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EXECUTIVE SUMMARY
Asia leading the way. Despite the Middle East holding the largest reserves of oil and the US remaining as the
largest consumer of oil, Asia now constitutes 29.4%% of global demand for oil, With global production at only
85.5m barrels per day in 2007, less than global demand at 85.8m barrels per day (mbpd), and new refinery
capacity still constrained over the next few years, Asia’s appetite for oil has been one of the factors pushing oil
prices to new record highs. Oil prices have been also supported by a weakening US$ and speculative trading
positions in commodity markets. Our latest view on oil prices is that it may average around US$100 per barrel
although short term indications are that it may trend significantly higher.
Nationalisation creating a few Asian champions. The growing clout of Asian companies is reflected in a
number of strong National Oil Companies (NOC) with names such as Saudi Aramco, Petrochina, Sinopec,
Petronas and PetroVietnam increasingly gaining prominence. Of special note are the Chinese NOCs who have
embarked on an expansion spree in recent years to acquire assets on a global scale.
….which will in turn develop supporting players domestically. Some of the NOCs in turn have embarked
upon a domestic industry development programme to create O&G service providers within their own countries
that will eventually be able to tackle the international O&G service market. Countries such as Malaysia have
successfully created a number of strong domestic service providers that are now testing their capabilities on a
global scale.
Some Asian O&G service providers are already market leaders. In countries such as Singapore, despite
not having indigenous oil reserves, traditional industries such as ship building and ship repair have allowed
companies to make huge strides in the O&G drilling rig fabrication industry. Singaporean companies such as
Keppel Corp and SembCorp Marine are now recognised as world leaders in the rig fabrication business.
A look at 3 countries with 3 different themes. In this report, we take a look at 3 different Asian countries and
their respective O&G industries. We also identify key O&G players from each country which we believe present
attractive investment opportunities as summarised below.
Contents
EXECUTIVE SUMMARRY 3
OIL PRICES – LIKELY TO SUSTAIN AT RECORD LEVELS 4
NASIONALISATION LEADING TO A NEW GENERATION OF GLOBAL OIL COMPANIES 9
DOMESTIC SERVICE PROVIDERS WILL CONTINUE TO ENJOY PREFERENTIAL TREATMENT 10
ASIA’S SERVICE PROVIDERS HAVE CARVED A NAME FOR THEMSELVES 10
REMAIN OVERWEIGHT ON OIL IN ASIA 11
CHINA – THE GROWING GIANT 12
SINGAPORE – RIGS TO RICHES 17
MALAYSIA – VIBRANT DOMESTIC MARKET 20
PetroChina 24
Sinopec 25
CNOOC 26
Keppel Corp 27
SembCorp Marine 28
Alam Maritim 29
Coastal Contracts 30
Petra Perdana 31
Appendix I: A Simulation of Oil Prices 32
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