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Indonesia’s upstream picks up the pace
The government is optimistic that increasing offshore activity and exploration will help revive flagging production, despite energy security fears
Thailand and Cambodia eye oil and gas detente
Asian neighbours seek resolution on territorial dispute for hydrocarbons development that has spanned decades
Malaysia looks to deepwater to sustain output
The country is nearing a tipping point as its domestic needs continue to grow
New regulations pose risks for Thai refiners
Attempts to control domestic fuel prices could threaten supply
Indonesia prioritises domestic needs over LNG exports
The country’s hunger for energy will continue to compete with its LNG exports, even as more gas projects progress and new liquefaction capacity comes online
Asia increasingly looks to flexible LNG supply
Demand growth and the expiration of existing contracts mean Asian nations will become less reliant on long-term contracted supply
Jadestone sees opportunities in Southeast Asia
The AIM-listed independent is pushing ahead with developments in Indonesia, Malaysia and Vietnam, CEO Paul Blakeley tells Petroleum Economist
Canada’s Valeura eyes fresh deals after Thai expansion
The company is also working to sustain output from its Thai-focused portfolio into the 2030s
Indonesia looks to gas to cover growing energy needs
Recent elections and on-going LNG developments highlight the importance of domestic gas demand in the sprawling island nation
Power pricing threatens Vietnam’s gas plans
The country’s drive to adopt LNG and gas could be imperilled as the state electricity company haemorrhages money
Thailand Indonesia Malaysia Singapore Vietnam
Andrew Kemp
Melbourne
3 April 2020
Follow @PetroleumEcon
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Asia’s state heavyweights hold firm on upstream spending

With international oil prices at nearly two-decade lows, Asia’s oil and gas developers have begun to review their capex budgets as they strive to weather the downturn

International benchmark Brent crude sank as low as $21.65/bl in trading on 31 March, its lowest level in 18 years. However, while a growing number of independents and IOCs are slashing budgets, Asia’s NOCs are holding out to ensure the energy security of their respective countries. UK developer Premier Oil—which has operations in Pakistan, Singapore, Vietnam and Indonesia—has said it is looking to reduce capex for 2020 by $100mn. The cut, in conjunction with $35/bl oil, should allow the company to be “cash-flow neutral” this year. Indonesia’s Medco Energi has slashed its budget for this year by 30pc, to $240mn, “with potential for further 2021 reductions”. At the same time, Indonesia’s eight

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