FIELD DEVELOPMENT PROSPECTS OUTLINED IN SE ASIA

A surveY of field development prospects in Southeast Asia has identified 39 oil and gas fields with estimated reserves amounting to 1.9 billion bbl of liquids and 49 tcf of gas. Wood Mackenzie Consultants Ltd., Edinburgh, said developing the fields would cost about $18 billion at current values. They could provide 33% of the region's oil and gas production by the turn of the century its survey showed.

Aug. 8, 1994

2 min read

A surveY of field development prospects in Southeast Asia has identified 39 oil and gas fields with estimated reserves amounting to 1.9 billion bbl of liquids and 49 tcf of gas.

Wood Mackenzie Consultants Ltd., Edinburgh, said developing the fields would cost about $18 billion at current values. They could provide 33% of the region's oil and gas production by the turn of the century its survey showed.

Gas reserves make up 82% of the total on an oil equivalent basis. Twenty-seven of the development projects identified are gas fields. Average size for all the fields is 260 million bbl of oil equivalent.

Malaysia has 41.6% of reserves to be developed and Indonesia has 20.3%, Wood Mackenzie said. Thirty of the developments and prospects are offshore, with the five onshore fields all in Sumatra.

"Production forecasts from Southeast Asia's new developments reveal the ever increasing importance of gas in the region," Wood Mackenzie said.

Southeast Asia's gas production is expected to rise 42% from now until 2000, when it will amount to more than 12 bcfd.

The region's oil production is expected to fall 25% during the same period to about 1.8 million b/d in 2000.

"The forecast increase in gas production is due to an expected increase in the use of gas in the region's major importing countries, mainly Japan, South Korea and Taiwan, and the rapid growth in domestic gas demand in the traditional exporting countries Indonesia and Malaysia," Wood Mackenzie said.