Asia's booming energy demand a magnet for investors
Booming demand for energy in the Asia Pacific and surging oil prices have made the sector extremely attractive to investors looking at the region.
By Agencies |
SINGAPORE: Booming demand for energy in the Asia Pacific and surging oil prices have made the sector extremely attractive to investors looking at the region, industry players said on Wednesday.
Hank Tomlinson, president of US energy giant Chevron's Malampaya operations in the Philippines, told a business forum on energy the region's oil and gas consumption was expected to surpass that of the United States and Europe by 2030.
"By 2030, the Asia Pacific region will surpass the US and Europe in total oil and gas demand... take China, India, Indonesia, you got a huge growth engine there for ongoing increased demand," Tomlinson said at the Association of Southeast Asian Nations (ASEAN) energy business forum in Singapore.
"Obviously the Asia Pacific region is certainly a focus area for us," he said.
For transportation energy needs alone, the volume of cars and trucks are expected to increase 60 per cent which means a "tremendous increase" in fuel requirements, the Chevron executive said.
"There's no question we've got more challenges, we've got more difficulties but the need for success in the oil and gas business has never been greater and the risk are certainly worth taking considering the rewards are high," he said.
Chevron, which is the leading energy producer in the region, has interests in six refineries, accounting for one-third of its global capacity, he said.
The US energy giant is also involved in five oil and gas projects in Indonesia, the gulf of Thailand, Cambodia, Vietnam and northwest Australia, Tomlinson added.
Hank Tomlinson, president of US energy giant Chevron's Malampaya operations in the Philippines, told a business forum on energy the region's oil and gas consumption was expected to surpass that of the United States and Europe by 2030.
"By 2030, the Asia Pacific region will surpass the US and Europe in total oil and gas demand... take China, India, Indonesia, you got a huge growth engine there for ongoing increased demand," Tomlinson said at the Association of Southeast Asian Nations (ASEAN) energy business forum in Singapore.
"Obviously the Asia Pacific region is certainly a focus area for us," he said.
For transportation energy needs alone, the volume of cars and trucks are expected to increase 60 per cent which means a "tremendous increase" in fuel requirements, the Chevron executive said.
"There's no question we've got more challenges, we've got more difficulties but the need for success in the oil and gas business has never been greater and the risk are certainly worth taking considering the rewards are high," he said.
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Chevron, which is the leading energy producer in the region, has interests in six refineries, accounting for one-third of its global capacity, he said.
The US energy giant is also involved in five oil and gas projects in Indonesia, the gulf of Thailand, Cambodia, Vietnam and northwest Australia, Tomlinson added.
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