The latest report from GlobalData, ‘H1 2017 Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in Southeast Asia – Indonesia to Witness Most Planned Project Starts’, indicates that a total of 28 key crude oil and natural gas projects are expected to start operations in Southeast Asia by 2025. Of these, 27 are planned projects and one is an announced project.
The key projects in Southeast Asia are expected to contribute about 145.9 thousand barrels of oil per day (mbd) to global crude production and about 4.1 billion cubic feet per day (bcfd) to global gas production, in 2025.
Among countries in Southeast Asia region, Indonesia, Malaysia and Vietnam lead in terms of highest number of planned projects. The only early-stage project in Southeast Asia is in Indonesia.
Among operators in terms of highest operatorship, Husky-CNOOC Madura Limited lead with four planned natural gas projects and PETRONAS Carigali Sdn Bhd, lead with three projects each followed by Jadestone Energy Inc., Eni, PT Medco E&P Malaka, and JOB Pertamina - Medco E&P Simenggaris with two planned gas projects each. The only operator with interests in early-stage projects is Chevron, which is the proposed operator of the announced Gendalo-Gehem project in Indonesia.
According to GlobalData’s upstream research, a proposed capex of $37.4bn is expected to be spent between 2017 and 2025 to bring planned projects online in Southeast Asia, with $4.1bn expected to be spent on announced projects.
Among countries, Vietnam, Malaysia, and Indonesia are expected to be the highest capex spenders on key planned projects during 2017 to 2025 with about $17.2bn, $9.9bn, and $7.1bn, respectively. With early-stage projects, Indonesia has an expected capex of $4.1bn.
Among companies, ExxonMobil would be the highest capex spending company with around $8.5bn on the planned projects during 2017 to 2025, followed by Petroliam Nasional Berhad and Vietnam Oil and Gas Group with $6.7bn and $5.2bn respectively. Chevron dominates the spending on early-stage announced projects.