Name: Asia Pacific upstream: 4 things to look for in 2026
Brand: Wood Mackenzie
SKU: 214629
Price: 1350 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 01 December 2025

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

Asia Pacific's upstream sector is undergoing a strategic reset in 2026. With oil prices softening, operators are prioritising speed to market and execution certainty over scale – fundamentally reshaping the region's competitive landscape and project pipeline. We examine the four forces driving this transformation: the emergence of the Eni-PETRONAS 'NewCo' JV as a major gas player while North American operators eye a retreat; the FID reordering that sees nimble brownfield developments leapfrog delayed mega-projects; the intensifying battle for exploration capital as licensing rounds compete in an ultra-competitive buyer's market; and Australia's unconventional basins moving closer to commercial breakthrough.

Executive summary
1. The 2026 APAC reshuffle: NewCo sets the pace
2. APAC pre-FID pipeline: out with the old, in with the new
3. Aggressive licensing in a cost-sensitive region
4. An unconventional revival for Australian E&P?
Things to look for in 2026 – a regional upstream series

Tables and charts

This report includes the following images and tables:

North American E&P companies forecast output in Asia (excludes Australasia)Forthcoming FIDs in the APAC regionExploration blocks offered in Asia Pacific since 2021, versus award rateTaroom Trough depth to basement map, plus acreage and operators