Timor Leste Oil and Gas Industry

Timor Leste Oil and Gas Fields

TIMOR LESTE has become an independent country. Large deposits of oil and natural gas under the Timor Sea, in Timor-Leste’s territory as well as that of neighboring Australia and Indonesia, have been explored for more than forty years. During 2006, new exploration contracts were signed for areas in the Joint Petroleum Development Area (JPDA) and in Timor-Leste’s exclusive maritime territory.

Vietnam Oil and Gas Industry

Vietnam Basins

As at end of 2009, Vietnam had proven oil reserves of 4.5 billion barrels or 0.3% of the world’s oil reserves. Production was 345 thousand barrels daily. Gas reserves amounted to 24.2 trillion cubic feet (0.68 trillion cubic metres) and production was 30.9 billion cubic metres as the end of 2009. The country is a major buyer of imported technology, services and equipment related to the oil and gas industry

Thailand Oil and Gas Industry

Thailand Oil and Gas Fields

PPT Public Limited, formerly known as the Petroleum Authority of Thailand, oversees the oil, gas and power sectors in Thailand. In recent years, the industry has been deregulated with consequential privatization and consolidation. This move has been necessary to attract more foreign investments.

Singapore Oil and Gas Industry

Singapore Oil and Gas

Singapore does not have any natural oil resources but local companies are actively involved in exploration in various parts of Asia Pacific. Singapore Petroleum Company Limited (SPC) has exploration operations in China, Hongkong, Thailand, Vietnam, Cambodia, Malaysia, Indonesia and Australia.

Papua New Guinea Oil and Gas Industry

Papua New Guinea Oil and Gas Fields

Papua New Guinea (PNG) is endowed with abundant natural resources but development has been hampered by rugged terrain and high cost of developing infrastructure. In 2010, 8.6 million barrels of oil were exported; for 2011, the projected figure is 6.7 million barrels.

Mineral Resources Development Company Limited is a 100% state owned company. Its responsibilities are managing the interests of provincial governments and landowners in petroleum and mining projects as well as promoting the country as an investment destination for resources projects. In 2003, the Department of Petroleum and Energy introduced new incentive rates to encourage exploration activity in the face of declining production from old fields.