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MARKETS EXPLORATION

Guling, Sepat and Tujoh) cluster offshore Terengganu to deliver frst gas to Kerteh by 2029. The project will rein- force Peninsular Malaysia’s supply base and support indus- trial demand as legacy felds decline.

Vietnam’s near-term offshore activity is more oil-weight- ed but still supports the domestic balance. Murphy Oil, with PVEP and SK Earthon, is targeting frst oil from the shallow-water Lac Da Vang feld (Block 15-1/05) by Q4 2026, using a new CPP and leased FSO. The 100 MMbbl feld is expected to peak at 30,000–40,000 boe/d, help- ing offset Vietnam’s liquids decline and could re-energise exploration in the Cuu Long Basin.

Increasing APAC’s LNG Supply and Export Optionality

At the same time, project economics still hinge on long- term LNG offtake. New offshore gas developments are be- ing confgured to sustain or expand LNG exports.

In Indonesia, Eni is developing a large-scale Northern Hub development offshore East Kalimantan, anchored by the deepwater Geng North discovery in the North Ganal PSC and the Gehem feld in the Rapak PSC, with a combined re- source size of 6.6 Tcf of gas and 400 MMbbl of condensate. A new foating production facility with up to 2 Bcf/d of process- ing capacity is envisaged, feeding the onshore Santan terminal and supplying both Bontang LNG and domestic gas users.

Offshore Sarawak, Shell and PETRONAS are progress- ing the c.800 MMcf/d SK318 Rosmari–Marjoram sour- gas project, involving an unmanned wellhead platform, subsea producers and a 207 km pipeline to a new onshore sour-gas plant at Bintulu. The high-CO , H S-rich reser- 2 2 voir adds execution complexity and could push frst pro- fter years of investment, fagship oil and gas duction into early-2027, but the volumes are important projects are now approaching start-up, while for sustaining the Bintulu complex’s LNG output.

others vie for FID as governments prioritise do- Papua New Guinea’s Papua LNG is the next major mestic oil and gas and LNG supply. In parallel, greenfeld LNG project in Asia Pacifc. Operated by To-

A operators are lining up potential basin-opening wells that talEnergies with ExxonMobil, Santos and ENEOS Xplora, could reset the region’s resource base. it targets a 5.6 MMtpa development, producing from the

Indonesia is at the forefront, repositioning offshore gas as a Elk-Antelope felds (6-7 Tcf of gas). FID is targeted this backbone for national energy security rather than purely for year, with US$3 billion of EPC contracts or more planned, export. Mubadala Energy is fast-tracking the 2024 Tangkulo positioning the project as a key Asian LNG supply source.

discovery on the South Andaman Block, with FID targeted Offshore Western Australia, Woodside continues to prog- by mid-2026 and frst gas by late-2028. Domestic offtake ress its Scarborough gas project. The deepwater feld will be deals are progressing, aligning the project with Indonesia’s developed via a FPU and a 430 km pipeline to shore, pro- drive to cut LNG imports and shore up local supply. The viding feedgas to an expanded Pluto LNG complex. At pla-

FID target at the Mako gas feld on the Duyung Block is also teau, Scarborough is expected to produce about 8 MMtpa 2026, with gas deliveries to the domestic market in late-2027. of LNG, with frst production targeted for H2 2026.

Malaysia is following a similar path, with PETRONAS Across these schemes, the balance between domestic and ENEOS Xplora advancing the BIGST (Bujang, Inas, sales and export volumes will be critical. How this trade-

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