The past ten years have seen major changes in the Asia Pacific petroleum position. Significant new offshore reserves have come onstream, as have major gas fields and LNG facilities. The region as a whole, while not totally insulated from the cycle affecting the worldwide petroleum business, nevertheless has retained a more comfortable position in the most recent recession, protected by the indigenous demand in the region, prior success ratios and the relatively attractive economics.

Significant discoveries of gas within the region have created a position of over-abundance as it remains difficult to develop indigenous gas utilization — something which must be a task over the next decade.

The prospects, opportunities and legislation in many countries are excellent, the question must be whether the industry will extend its efforts further and whether other competing regions get a greater share of exploration dollars in the next decade as many of the competing areas lie in hostile, expensive environments. We continue to believe that the signs remain set for continued growth in the region across a broad spread of the industry.

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