PUBLICATION
Southeast Asia Oil and Gas 2011 OGI Release
Despite the financial havoc and economic upheaval resulting from the global financial crisis, whereby companies went bankrupt and countries suffered massive retrenchments in growth rates, companies in Asia often ask, “What crisis?” Asian countries continue to boast high GDP growth rates and those economies that did suffer, have since regained their former pace of growth. The falling oil and gas prices naturally affected the global exploration and production (E&P) scene, but nowhere is the hope and excitement for a comeback as evident as in the Southeast Asian region today. As Asian powerhouses continue to expand, demand for oil and gas will increase and, with prices once again nearing pre-crisis levels, Southeast Asia will represent one of the most exciting and dynamic regions for investment in the oil and gas sector.
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It is said that mining is a patient industry. Current demand projections are not. Demand for minerals deemed ‘critical’ is set to increase almost fourfold by 2030, according to the UN. Demand for nickel, cobalt and lithium is predicted to double, triple and rise ten-fold, respectively, between 2022 and 2050. The world will need to mine more copper between 2018 and 2050 than it has mined throughout history. 2050 is also the deadline to curb emissions before reaching a point of ‘no return.’ The pace of mineral demand and the consequences of not meeting it force the industry to act fast and take more risks. Mining cannot afford to be a patient industry anymore. The scramble for supply drives miners back to geological credentials, and therefore to places like the African Central Copperbelt.
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