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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
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Petronas-Eni eyes joint venture to prioritise key gas developments, with huge opportunities for growth in Indonesia and a steady Malaysia portfolio
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Petronas is making huge efforts to arrest falling oil production and accelerate gas increases to meet rising demand, but political tensions persist
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A burgeoning middle class is boosting demand for refining capacity in Asia, with China leading the way and India also with many projects underway
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
Malaysia looks to deepwater to sustain output
The country is nearing a tipping point as its domestic needs continue to grow
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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
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
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
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Offshore drilling in Malaysia
Opinion
Malaysia Indonesia Vietnam
Readul Islam
Singapore
20 September 2021
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Letter from Singapore: Exploring Southeast Asia’s upstream mix

The region’s upstream is not just a space for NOCs

Southeast Asia’s E&P sector has seen an exodus of IOCs over the past decade, while portfolio rationalisation led to them doubling down on core acreage elsewhere. As the IOCs retreated from the region, various NOCs eagerly grabbed most of the discarded producing assets. The NOC share of hydrocarbon production in Southeast Asia is forecast to reach 56pc this year compared with 42pc in 2011, data from consultancy Rystad Energy’s upstream UCube database indicates. Over this same period, the share for the majors will drop from over a third to under a quarter. Vietnam’s NOC share is particularly high, at 78pc. In Indonesia, NOC Pertamina’s trend of taking over expiring contracts, such as the

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