Offshore drilling in Malaysia
Letter from Singapore: Exploring Southeast Asia’s upstream mix
The region’s upstream is not just a space for NOCs
Southeast Asia’s E&P sector has seen an exodus of IOCs over the past decade, while portfolio rationalisation led to them doubling down on core acreage elsewhere. As the IOCs retreated from the region, various NOCs eagerly grabbed most of the discarded producing assets. The NOC share of hydrocarbon production in Southeast Asia is forecast to reach 56pc this year compared with 42pc in 2011, data from consultancy Rystad Energy’s upstream UCube database indicates. Over this same period, the share for the majors will drop from over a third to under a quarter. Vietnam’s NOC share is particularly high, at 78pc. In Indonesia, NOC Pertamina’s trend of taking over expiring contracts, such as the
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
