Press

Government Policy Crucial For Future of Upstream Sector in Southeast Asia, Says GlobalData


As the upstream sector recovers from the 2014 oil price crash and resulting budget cuts, a number of Southeast Asian governments are adapting policies in the sector in the hope of capturing a share of new investment, according to GlobalData, a leading data and analytics company.

The most significant policy changes aimed at attracting new investment into the sector have been made by the Indonesian government. In 2017 it introduced a new fiscal regime, the gross-split PSA. Much of the government's rationale behind the new regime centred on lessening the high regulatory burden caused by the need for expenditure approvals and audits under the cost recovery PSA.

Thailand has also revised its fiscal and regulatory regime as it looks to attract investment. However, current focus is on the planned tender of the concessions containing the country's largest gas fields, Bongkot and Erawan, where existing licenses expire in 2022 and 2023.

Recent policy changes to stimulate the sector in the region have not been limited to those countries with high levels of E&P activity. In August 2017 Cambodia signed a revised contract with KrisEnergy for Block A to allow the development of the Aspara field, set to be the country's first development.

Meanwhile, the Philippines already offers attractive terms, but now hope to stimulate exploration activity by allowing explorers to nominate areas for licensing through an expedited process.

Policy decisions over the next year will also be crucial to the development of Myanmar's upstream sector. Although discoveries by Woodside over the past two years have boosted prospects, many other operators have notified the government of their decision to relinquish blocks licensed in the 2013 offshore round, or are reportedly planning to do so.


Visit source site

https://energy.globaldata.com/media-center/press-r...

GlobalDataupstreamSoutheast AsiaOilgaso&g

More items from oilvoice


Chevron Announces $20 Billion Capital and Exploratory Budget for 2019

SAN RAMON, Calif.--(BUSINESS WIRE)--Dec. 6, 2018-- Chevron Corporation (NYSE:CVX) today announced a 2019 organic capital and exploratory spending program of $20 billion. “Our 2019 budget supports a robust portfolio of upstream and downstream investments, highlighted by our world-class Permian Basi ...

OilVoice Press - OilVoice


Posted 4 days agoPress > ChevroncapitalBudget +5

Royal Dutch Shell PLC Third Quarter 2018 Euro and GBP Equivalent Dividend Payments

The Hague, December 6, 2018 - The Board of Royal Dutch Shell plc (“RDS”) today announced the pounds sterling and euro equivalent dividend payments in respect of the third quarter 2018 interim dividend, which was announced on November 1, 2018 at US$0.47 per A ordinary share (“A Share”) and B ordinar ...

OilVoice Press - OilVoice


Posted 5 days agoPress > ShellRoyal Dutch ShellEarnings +2

Equinor: Boosting Vigdis

Vigdis subsea installation. (Photo: André Osmundsen) The subsea field Vigdis has been producing oil through the Snorre field for more than 20 years. Field production will now be boosted by almost 11 million barrels. Equinor and its partners have decided to invest some NOK 1.4 billi ...

OilVoice Press - OilVoice


Posted 5 days agoPress > EquinorEquinor EnergyOffshore +4

Rystad Energy: All Eyes on Vienna

The OPEC + countries must cut 2019 supply growth by 1.5 million bpd if they want oil prices back above $70 next year. US production at $50 WTI levels would remove only 0.4 million bpd of the looming 1.5 million bpd surplus in the balances that Rystad Energy forecasts for 2019 in a status quo scena ...

OilVoice Press - OilVoice


Posted 5 days agoOpinion > Rystad EnergyOPECVienna +2

Shell’s Sale of Draugen and Gjøa Fields a Sign of Shifting Times in the Region, says GlobalData

Following the news (Friday 30 November) of Royal Dutch Shell subsidiary A/S Norske Shell completing a deal to exit its operated interest (44.56%) in the Draugen oil field and its non-operated interest (12%) in the Gjøa gas field, offshore Norway, further signifies portfolio rebalancing and divestme ...

OilVoice Press - OilVoice


Posted 7 days agoOpinion > ShellRoyal Dutch ShellDraugen +7
All posts from oilvoice