Asia has 130 new crude oil and natural gas projects planned to go into operation between 2018 and 2025.
That’s according to analytics firm GlobalData, which says these projects will contribute around 518,000 barrels per day to global oil production and nearly 11.5 billion cubic feet per day (bcfd) to the world’s gas production.
Around 76 of the projects are still in the early-stages of planning while 54 have progressed to well-defined development plans.
Conventional oil and gas projects account for 76 and 44 of new projects respectively, with five coal-bed methane, three heavy oil and two unconventional gas projects also planned.
India is expected to lead growth in the market with a total of 62 projects, followed by China with 20 and Indonesia with 19.
Malaysia is likely to drive natural gas production with a forecast contribution of 3.8bcfd by 2025, whereas China will be responsible for the largest contribution to oil and condensates with 195mbd of capacity to be installed.