Southeast Asia Oil & Gas Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Southeast Asia Oil & Gas Market Analysis
The Southeast Asia Oil and Gas Market is expected to register a CAGR of over 4% during the forecast period.
In 2020, COVID-19 negatively impacted the market. Presently, the market has reached pre-pandemic levels.
- Over the medium term, the country's energy transition from coal to natural gas is expected to drive the market during the forecast period.
- On the other hand, declining crude oil reserves along with a lack of investments in the upstream sector are expected to restrain market growth.
- Nevertheless, countries such as Brunei, Vietnam, and Burma have enormous potential for the oil and gas industry across all three sectors: upstream, midstream, and downstream. This will likely act as an opportunity for the Southeast Asian oil and gas market.
- Indonesia is expected to dominate the Southeast Asian oil and gas market, owing to the large number of new refineries being constructed.
Southeast Asia Oil & Gas Market Trends
The Downstream Sector to Dominate the Market
- The refining sector in Southeast Asia is expanding rapidly due to increased demand for refined products from sectors such as chemical, petrochemical, and transportation. By 2030, the region's total population is expected to increase by roughly 13%.
- According to the BP Statistical Review of World Energy 2022, Singapore had the largest refining capacity of 1,461 thousand barrels per day as of 2021, followed by Thailand, Indonesia, Malaysia, Vietnam, and other Southeast Asian countries.
- With rising demand for petroleum products and countries working to become self-sufficient, downstream infrastructure in the region is anticipated to expand significantly in the coming years. Indonesia, Malaysia, Brunei, Singapore, Thailand, Vietnam, the Philippines, and other countries have developed plans to enlarge existing refineries or build new ones.
- Malaysia has invested heavily in refining activities over the last two decades, and it can now meet the majority of its domestic demand for petroleum products after depending on Singapore refineries for many years. In addition, three major integrated petrochemical complexes (IPCs) in Malaysia have been built in Kerteh, Gebeng, and Pasir Gudang-Tanjung Langsat.
- Furthermore, economies such as Brunei and Vietnam are on the verge of receiving several EPC contracts in the downstream sector in the coming years.
- For instance, in August 2022, PetroVietnam, a state-owned subsidiary of the Vietnam Oil and Gas Group, revealed plans to construct an oil refinery with a crude oil processing capacity of 24 to 26 MT/year in Ba Ria, Vung Tau Province, southern Vietnam. The building process will be divided into two stages. The first and second phases are anticipated to cost USD 13.5 billion and USD 5 billion, respectively. The first section of the petrochemical and refinery plant will process 12 to 13 metric tons of crude oil per year. The plant's annual production will be 7 to 9 MT of petroleum and 2 to 3 MT of petrochemicals. In the second phase, the plant will receive extra investments to double its processing capacity and raise its output by 3 to 5 metric tons of petroleum and 5.5 to 7.5 metric tons of petrochemicals per year.
Therefore, owing to the above points, the downstream sector is expected to dominate the Southeast Asian oil and gas market.
Indonesia to Dominate the Market
- As of 2021, Indonesia had proven oil reserves of 2.5 billion barrels and proven gas reserves of 49.7 trillion cubic feet. In addition, it has a varied geographical profile. The geological basins include 60 sedimentary basins, 36 of which have already been fully explored in Western Indonesia, and 14 of which produce oil and gas. Significant oil and gas reserves boost the country's research and production activities, which will most likely stimulate the oil and gas market during the forecast timelines.
- Oil output in 2022 was 834 thousand barrels per day, down from 858 thousand barrels per day in 2021. The nation is seeing increased activity in the upstream sector to compensate for declining output from maturing fields.
- Further, the Indonesian government announced its plans to double the refining capacity by 2025, aiming to reach 2.2 million barrels daily. As a result of these plans, major refinery and petrochemical plant construction and upgrade projects are upcoming and are in the pipeline.
- For instance, in January 2023, the Indonesian Energy Ministry announced plans this year to offer ten oil and gas working areas, including a block in the South China Sea, as part of efforts to boost energy production and make new discoveries. By 2030, the country hopes to reach a crude oil lifting capacity of 1 million barrels per day (bpd) and a gas lifting capacity of 12,000 million standard cubic feet per day (mmscfd).
- Therefore, owing to the above points, Indonesia is expected to dominate the Southeast Asian oil and gas market during the forecast period.
Southeast Asia Oil & Gas Industry Overview
The Southeast Asian oil and gas market is moderately fragmented. Some of the major players in the market (in no particular order) include TechnipFMC PLC, Fluor Corporation, Bechtel Corporation, Saipem SpA, and PT. JGC Indonesia.
Southeast Asia Oil & Gas Market Leaders
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TechnipFMC
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Saipem SpA
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PT. JGC Indonesia
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Bechtel Corporation
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Fluor Corporation
*Disclaimer: Major Players sorted in no particular order
Southeast Asia Oil & Gas Market News
- March 2023: Thai Oil announced plans to invest USD 1 billion in the capital between 2023 and 2025 to grow its business, including USD 500 million to expand its refinery capacity and transition to higher added-value fuel products as part of its Clean Fuel Project (CFP) strategy. The business intends to expand its oil refinery capacity in Sriracha (Thailand) to 400 kb/d, up from 280 kb/d, and upgrade fuel oil to higher-value products such as diesel and jet fuel.
- January 2023: The Philippines' Department of Energy announced the approval of a USD 67 million LNG import terminal project, the country's seventh of its kind, as the country prepares to start its liquefied natural gas industry this year. The DOE said in a statement that it had given the notice to proceed to Samat LNG Corp., which intends to build a small-scale LNG terminal in Mariveles, Bataan Province, about 60 kilometers (35.2 miles) north of Manila.
- December 2022: Petronas declared the discovery of oil and gas at the Nahara-1 well in Block SK 306. PCSB is the block's operator, with a 100% participating stake in its Production Sharing Contract. (PSC). The Nahara-1 well was effectively drilled to a total depth of 2,468 meters in the shallow waters of Balingian Province, about 150 kilometers from Bintulu, off the shore of Sarawak, Malaysia, and encountered hydrocarbon in Late Oligocene to Middle Miocene-aged sedimentary sequences. Following production testing for the well, Petronas verified that light oil with minimal contaminants was also established.
Southeast Asia Oil & Gas Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Southeast Asia Oil and Gas Production and Forecast, till 2028
4.3 Market Size and Demand Forecast in USD billion, till 2028
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 Porter's Five Forces Analysis
4.8.1 Bargaining Power of Suppliers
4.8.2 Bargaining Power of Consumers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitute Products and Services
4.8.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Sector
5.1.1 Upstream
5.1.2 Midstream
5.1.3 Downstream
5.2 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
5.2.1 Indonesia
5.2.2 Thailand
5.2.3 Vietnam
5.2.4 Malaysia
5.2.5 Rest of Southeast Asia
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 TechnipFMC PLC
6.3.2 Saipem SpA
6.3.3 Bechtel Corporation
6.3.4 Fluor Corporation
6.3.5 John Wood Group PLC
6.3.6 Petrofac Limited
6.3.7 PT Barata Indonesia (Persero)
6.3.8 PT Meindo Elang Indah
6.3.9 PT Indika Energy Tbk
6.3.10 PT Rekayasa Industri
6.3.11 Sinopec Engineering (Group) Co. Ltd.
6.3.12 Samsung Engineering Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Southeast Asia Oil & Gas Industry Segmentation
Oil and natural gas are major industries in the energy market and significantly impact the global economy. Oil and gas production and distribution processes and systems are extremely complex, capital-intensive, and require cutting-edge technology. The industry is frequently split into three segments: upstream (oil and gas research and production), midstream (transportation and storage), and downstream (refining and marketing).
Southeast Asia's oil and gas market is segmented by sector and geography. By sector, the market is segmented into upstream, midstream, and downstream. The report also covers the market size and forecasts across major countries. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
| Sector | |
| Upstream | |
| Midstream | |
| Downstream |
| Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}) | |
| Indonesia | |
| Thailand | |
| Vietnam | |
| Malaysia | |
| Rest of Southeast Asia |
Southeast Asia Oil & Gas Market Research FAQs
What is the current Southeast Asia Oil and Gas Market size?
The Southeast Asia Oil and Gas Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Southeast Asia Oil and Gas Market?
TechnipFMC, Saipem SpA, PT. JGC Indonesia, Bechtel Corporation and Fluor Corporation are the major companies operating in the Southeast Asia Oil and Gas Market.
What years does this Southeast Asia Oil and Gas Market cover?
The report covers the Southeast Asia Oil and Gas Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Oil and Gas Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Oil and Gas in Southeast Asia Industry Report
The Southeast Asia oil and gas market is a dynamic and evolving sector, segmented by upstream, downstream, and midstream activities. This market spans across Indonesia, Thailand, Vietnam, Malaysia, and the rest of Southeast Asia, providing a comprehensive industry overview. The market outlook is promising, with significant industry growth anticipated over the forecast period.
Industry analysis reveals that the market size and market value are substantial, with industry statistics indicating robust industry sales and market growth. The market forecast suggests a positive trajectory, supported by detailed market data and market predictions. The industry research highlights the role of market leaders and the competitive landscape, providing valuable industry information.
The industry trends emphasize the evolving nature of the sector, with a focus on market segmentation and the contributions of various market segments. The industry reports and market review provide an in-depth look at the market structure, while the industry outlook underscores the potential for future developments.
Moreover, the report example and report pdf offer a detailed analysis, including the growth rate and market overview. The research companies involved in this analysis provide a thorough market forecast, ensuring that stakeholders are well-informed about market trends and market outlook. The market value and industry size are key indicators of the sector's health, supported by comprehensive industry statistics and industry reports.
Overall, the Southeast Asia oil and gas market is poised for significant growth, with industry research and market data supporting a positive market outlook. The industry analysis and market review provide a clear picture of the current state and future potential of this vital sector.
