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

Also in this section
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand