ASEANOilandGasUpdates20241ASEANOilandGasUpdates2024ASEANOilandGasUpdates2024examinesthecurrentstateandemergingtrendsinASEAN’soilandgasindustry.ItprovideskeystatisticsandanalysestheoilandnaturalgassituationinASEAN,coveringreserves,production,consumption,trade,infrastructure,policytrends,investments,andenergytransitioninitiatives.Thiseditioncoverstherecentstatusofthetradebalanceandmovement,andinvestmentsininfrastructuredevelopment.AlsoincludedherearedescriptionsofrecentinitiativesrelatingtoASEAN’senergysecurityandenergytransition.Ouraimistoequipstakeholderswithahigh-leveloverviewoftheoilandgasindustryinASEANtonavigateitsever-evolvinglandscapeandtopointoutopportunitiesforgovernmentstomaximisesustainablegrowth.Thedatawerecollectedfromvariousreliablesources:officialreportsfromthegovernments,theprivatesector,internationalorganisations,andtheASEANCentreforEnergyreport,mainly8thASEANEnergyOutlook.ThispublicationhasbenefittedfromtheoverallguidanceofACE’sActingExecutiveDirector,Mr,BeniSuryadiandMrSuwanto,SeniorAnalystfromthePower,FossilFuel,AlternativeEnergy,andStorage(PFS)Department.ThispublicationwasledbyShaniaEsmeraldaManaloe,andpreparedbyIgnatiusBimaTorenceandLintangAmbarPramestifromthePFSDepartment.ACEcolleagues,AdelineWicaksono,AldillaNoorRakhiemah(ACCEPTTeam),BayuJamalullael,DyntaTrishanaMunardy,RikaSafrina,andSilviraAyuRosaliaprovidedhelpfulsupport,reviews,andfeedback.PublicationwassupportedbyAureliaSyafinaLuthfifromCommunicationsTeam.Contact:secretariat@aseanenergy.orgDecember20242BBOBillionBarrelsofOilEquivalentRRRReserveReplacementRatioBCFDBillionCubicFeetperDayMBOPDThousandBarrelsofOilperDayBCFBillionCubicFeetMMBtuMillionBritishThermalUnitsBOEBarrelofOilEquivalentMMbblMillionBarrelofOilBOEDBarrelofOilEquivalentperDayMtMegatonneBOPDBarrelsofOilperDayMWMegawattBSCFDBillionStandardCubicFeetperDayMTOEMillionTonnesofOilEquivalentFSRUFloatingStorageRegasificationUnitTCMTrillionCubicMetersFSUFloatingStorageUnitTCFTrillionCubicFeetkb/dThousandBarrelsperDayMTPAMillionTonnesperAnnumAbbreviationASEANOilandGasUpdates202432023HighlightOilandGasReservesOilandGasProductionOilandGasConsumptionOilandGasTradeOilandGasInfrastructurePathtoDecarbonisationASEAN’soilreservesincreasedby1.25%andnaturalgasreservesdeclinedby0.94%in2023Theregion'soilproductiondecreasedby0.51%,whilenaturalgasproductionincreasedslightlyby0.84%.Economicgrowthledtoanincreaseofoilandgasconsumptionintheregionin2023,to4.19%and4.56%,respectively.ASEANcountriesarenetimportersofcrudeoil,with92%sourcedfromoutsidetheregion,whilehalfofthemarenetexportersofnaturalgas,with81%exportedtooutsidetheregion.Atotalof6.36Mtpanewregasificationcapacityand3.89Mtpanewliquefactioncapacitywereaddedin2023ASEANnationaloilcompaniesareachievingnet-zeroemissionsbyreducingoperations,investinginrenewableenergyandelectricmobility,andcollaboratingwithforeigncompaniesforcleanenergyinitiatives.ASEANOilandGasUpdates20244Reserves,Production,andConsumptionASEANOilandGasUpdates2024ACE.Allrightsreserved.ProvenReservesTheregion'scombinedcrudeoilreservesin2023reached11.9BBO,markinga1.25%increasecomparedto2022.ThisgrowthwasprimarilydrivenbyIndonesia'soilreserves,whichgrewby6.17%,risingfrom2.27to2.41BBO.ASEAN’sprovenoilreservesincreased,andnaturalgasreservesdecreasedin2023.Ontheotherhand,theregion'snaturalgasreservesdeclinedby0.94%,duetoa3.79%decreaseinIn...