Offshore Oil and Gas Developments in Asia-Pacific - Burgeoning Energy Demand Drives Exploration

Feb. 6, 2012 - PRLog -- The countries in Asia-Pacific are increasing their offshore exploration and production (E&P) activities in order to increase their domestic production of energy resources and reduce their rising dependency on imported oil and gas. Countries in the region are witnessing increasing import dependency for oil and gas amidst their rising energy consumption, which is being driven by rapid economic development.

The Asia-Pacific region has witnessed the fastest economic growth of all regions of the world over the last decade. This rapid economic development has been driven by the emerging economies in the region, such as China, India, Indonesia and Thailand.

This rapid economic growth has resulted in a sharp increase in the consumption of energy resources in the key economies of Asia-Pacific, led by China, India, Indonesia and Thailand. An increase in oil and gas consumption coupled with limited domestic supply has led to the increasing import dependency of these countries for their oil and gas requirements.

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In such a scenario, emerging economies have been taking a multipronged approach to ensuring their energy security. Key steps in this pursuit include increasing the domestic production of oil and gas through development of unconventional resources, developing conventional resources in the offshore areas, and ensuring a supply of oil and gas from international markets through investing in unconventional and conventional oil and gas projects in international markets

Across the world, oil and gas exploration and production activities have traditionally been carried out in onshore areas. Currently, as the oil and gas output from onshore fields witness a decline, emphasis on exploration activities in offshore areas has received a fillip. It has been noted that Asian countries such as Vietnam, Malaysia, Thailand, India and Australia have been increasing their exploration activities in offshore areas in the recent past. Besides decreasing output from onshore areas in the current market context, another major deterrent for onshore E&P activities is the difficulty in acquiring land in most countries due to resettlement and compensation issues. Access to technology and finance, which had hindered development of offshore E&P activities in the past, are no longer issues for developing Asian countries.

Countries in the Asia-Pacific region are using floating production storage offloading vehicles (FPSOs) for commercializing small oil and gas fields in their offshore areas. FPSOs are vessels which are exclusively designed to perform the tasks of production, separation, storage and transportation of hydrocarbon from the deep seas. FPSOs are used in deep seas where the reserves are low and setting up a fixed platform may not an economically viable option. It has been observed that among Asia-Pacific countries, China, Australia, Indonesia and Vietnam are the main countries that use FPSOs for developing their small oil and gas fields, while other countries are minor players.
“Offshore Oil and Gas Developments in Asia-Pacific - Burgeoning Energy Demand Drives Exploration and Production Activities”, is the latest report from GlobalData, the industry analysis specialists, that provides analysis on the rise in offshore activities in the Asia-Pacific region. The report documents the key discoveries, explorations and productions by companies in the countries of the region and explains the reasons for the rise in offshore activities. The report shows the important offshore regions and basins of different countries and discusses the issues and drivers that are leading to a rise in offshore activities. The economic factors leading to the rise in offshore actives is also been discussed in the report.

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