Oil & Gas
There is a strong positive trend in the region for energy production in the Oil & Gas, Refineries throughout Asia will increase their production by 60% by 2050. The IEA expects oil demand in Asia to rise by 9 million barrels per day by 2040.
Today, 6.5 million barrels are consumed per day. Additionally, liquefied natural gas‘ (LNG) growth will rise as transitional fuel to clean energy. This is especially in developing countries of Asia, as they view it as a “transitional” fuel.
In the short, middle term in the Oil & Gas there are large opportunities for equipments and vessels. New EPC's projects are currently being and several others expected to be awarded.
In the long-term, oil and gas is likely to face the same challenges as coal, as the globe transitions to clean energy.