APAC Oil and Gas sector will make a comeback in 2019, says Wood Mackenzie
Asia Pacific’s (APAC) oil and gas industry is expected to rebound in the next 12 months due to increased demand, high commodity prices and a recent surge in merger and acquisition (M&A) in the region.
Wood Mackenzie (WoodMac) has predicted an increase in Asia’s LNG demand, with the rebirth of China’s NOCs to growth and new activities in the upstream sector being key influencers in 2019.
“CNOOC and PetroChina are raising their domestic budgets and returning to the international stage,” Petrov said in a WoodMac statement.
“Investment at home is increasingly shifting to gas, driven by its strategic national importance and lower carbon intensity. The NOCs will aim to capitalise on China’s growing gas demand, with shale gas, LNG storage and pipeline infrastructure gaining prominence,” Petrov added.
"Expect the Chinese NOCs to continue focusing on large conventional oil fields in the Middle East and Latin America, but also target integrated gas opportunities in Russia, Qatar and Asia-Pacific,” he continued.
“Australia accounts for much of this uptick, with Santos's $2.2 billion acquisition of Quadrant Energy, the pick of the deals down under,” WoodMac said in a company statement.
Looking for a new role in the oil and gas industry? Search our latest Oil and Gas Jobs today.