The Next Upstream Boom: Opportunities in the Asia-Pacific Upstream Oil & Gas Market

The global oil and gas landscape is rapidly pivoting toward Asia-Pacific, with economies like India and China projected as the fastest-growing oil and gas markets for the future. With the region holding quantified goals for energy independence, we anticipate it to create the next upstream oil and gas boom. Our analysis highlights China and Australia as the leading innovation hubs, with China largely dominant in exploration, while Australia leads in the second half. Australia is likely to lead the charge in the near term, with China emerging as the eventual leader due to its larger proven reserves. With its state-controlled oil and gas industry, an upstream boom in China will potentially eradicate a significant portion of the export business for international oil and gas companies. In this case, only India is left as the remaining market opportunity for international players in the fastest-growing energy demand region of the world.