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Asian oil, gas producers stepping up activity after long lull

Asia’s oil and gas producers are starting to revive projects aimed at deflating years of ballooning energy imports after new investment dried up following the 2014 industry crisis.

Spending has so far been driven mainly by state oil companies such as India’s ONGC ONGC.NS , Thailand’s PTTEP PTTEP.BK and PetroVietnam, which need to produce more oil and gas to ensure their countries’ energy security, executives said this week during an industry event in Kuala Lumpur, Malaysia.

Asia is by far the biggest, fastest-growing consumer of oil, yet its output is falling faster than in any other region. That mismatch more than doubled Asia’s oil import bill to around $500 billion last year, compared with year 2000 levels. oil prices LCOc1 back above $60 per barrel and at times flirting with $70 a barrel, oilfield service providers say there is renewed appetite for producers to spend and importers to cut import bills by investing in production. O/R

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