The Asia-Pacific oil and gas upstream market is entering a new phase of expansion, fueled by rising demand and massive infrastructure investments. According to industry projections, the market is expected to grow from USD 1.53 trillion in 2024 to USD 1.97 trillion by 2030, reflecting a compound annual growth rate (CAGR) of 4.18%.
Southeast Asia’s Growing Energy Demand
Energy consumption in Southeast Asia is accelerating at an unprecedented pace. Gas power capacity across the region is projected to double by 2050, with consumption increasing by nearly 89.5% from 2025 to 2050. This surge underscores the vital role that oil and gas will continue to play in meeting the energy needs of fast-growing economies such as Vietnam, Malaysia, and Thailand.
Key Projects Shaping the Future
Several large-scale projects are at the forefront of this transformation, driving new opportunities for investors, suppliers, and technology providers:
- Malaysia’s Pengerang Integrated Petroleum Complex (PIPC): USD 27 billion investment
- Thailand’s PTTEP Capital Expenditure Plan: USD 21.2 billion investment
- Vietnam’s Long Son Petrochemicals Complex Upgrade and Expansion: USD 5 billion investment
Unlocking Opportunities for Global Businesses
These projects highlight Southeast Asia’s commitment to securing long-term energy supply while boosting industrial growth. For international companies, the region presents expanding opportunities in areas such as:
- Advanced drilling and exploration technologies
- Petrochemical infrastructure development
- Energy efficiency and digitalization solutions
- Environmental and safety management systems
Looking Ahead
As Southeast Asia cements its position as a vital hub in the global energy landscape, the oil and gas sector will remain at the center of economic development. The combination of strong demand growth, strategic mega projects, and a supportive investment climate makes this market one of the most dynamic and promising in the world.
For businesses aiming to expand their footprint in the Asia-Pacific, the time to engage is now.