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Asia-Pacific upstream 2017 in review: operators lean, governments mean, explorers not keen

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Report summary

2017 in Asia Pacific did not look like the beginning of the end of the downturn, but it may have been the end of the beginning. The year saw licence awards and resources discovered hold steady, but exploration drilling continued to fall, M&A was patchy and FIDs were few and far between. Exploration – A year of depressed budgets saw delayed drilling commitments or dropping them altogether become a common theme, especially so in deepwater. Both E&A wells completed and exploration licence awards hit a new low of 251 and 52, respectively. Development – Only six FIDs as most companies continued to re-examine and review project options. Total regional capex was US$63 billion, down 8% decline on 2016. Corporate – The Majors tried to accelerate regional asset disposals, with mixed success. Our M&A tool recorded a net resource of 1 billion boe being sold, mostly to regional players.

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Table of contents

  • Executive summary
    • Fewer blocks on offer, with focus on shallow water
    • High-risk frontier basins shunned, near-field or infrastructure preferred
    • A dearth of discoveries and NOCs made most of them
    • Smaller discoveries with low-cost monetisation option
    • Deepwater gas progress
    • Rocky start to greenfield LNG projects, but backfill option progresses
    • Australia’s domestic gas market had a tumultuous year
    • Effect on supply-demand gap
    • Mixed success for Majors on asset disposals
    • NOCs remained active in the M&A market
    • Opportunities for regional players
    • Few regional changes – 2017 dominated by Indonesia’s Gross Split

Tables and charts

This report includes 7 images and tables including:

Images

  • Licence awards by country 2013-2017
  • E&A drilling activity 2013-2017
  • Announced M&A spend by resource theme 2013-2017
  • 2017 net Asia Pacific buyers/sellers
  • Top 10 discoveries in 2017
  • 2017 discovered resources by country
  • Australia domestic gas supply and demand 2017-2025

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