-Pacific
Asia-Pacific is keen on boosting the productivity of new and established oil and gas reserves within its territories .
The Asia-Pacific ’ s demand for oil and gas continues to rise as it witnesses rapid urbanization and industrialization . At the moment , the Asia-Pacific is said to be consuming approximately 25 % of the world ’ s oil supply , 45 % of coal and 10 % of natural gas . While it has traditionally supported its demand with exports from other regions , at present countries in the Asia-Pacific are taking significant steps towards decreasing import dependency and boosting regional energy security and autonomy .
In order to satisfy the increasing demand for energy , oil & gas and petrochemicals , and thus encourage further regional economic growth , the Asia-Pacific is keen on boosting the productivity of new and established oil and gas reserves within its territories .
Renewed Energy
Some of the more mature oil and gas reserves in the region are found in China and India , and in certain parts of Thailand , Malaysia and Indonesia . Currently , new oil frontiers are being developed in other countries , like the Philippines and Myanmar . Exploration of unconventional oil and gas reserves in deeper and more remote waters is notably gaining traction . National oil companies within the region , such as the China National Offshore Oil Corporation ( CNOOC ), India ’ s Oil and Natural Gas Corporation ( ONGC ), Malaysia ’ s Petronas , Thailand ’ s PTT and Vietnam ’ s PetroVietnam have taken the lead in investing in and developing the region ’ s oil & gas industry . Additionally , independent oil & gas companies and international oil companies are seeing increasing regional participation .
American and European oil & gas titans have started ramping up their activities within the Asia-Pacific , with the keen interest of capitalizing on the region ’ s rapidly expanding market . Some of the more notable regional activities of international oil companies include Exxon Mobil ’ s agreed acquisition of Papua New Guinea ’ s InterOil , British Petroleum ’ s ( BP ) plans of expanding its Tangguh LNG project in Indonesia , and Chevron and Exxon Mobil ’ s bid to invest in an oil project in Kazakhstan , which is geared towards transporting crude to China . Other international players actively participating in the regional oil & gas activities include Reliance , Shell and Murphy .
18 Construction Leaders • April 2017