Page 31: of Offshore Engineer Magazine (Jul/Aug 2024)

30 32

REGION IN FOCUS MALAYSIA trategic initiatives are attracting investors and nesia have reignited investment, refecting renewed conf- petroleum contractors to Asia Pacifc’s offshore dence following the 2015 oil price downturn. energy market, propelling the region towards en- The Energy Council’s Regional Spotlight report high-

Shanced security and economic growth. As coun- lights the expansion of Southeast Asia's O&G industry as tries tap into their local resources to meet rising demand, the markets shift strategically from coal to natural gas, as the region is being presented with exciting opportunities well as rising domestic energy demand and increased in- for investors, energy players and the interconnected mari- dustrialisation.

time and logistics sectors.

While countries like South Korea, Taiwan and Vietnam

Increased Demand transition to cleaner energy sources and embrace environ- Global fuel demand is projected to increase by 1.7 mil- mental sustainability, the oil and gas (O&G) sector is ex- lion barrels per day (mb/d) in the frst quarter of 2024, periencing a resurgence across the region. driven partly by emerging markets. The tanker business

Malaysia is prioritizing traditional O&G projects, par- has also seen signifcant growth post-pandemic, particu- ticularly offshore drilling, following the discovery last larly from companies like Shell and Chevron, which hold year of signifcant offshore reserves totalling more than substantial global contracts.

1 billion barrels. Not surprisingly, analysts at BMI say A recent report from the International Energy Agency

Malaysia's O&G sector is acting as a magnet for inves- (IEA) states that the current oil demand in Asia Pacifc tors and Petroleum Arrangement Contractors (PACs), is approximately 30.8 mb/d, a fgure likely to increase to evidenced by their active participation in recent petro- 38.5 mb/d by 2030. Countries in the region are turning to leum bidding rounds. their local offshore resources to meet rising demand and

Offshore O&G discoveries in both Malaysia and Indo- enhance energy security.

JULY/AUGUST 2024 OFFSHORE ENGINEER 31