Southeast Asian oil companies such as PTT and Petronas are seeking overseas assets to overhaul local operations and snap up foreign assets to meet the needs of the fast growing nation, Reuters reported.

Malaysian, Thai and Indonesian companies are signing loans or exploiting fixed income markets to fund their expansion plans in overseas markets.

Standard & Poor analyst Andrew Wong told Reuters that Southeast Asia’s local reserve profile is becoming more difficult and challenging with deeper drilling needs and complex terrains, requiring extra funds.

PTT is competing with Italy’s Eni, China’s CNOOC and Osaka Gas in its bid for a stake in Canada’s InterOil‘s LNG project in Papua New Guinea.

The Petroleum Institute of Thailand’s director Pipop Pruecksamars said that nations with abundant reserves usually do not want to open reserves to new companies for security reasons.

In addition to acquisitions, several companies are also trying to upgrade local facilities and infrastructure to increase growth potential.

Indonesian and Filipino companies require new refineries to meet local needs and decrease reliance on imports, according to the Reuters report.