Independents seize Southeast Asia M&A initiative
As the majors exit, ambitious small and mid-sized entrants are challenging NOCs' dominance in the asset purchase market
Philippine conglomerate Udenna’s purchase of a 45pc stake in Chevron’s offshore Malampaya field on 13 November may signal that a shift is underway in the regional M&A scene, as majors with an eye on divestment offload Southeast Asian assets. The entry of Davao City-based Udenna— with interests from retail petroleum and infrastructure to tourism and fast food—into the $4.5bn Malampaya project suggests that national oil companies (NOCs) face competition for deals resulting from the vast disposal programmes of majors refocusing on US deepwater and shale. The executive chairman of Malaysia’s Dialog Group, Ngau Boon Keat, said in November that his oil and gas services firm was mulling the acq
Also in this section
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust