Asia Asia O&G Capex Set For Another Year Of Growth

摘要

Capital spending by Asia’s largest oil and gas companies look set for another year of growth in 2020 at 7% y-o-y. The upstream sector will continue to attract greater spending focus over other areas of businesses, with about 70% of total capex typically allocated to the sector. Outside of Chinese SOEs, Asia’s other NOCs across India, Indonesia, Malaysia, Thailand and Vietnam, are also planning to raise capex by 8% y-o-y. Debt levels across the companies have increased, with revised data showing a combined USD99.1bn of debt maturing out to 2022, compared with USD15.9bn at close to the start of 2019, but still appear manageable. Australia’s six main E&Ps will commit slightly more in capex in 2020, combining to spend USD11.1bn, an increase of 2% on year.