The Asia-Pacific Oil & Gas Sectors : A Company and Industry Analysis (July 2005)
Mergent, July 2005, Pages: 40
This report examines the oil and gas sectors in Asia-Pacific, focusing on the key markets of Australia, Brunei, China, India, Indonesia and Malaysia
Current Environment - Key Points
- Growing energy demand in Asia-Pacific was mainly responsible for the state of the oil market in the first half of 2004, which was characterized by high prices and extraordinarily wide, light-heavy product differentials
- Rising crude oil prices and soaring domestic demand led to significantly higher import bills for many countries in Asia-Pacific
China, with its outstanding economic performance and exploding demand for energy, paid US$1 billion more for oil and gas in 2004 than 2003, due to higher prices
- Countries in the region, especially Malaysia, Indonesia, India and Thailand, were hit especially hard by spiraling oil prices, because of their high fuel subsidies
- Continued economic growth brought increased pressure on Asia-Pacific oil and gas markets, primarily due to its declining oil supply
With vastly inadequate domestic oil production, many countries in the region are relying increasingly on imports from outside the region
- Robust demand and higher oil prices brought strong margins and improved earnings for oil and gas companies in Asia-Pacific
In addition, low crude and oil products inventories and declining production prompted many companies to make new discoveries and acquire new reserves to increase supplies
Industry Profile - Key Points
- Asia-Pacific is the most dynamic oil market in the world, accounting for more than 70% of the growth in global oil demand since 1985
The region has surpassed Europe and will soon eclipse North America as the primary region driving world oil demand
- Asia-Pacific has also been the fastest-growing refining center in the world over the past decade, surpassing Western Europe to become the second largest refining region
- While the region's oil demand grew strongly at 8.9% in 2004, oil production only rose by a marginal 0.9% during the year
- As a result of rising concerns about the security of oil supply and environmental benefits of natural gas, last year saw an increase in both worldwide and Asia-Pacific natural gas consumption
World natural gas consumption grew 3.3% in 2004, while Asia-Pacific natural gas consumption climbed 6% during the year
- Following their rapid economic expansions, China and India are competing to get a sizeable share of overseas oil and gas projects and capture some oil assets to meet demand
Market Trends and Outlook - Key Points
- Due to its abundant supply, natural gas is rapidly emerging as the most important energy source for the future
Demand for natural gas is expected to soar in the coming years and Asia-Pacific countries are likely to embark on a series of development projects for natural gas infrastructure
- The growth in the Asia-Pacific automotive industry is expected to be another important factor that will drive up the region's oil demand in the near future
- Asia-Pacific countries have begun to allow deepwater exploration, due to the failure to find enough oil and gas onshore and falling oil production rates
Companies are likely to increase their expenditure on drilling and total deepwater and ultra-deepwater expenditure in Asia is projected to reach US$841 in 2008, compared with US$223 million in 2004
- In the long run, Asia-Pacific is expected to play an increasingly important role in the global oil market, with strong economic growth driving world energy prices in the next decade
Current Environment
- Sector Overview
- Oil Supply and Demand
- Natural Gas Supply and
Demand
- Leading Companies
- Mergers, Acquisitions and
Alliance Activities
Industry Profile
- Industry Size and Value
- Industry Focus
- Sector Investment
- Policy and Regulatory
Environment
Market Trends and Outlook
- Natural Gas Emerging as the
Most Important Energy Source
- Growth in Automotive Industry
Spurs Fuel Demand
- Deepwater Potential
- Market Outlook
Country Profiles
- Australia
- Brunei
- China
- India
- Indonesia
- Malaysia
Currency Conversion Table
The Scope of this Report
Key References
Comparative Data
Regional Report Coverage
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