Rystad Energy believes projects in Australia and Southeast Asia will develop 512 million boe in recoverable liquids and natural gas resources in 2017, a 75% drop from 2016 volumes.
The study concludes 2017 sanctioned projects in the region contain more liquids (58%) compared to 2016, which were primarily gas (88%). Leading regions include Indonesia and Vietnam, which account for almost 75% of potential financial approvals in 2017.
In 2016, projects equaling 1,835 million boe were sanctioned in the region, however, this trend is skewed by two major projects, BP PLC’s Tangguh expansion and Bintuni Bay of West Papua (OGJ Online, Sept. 14, 2016), which accounted for about 75% of the 2016 final investment decisions in volume terms.
Despite lower volumes expected to be sanctioned in 2017, the count of potential projects is higher than 2016, Rystad said.
Contact Tayvis Dunnahoe at [email protected].
