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Asia’s potential upstream powerhouse
Petronas-Eni eyes joint venture to prioritise key gas developments, with huge opportunities for growth in Indonesia and a steady Malaysia portfolio
Malaysia tackles upstream declines
Petronas is making huge efforts to arrest falling oil production and accelerate gas increases to meet rising demand, but political tensions persist
Hydrocarbon Processing Refining Databook 2025: Asia-Pacific
A burgeoning middle class is boosting demand for refining capacity in Asia, with China leading the way and India also with many projects underway
Thailand’s LNG readies for commercial transformation
The start of private LNG imports may trigger an evolution in the country’s policy of energy security to encompass commercial exploitation
Indonesia seeks to revitalise 1m b/d oil production dream
Policy initiatives will take time to reverse declining output, and restoring investor confidence is far from certain
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
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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