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Oil and Gas Exploration Fuels Upstream Oil and Gas Market in SEA

The global oil and gas exploration and production industry has witnessed a significant surge. This offers its own set of opportunities for Southeast Asia to emerge as a new frontier for upstream oil and gas activities in near future.

Falling production in the current fields is giving a steady push to exploration in marginal and deepwater fields and potential hydrocarbon acreage remains unexplored. According to the data showcased by the leading research company Frost and Sullivan, upstream oil and gas market in Southeast Asia has a potential to hit US$58.32 billion in 2017 from US$38.75 billion in 2012, marking a compound annual growth rate of 8.5 percent.

Further the report underlines factors such as technological upgradations, increasing gas demand and rising oil prices as the factors adding to the attractiveness of the marginal fields and the growth of drilling rigs and pipeline installations. Another factor seen responsible for attracting investments in the exploration of deepwater and marginal fields is falling production of oil and gas.

Malaysia and Indonesia have the highest potential for deepwater and marginal fields’ development. This is likely to boost growth and employment prospects in oil and gas industry in Southeast Asia, offering an enormous variety of career options. There is a huge demand for oil and gas jobs overseas, so combining travel and work are the most certain possibilities. And the industry is always craving for talent and skilled professionals and will continue the same in the foreseeable future.

Major employers for oil and gas jobs in Southeast Asia are: PTT in Singapore– and its international subsidiary PTTEP with offices in Malaysia, Indonesia, Cambodia and Myanmar; Petronas, Chevron and Exxon in Malaysia.

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