Asian oil companies strive to ensure the security of crude oil supply

Recently, Asian upstream oil companies are stepping up their efforts to play a role
in addressing the global supply crunch.
Amid ongoing geopolitical tensions with Russia and Iran, as well as conservative production volumes from the Organization of the Petroleum Exporting Countries (OPEC), countries in the region are struggling to ensure the security of
crude oil supplies.

Asian market analysts and upstream industry sources have said that Asian crude importers cannot fully rely on major producers to solve the tight supply situation due to multiple sanctions and financial blockades banning the free flow of Russian and Iranian crude oil, coupled with limited room for OPEC production quotas to rise
.
An upstream operations manager at PTT Exploration and Production Corporation (PTTEP) in Thailand said: "In the midst of geopolitical turmoil and uncertain global production prospects, crude oil supply cannot be taken for granted
.
A Malaysia-NBC upstream investment manager said: "Asia, as the world's largest energy demand center, should at least do its best to try to solve the problem
of supply and high oil prices on its own.
" ”

At present, oil companies in Southeast Asia are working to develop their own crude oil production
.

Vietnam recently began developing new oil production
in its southern region.
In early November, Vietnamese-Russian oil companies, a joint venture between Vietnam and Russia, said it had produced the first batch of oil
from the RC-10 platform built at the Long field in Block 09-1 in southern Vietnam.
The initial oil production of the two wells of the platform reached 350 tonnes per day
.
On October 28, Rosneft also took a CA from Block 09-3/12 in southern Vietnam The Ca Tam 2 platform in the Tam field is pumping oil for the first time and nine of the platform's 12 wells are scheduled to be in production
by the end of 2023.

The joint venture plans to produce 2.
9 million mt of crude oil and condensate in 2022, of which 2.
8 million mt will come from the old Bach, according to Rosneft Block 09-1, where the Ho field is located, 101,000 tons come from the Ca Tam field
in Block 09-3/12.

According to people familiar with the matter, Petronas recently discovered oil
for the first time in Brazil.
The company's subsidiary in Brazil made a breakthrough discovery
at well 4-BRSA-1386D-RJS in the Sepia subsalt field in Brazil.
"The well is located in the oil-rich Santos basin, about 250 kilometers off the coast of Rio de Janeiro and with a water depth of about 2,000 meters
," the company said in a statement.
The net oil column found in the well is one of
the thickest ever recorded in Brazil.
”

Pertamina, Indonesia's national oil and gas company, said its upstream subsidiary in eastern Indonesia recently discovered natural gas and ultralight crude resources
in Bojonegoro, East Java.

In addition, Asian oil companies are also trying to maintain their equity oil ratio
.
While new discoveries, new production and the potential to develop new oil reserves remain critical for a world that will remain dependent on oil as its primary energy source for decades to come, it is equally important
for net importers of crude in Asia to maintain and maximize the share of existing oil equity.

Executives at Korea National Oil Corporation and Thailand's PTTEP said they were committed to supplying most or all of the equity oil produced by projects upstream in the Middle East to their respective domestic refineries, rather than trading it
on international markets.
Japan's Sakhalin Oil and Gas Development Company, which has received approval from the Russian government, will continue to participate in the new operator
of the Sakhalin 1 oil and gas project.
After Russian President Vladimir Putin ordered the creation of a new Russian operator for the project on October 7, former operator ExxonMobil pulled out of the project, and the Japanese government has been trying to maintain its stake
in oil and gas projects on Sakhalin in Russia's Far East.