So far, the increase in oil price has not brought back the level of confidence to M&A activity that was expected, which is very apparent when looking at exploration opportunities in the Asia-Pacific region.
A 2013 US EIA study estimated China held the world’s largest shale gas resources at over 1,160 Tcf. However, due to high exploration and production costs the sector has not met its growth expectations.
PTTEP announced in May its offshore Sirung-1 exploration well as an oil and gas discovery, intersecting a column of more than 100m in Miocene clastic reservoirs, in the shallow waters off the coast of Sarawak.
At, a virtual event held on 26 February 2021, with over 250 potential and existing investors, PETRONAS successfully launched the annual Malaysia Bid Round (MBR) 2021, with a total of 13 offshore exploration blocks on offer.