{"id":2357,"date":"2017-12-20T23:52:48","date_gmt":"2017-12-21T00:52:48","guid":{"rendered":"https:\/\/madaresharghi.com\/offshore-oil-search-resumes-except-in-asia\/"},"modified":"2017-12-20T23:52:48","modified_gmt":"2017-12-21T00:52:48","slug":"offshore-oil-search-resumes-except-in-asia","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/offshore-oil-search-resumes-except-in-asia\/","title":{"rendered":"Offshore Oil Search Resumes, Except in Asia"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tSurveying the ocean floor for oil and natural gas reserves is gradually emerging from a multi-year slump, everywhere apart from Asia.<br \/> \tAlthough Asia is the world\u2019s biggest consumer of oil, its production is falling faster than anywhere else, Reuters reported.<br \/> \tThe reasons for Asia\u2019s dearth in offshore exploration and production include high costs in Australia\u2019s promising waters, declining reserves in production hotspots Malaysia and Indonesia, as well as territorial disputes in the oil- and gas-rich waters of the South China Sea.<br \/> \t\u201cWe only have two 3D vessels in Asia-Pacific, since there are fewer opportunities and less activity in that region,\u201d said Bard Stenberg, vice president at Norwegian offshore survey company PGS, adding that most of his company\u2019s vessels were in the Atlantic.<br \/> \tA 2017 and 2018 activity map by geophysical surveillance firm TGS shows the most activity in the North Atlantic.<br \/> \tA similar map by Bernstein Research showed the Asia-Pacific basin to have only four minor offshore developments of fewer than 50,000 barrels per day. That compares to five major developments above 50,000 bpd and 11 minor ones in the Atlantic.<br \/> \tAsia\u2019s dearth comes despite the region\u2019s huge oil deficit, resulting from booming demand and declining output.<br \/> \tIn one of the most promising regions, Australia, the main problem is cost, in part due to a requirement for rigs to pay for Australian crew once in Australian waters.<br \/> \t\u201cOnce any foreign-flagged vessel is in Australian waters, the ship operator has to pick up Australian workers &#8230; They work 12 hours a day, 7 days a week for 4 weeks, then get 4 weeks off,\u201d said Christy Cain of the Maritime Union of Australia.<br \/> \tWhen oil prices were high, this was not a big problem, drillers said. But in times of cheaper oil and low profit margins, the added cost deters explorers, several said.<br \/> \tIn another promising area, the South China Sea, conflicting territorial claims, especially between China and Vietnam, have hindered E&#038;P activity.<br \/> \tMeanwhile, in Asia\u2019s most established offshore oil and gas production basins of Malaysia and Indonesia, recoverable reserves are depleting.<br \/> \tMalaysia\u2019s state-owned Petronas, Southeast Asia\u2019s biggest oil producer, is increasingly focusing on downstream projects like the Pengerang Integrated Complex in the southern state of Johor.<br \/> \tFrom 2019, PIC will refine crude oil into fuel and petrochemical products. Significant amounts of its crude will come from Saudi Arabia.<br \/> \tWith little E&#038;P activity, Asia\u2019s oil import bill, which has already more than doubled since 2000 to over $420 billion a year, will rise further, likely above $500 billion in 2017, leaving other regions to cash in on Asia\u2019s oil thirst.<\/p>\n<p> \t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Surveying the ocean floor for oil and natural gas reserves is gradually emerging from a multi-year slump, everywhere apart from Asia. Although Asia is the world\u2019s biggest consumer of oil, its production is falling faster than anywhere else, Reuters reported. The reasons for Asia\u2019s dearth in offshore exploration and production include high costs in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Offshore Oil Search Resumes, Except in Asia - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/offshore-oil-search-resumes-except-in-asia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Offshore Oil Search Resumes, Except in Asia - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Surveying the ocean floor for oil and natural gas reserves is gradually emerging from a multi-year slump, everywhere apart from Asia. Although Asia is the world\u2019s biggest consumer of oil, its production is falling faster than anywhere else, Reuters reported. 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