Southeast Asia evolves into an NOC universe
The trend for the region’s operators to play a bigger role looks set to continue
NOCs have grown in influence in Southeast Asia, evolving from their role as regulatory bodies for upstream activities to being key operators and partners in the region’s largest fields. And this trend will continue and could even accelerate in 2021. NOCs have increased their control through a shift from a concessionary system to production-sharing contracts (PSCs). But they have also pursued M&A to increase their participation in the region’s development and production projects. Their shares in both regional investment and output have risen steadily—from 35pc and 30pc in 2000, respectively, to current 50pc stakes. In absolute terms, regional NOCs’ production grew by 30pc from 2.4mn bl/d
Also in this section
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
