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ASEAN Oil and Gas Industry Summary 2023

Overview

The report examines ASEAN's oil and gas industry, highlighting current status, emerging trends, and key statistics. It provides an analysis of reserves, production, consumption, trade, infrastructure, policies, investments, and energy transition efforts. The goal is to offer stakeholders a high-level overview for navigating the evolving landscape and exploring opportunities for sustainable growth.

Reserves and Production

In 2022, ASEAN's proven oil reserves decreased by 0.38% (to 11.83 billion barrels), with Brunei Darussalam experiencing a significant shrinkage (2.8%). Natural gas reserves fell by 4.9%, with Indonesia seeing the largest drop (14.4%). Oil production declined continuously, dropping an average of 5.7% annually by nearly 30% in 2022, driven by depletion of major fields and challenges in mature assets. Financial reforms and exploration efforts aim to support long-term targets.

Consumption

Oil consumption increased by 5.8% in 2022, fueled by economic recovery, with Indonesia, Philippines, and Thailand leading the rise. Natural gas consumption slightly decreased due to high prices and geopolitical tensions. Several countries, including Singapore and Thailand, rely heavily on imports, raising energy security concerns.

Trade

ASEAN faced a widening crude oil trade deficit (up 21% to 125 million tons) and became a net exporter of natural gas but with declining net exports. Imports originated from outside the region, primarily from the UAE, Saudi Arabia, and the US. Import dependency increased across member states due to limited domestic production and refineries.

Infrastructure

Significant investments were made in infrastructure. Indonesia added new regasification and liquefaction facilities, while Thailand and the Philippines expanded LNG terminals to address declining production. Refineries saw capacity increases, with Singapore holding the largest. Total oil refining capacity is dominated by Indonesia and Malaysia.

Energy Transition Initiatives

Regional programs include the Trans-ASEAN Gas Pipeline and ASEAN Petroleum Security Agreement to enhance supply security. New initiatives like the ASEAN Energy Sector Methane Leadership Program aim to reduce emissions by 30% by 2030. Countries are adopting carbon capture, utilization, and storage (CCUS) technologies and green hydrogen projects, such as Malaysia's green hydrogen hub and Vietnam's investments.

Financial Performance

High oil and gas prices in 2022 boosted revenues and profits. Indonesia's Pertamina reported $4.98 billion in net profit, while Malaysia's Petronas achieved record revenues and profits. Companies diversified into renewables and sustainable energy to align with global trends.

Future Outlook

The 7th ASEAN Energy Outlook projects declining oil and gas demand by 2050, driven by electrification and energy efficiency, with oil still dominating the energy mix despite reductions. Challenges include increased imports and price volatility, whereas opportunities lie in renewable integration and energy transition investments.

Conclusion

ASEAN's oil and gas sector faces headwinds from declining reserves and production but is adapting through policy reforms, infrastructure expansion, and energy transition initiatives, paving the way for sustainable development amid global uncertainties.