Petroleum is known as liquid gold due to its utility to various segments in society, making it a sought-after commodity the world over. ASEAN’s petroleum potential is quite impressive, with the sector positioned for further expansion in coming years.
The oil and gas industry has seen turbulent times over the last 10 years, with the 2008 financial crisis as a turning point for the industry as a whole.
Job creation has always been an important priority for governments in the region, and with an estimated 68 million new workers entering ASEAN’s labour force by 2025, it will remain a priority in the coming years.
Brunei is blessed with an abundance of fossil fuel deposits that has propelled its economy to prosperity. This high-income nation is now looking to diversify its economy to reduce over-dependence on oil and gas exports for national income.
In an effort to stimulate economic growth, Brunei’s monarch and leader Sultan Hassanal Bolkiah launched “Wawasan Brunei 2035” also known as “Vision 2035”.
As Southeast Asia becomes one of the fastest developing regions in the world, concerns over its energy security is fast growing. Southeast Asia has a combined population of over 600 million people and an economy worth nearly US$3 trillion.
ASEAN represents one of the most dynamic parts of the global energy system with its energy demand growing by 60% over the past 15 years. Robust economic and demographic growth pushes this strong demand.