Asian oil production, in the past influenced by Indonesia’s membership
of OPEC, has been on a bumpy plateau for some years. However both
onshore output, mostly in Indonesia, and offshore output elsewhere, has
begun to climb after a brief period of decline in the early part of this
decade. This is driven, in part, by new developments in onshore Java and
by new deep water fields in Malaysia. A peak is forecast for around 2015
after which deep water developments will be insufficient to offset
depletion in older fields.
Gas production is climbing rapidly from most offshore areas and will
continue to climb for at least a decade whilst the less significant
onshore gas production is declining gently.
Consumption of oil in Southeast Asia has been flat since
2004, after growing quite rapidly prior to this since 1998 after the
Asian economic crisis. Consumption is expected to remain flat until 2011
before growing a little through to 2016 when it is expected that higher
oil prices will restrain demand. Gas consumption is expected to increase
The region is a net importer of oil with imports peaking in 2007. It is
a net exporter of gas (mostly to North Asia as LNG). Exports will
plateau between 2010 and 2015 before slowly declining when local demand
will limit export capacity.