Shell Dispute Supports Bearish Upstream Outlook

摘要

In line with our bearish long-term view on the Philippines, regulatory uncertainties and a growing sense of nationalism are newest among a host of factors undermining the attractiveness of the country's oil and gas sector to investors. Rapidly declining reserves and limited scope for exploration due to ongoing maritime disputes with China remain key inhibitors (see 'Flagging Production Will Deepen Dependence On Imports', September 7 2015 & 'Weak Licensing Round Reinforces Bearish E&P Outlook', July 6 2015).