offshore oil production in Asia are near equal. However, whilst onshore
oil output has been declining slowly for many years, so offshore oil
output has been increasing. After 2009 a short-lived resurgence in
onshore production is expected, peaking in 2013. Meanwhile offshore oil
output will continue to grow, boosted by new deep water fields, to a
peak in 2016.
Asia is a major gas producing region with both onshore and offshore
output seeing strong growth to at least 2016, especially as new deep
water fields are developed in India.
Slow growth in
consumption of oil and gas from 1996 to 2007 has now ceased with oil
consumption liable to remain flat until 2017 when decline will begin as
high oil prices restrain demand.
consumption is set to consistently grow as the region makes use of its
gas wherever it can. Oil imports are steadily reducing whilst gas
exports are showing strong growth mostly to satisfy North Asian markets.
These trends look set to continue.