China is poised to dominate the landscape of the upcoming oil and gas (O&G) project in Asia-Pacific, accounting for 33% of the total projects anticipated to go into operation by 2027, reported Offshore Technology, which cited “Petrochemicals New Build and Expansion Projects Analysis by Type, Development Stage, Key Countries, Region and Forecasts, 2023-2027.”
Upcoming Oil & Gas Projects in Asia-Pacific Region
The O&G industry in the Asia-pacific region is forecasted to see a boom in the coming years, with the region’s economy resuming growth and driving demand for consumer goods and fuels.
Roughly 2,040 oil and gas projects are set to start operation during the forecast period of 2023–27, with petrochemical leading with 1,024 projects. Of the project total, 230 are expected to be upstream, 564 downstream, and 343 refinery projects.
The trunk/transmission pipelines sector accounts for 37% of all projects whilst LNG and oil storage respectively constitute 30% and 24% of the midstream project segment.
Among these 2,040 oil and gas projects, the construction of about 43% is underway and are expected to be in operation by 2027.
Thirty-one percent of the undertakings have been sanctioned by the governing authority or waiting for approval while the remaining projects are still in the planning phase.
China Leading the Oil & Gas Industry in Asia-Pacific
GlobalData forecasts China to lead the midstream projects. Around 89 midstream projects accounting for 22% of the total midstream projects in Asia-Pacific are anticipated to start operation between 2023 and 2027.
Liquefied natural gas (LNG) regasification projects top the list of midstream projects accounting for 46% of the total as the country steps up imports of natural gas as part of its effort to curb carbon emissions.
Himani Pant Pandey, Oil & Gas Analyst at GlobalData, comments: “Being one of the leading importers and consumers of oil and gas in the world, China is witnessing a strong midstream infrastructure development, particularly in the LNG regasification, pipelines, and storage segments.”
Again, China is forecast to dominate the petrochemical projects accounting for about half of the total projects commencing operation in Asia through 2027.
Out of 410 petrochemical projects starting in the country, the number of polypropylene and propylene projects are expected to be 48 and 42 respectively.
Optimising Oil & Gas Production Requires Efficient Reservoir Lifecycle Monitoring
With the demand for energy soaring worldwide, companies are striving to develop new oil and gas fields.
Case in point: New-built projects make up more than 78% of the total O&G projects starting in Asia-Pacific during the forecast period of 2023-27.
For oil and gas companies looking to optimise production and strengthen their decision-making, using high-resolution borehole seismic services manufactured by leading companies like Silixa is a sensible business investment.
High-end DAS seismic services can offer a cost-effective solution for monitoring the life cycle of a reservoir, including exploration, development, production, and abandonment.
By rolling out a significant number of oil and gas projects, China is committed to meeting the growing industrial, domestic, and consumer energy demand while also becoming self-sufficient in energy.