Business Monitor International (BMI) has highlighted a number of positive trends for oil and gas companies operating in Asia-Pacific.

Despite an overdependence on imports, the markets in South Korea and Taiwan remain strong, and BMI has predicted growth for both oil and gas consumption in the Philippines, due to economic growth and the government’s promotion of gas use. BMI also stated that the growth will be supported by rising imports rather than greater domestic output, but has also warned that exploration poses upside production risks.

The company expects Singapore’s regional dominance in the downstream sector to be challenged by a refining capacity expansion in the region and high crude oil prices. However, Singapore’s place in the global oil and gas industry may be protected by its emergence as the preferred hub for the growing gas trade in the Asia-Pacific region.

BMI has also reported strong growth in the energy relationship between Turkmenistan and China, with long term supply agreements and investment commitments nurturing collaboration between the two nations. Turkmenistan has also made ambitious gas production targets, increasing its forecast of gas production in 2030 to 250 billion m3.

Patrick Phelan, Managing Director of Aquaterra Energy, said: “With offices based in Kuala Lumpur, Aquaterra Energy has been successfully exploring new opportunities in the Asia-Pacific region for some time, and this latest report from Business Monitor International shows that the region is growing and becoming much more streamlined, efficient, and prosperous as time goes on.

“Aquaterra Energy supplies specialist offshore engineering solutions to companies across the entire oil and gas supply chain, and looks forward to working with new clients and new opportunities in the future within this thriving and fast-growing region.”