Date of publication: 19/02/2013
Malaysia surpassed Indonesia as the main player in the upstream hydrocarbon industry in Southeast Asia last year, as Indonesia struggles to new investments in the sector amid the nation's declining oil production.
Research by the Wood Mackenzie Group Indonesia, the former proved the Southeast Asia's only member of the Organization of the petroleum exporting countries (Opec), contributed only 14 percent to the region recently discovered oil and gas reserves in 2012.
The Edinburgh-based global energy oil and gas industry research specialist said that last year, Indonesia 13 million barrels of oil equivalent (boe discovered) of new reserves in 20 new oil and gas fields.
Malaysia, on the other hand, was the "stand-out performer" in Southeast Asia upstream sector with estimated discoveries of 1.4 billion boe last year, or 72 percent of discoveries in the region.
At least six new gas fields with combined estimated reserves of 7.3 trillion cubic feet (tcf) discovered in Malaysia were included in the top-10 biggest discoveries in Southeast Asia, according to the report.
Malaysia's State-owned energy company, Petronas Carigali, Swedish oil and gas firm Lundin Petroleum and US-based Murphy oil were among the most successful players in Malaysia. Murphy, who US $ 214.6 million lost after discovering dry holes during his four years explorations off the coast of Papua, Indonesia, was successful from the coast of Sabah, Malaysia, with its three fields a combined total of 600 billion cubic feet (bcf) of gas reserves.
"The year 2012 was a disappointing year for Indonesia," Wood Mackenzie said in its report, a copy of which was obtained by The Jakarta Post.
Norwegian Statoil two oil and gas fields in the Karama block in the Makassar Strait, Sulawesi, as well as different catchment areas drilled by the Netherlands-owned Pexco in North Sumatra and Italy's ENI from East Kalimantan were described as "disappointments" by the research group.
Malaysia, which according to Wood Mackenzie had introduced various tax initiatives to encourage exploration and development, government procurement 13 production sharing (PSC) in 2012, a record number for any one year.
Overall, the lack of upstream activity in Indonesia, which awarded 20 contracts last year down 52 € awarded in 2011 and in Myanmar, which granted three licenses down from 12 in 2011, contributed to a gloomy year in terms of licensing activity in Southeast Asia.
With 47 licenses granted throughout the region last year, fell 36 percent compared with licensing activity with 2011.
All in all, decreased exploration activity in South-East Asia with 190 wells completed last year, a slight drop in the average of 200 wells a year in recent years, with Thailand and Viet Nam experienced the largest exploration goes down filled in.
Indonesia's unfavorable policies toward oil and gas companies have been blamed for the steady decline in oil output by 1.3 million barrels per day (bpd) in the early 2000s to the current figure of about 830,000 bpd if the country itself only on aging fields.
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