GlobalData’s latest report, “Asia Pacific Oil and Gas Projects Outlook to 2025 – Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects” indicates that Asia Pacific is expected to witness 1,979 projects to commence operations during the period 2021-2025. Out of these, upstream projects (fields) would be 278, midstream at 442 projects, refineries at 182 projects, and petrochemicals at 1,077 projects.

The petrochemicals sector dominates when it comes to total upcoming projects count during the period 2021–2025 accounting for 55 percent of the projects count. Midstream segment follows next, in which the pipelines segment alone constitutes 36 percent of all midstream projects followed by LNG and oil storage with about 27 percent each.

New build projects dominate the upcoming projects landscape in the Asia Pacific constituting around 78 percent of the total projects across the value chain. The share of new build projects is especially high in the petrochemicals sector with more than 85 percent. On the other hand, expansion projects dominate the downstream (refineries) sector.

In the Asia Pacific, about 45 percent of the projects are in construction and commissioning stages and are more likely to commence operations during the outlook period. About 31 percent of the projects have been approved or awaiting approval and the rest are in the planning stages.

Among countries, China and India lead the upcoming projects landscape in the Asia Pacific together accounting for 67 percent of the total projects that are expected to start operations by 2025.