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Asia Pacific Spotlight

December 2020 Issue

 

As the world continues the fight against COVID-19, we bring you energy news and articles from across the Asia Pacific Region.

 

In this issue:

  • IOCs leaving Asia Pacific
  • Learning from your Forecasts
  • Timor Leste Review
  • APAC Geothermal Potential
  • Global Price Update
  • RIU Resurgence Conference
  • ERCE Team Continues to Grow

IOCs Leaving Asia Pacific

An increasing number of Independent Oil Companies (IOCs)are divesting oil and gas assets in the Asia Pacific region. We review who’s leaving and why, along with which companies are trying to fill the gap.

Are you Learning from your Forecasts?

Source: shutterstock.com/Foxy Burrow

When we forecast oil & gas production and estimate Reserves & Resources, how often do we go back and review our forecasts & estimates? In most companies, at the end of each fiscal year, actual production over the past twelve months is compared against the annual budget. But, do you go back and review your estimates and forecasts over a longer period, say five or ten years?

Read on to find out how we can assist you in reviewing your company’s historical estimates along with your processes and methodologies and provide key insights on how to improve them to get better predictive outcomes.

ERCE’s Energy Price Review

Oil prices have risen strongly since the beginning of November, on news that OPEC+ had agreed to extend its production cuts, increasing production at a rate far lower than originally expected. Coupled with expectations of a strong recovery in demand, as a result of the approval and deployment of COVID-19 vaccines, oil prices have risen nearly 30% to around US$50/barrel.

Global gas prices have also risen on increasing demand as we head into the winter months. However, Henry Hub gas prices remain low on forecasts of a warmer winter and a stronger production outlook in the United States.

Find out more in our Energy price Review.

Source: ERCE

Geology & Production in Timor Leste

Source: Keep,M, & Haig,D.W. (2010)

Timor Leste occupies the eastern part of Timor Island, which is situated in the Banda Arc collision zone. This zone marks the complex convergence of the Eurasian, Australian and Pacific tectonic plates.

Despite complex geology, oil and gas production commenced in the 1990s. With several projects ceasing production since then, the Bayu Undan Field is the only remaining producing field.

Redevelopment of the Buffalo Field and LNG development of the Sunrise Field are currently being evaluated

Geothermal Potential

Source: shutterstock.com/N.Minton

Geothermal energy has been harnessed by mankind since ancient times. Currently, more than 80 countries use geothermal energy for heating and electrical power in household, commercial and industrial sectors. Read on to where geothermal energy is currently tapped and where potential growth areas might be.

ERCE at the RIU Resurgence Conference in Perth

In September, ERCE supported the energy industry in one of our key markets of Australia by sponsoring The Energy & Minerals Seminar. The seminar was part of the RIU Resurgence Conference in Perth, Western Australia.

ERCE Team Grows in Singapore Office

ERCE has added technical and commercial capability to our Asia Pacific office in Singapore. Joining us are:

  • Dr Munish Kumar – Petrophysics
  • Kanna Swaminathan – Reservoir Engineering

ERCE Singapore has a full multi-disciplinary team supporting geophysics, geology, petrophysics, reservoir engineering, facilities & cost engineering and petroleum economics. To find out more, click on the link below or visit our website.

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