Southeast Asia Oil and Gas Companies (2024 - 2029)

Southeast Asia Oil and Gas Market Companies Summary

The Southeast Asian oil and gas market, which faced a setback due to the COVID-19 pandemic, has now rebounded to pre-pandemic levels. The market is likely to see growth driven by the energy transition from coal to natural gas. However, declining crude oil reserves and a lack of investments in the upstream sector may pose challenges. Despite these challenges, countries like Brunei, Vietnam, and Burma show significant potential across all three sectors of the industry - upstream, midstream, and downstream. The market is expected to be dominated by Indonesia due to the construction of numerous new refineries. The downstream sector, which includes refining, is anticipated to dominate the market due to the rising demand for refined products from sectors such as chemical, petrochemical, and transportation. With increasing demand for petroleum products and efforts made by countries to achieve self-sufficiency, the downstream infrastructure in the region is expected to expand significantly. Countries like Malaysia, Brunei, Singapore, Thailand, Vietnam, the Philippines, and others have developed plans to expand existing refineries or construct new ones. Major investments have been made in refining activities in Malaysia, and new integrated petrochemical complexes have been constructed. Also, economies like Brunei and Vietnam are set to receive several EPC contracts in the downstream sector in the coming years.