Energy Firms Have Offered $9.6 Billion in Asian Assets
Oil and gas companies are listing regional upstream assets to streamline portfolios and secure project funding.
Updated on Oct. 5, 2026 in Oil and Gas
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Energy majors, independents, and national oil companies have placed $9.6 billion worth of upstream assets on offer across Southeast Asia. This offering follows a 2025 period where $6.7 billion in assets changed hands as firms look to focus on core operations.
Why it matters
Energy majors are selling assets to reduce frontier risks and focus on core basins, while independents are seeking external capital to move projects toward final investment decisions. This restructuring allows companies to optimize portfolios while national oil players increase domestic holdings.
Current listings represent 2.8 billion barrels of oil equivalent in net resources, with 72 percent of these assets currently in the pre-final investment decision stage. The available properties include a daily production volume of 145,000 barrels of oil equivalent.
The players
Chevron
Chevron is an American multinational energy corporation that has significantly reduced its Southeast Asian resource base from 3 billion barrels in 2020 to 300 million barrels today.
Petronas
Petronas is the national oil and gas company of Malaysia and is expected to lead the upcoming wave of domestic divestments in the region.
The details
The offerings encompass 45 production sharing contracts across 12 provinces, including significant holdings like the Ken Bau field in Vietnam, which contains 3.7 trillion cubic feet of recoverable resources. Companies are utilizing farm-down agreements as a primary mechanism to advance these large-scale development projects.
Timeline
Between 2020 and 2024, the region was dominated by majors trimming late-life positions.
In 2025, industry assets worth $6.7 billion changed hands.
During 2026 and 2027, $9.6 billion in assets are offered in the market.
Market Landscape
This wave of divestments continues the broader industry trend of corporate rationalization, where majors exit frontier regions to consolidate holdings. This shift allows national oil companies to expand their domestic influence through strategic partnerships and asset acquisitions.
These divestments primarily affect institutional investors and stakeholders tracking energy production costs and capital allocation strategies. While the shifts do not immediately change consumer fuel prices, they signify a change in which entities control the long-term supply of regional energy resources.
The takeaway
The move toward farm-down agreements highlights a growing reliance on collaborative financing to unlock capital-intensive energy projects. Investors should watch how national oil companies integrate these newly available assets to manage domestic supply security.
Further reading
For more on industry shifts, explore the latest trends in Oil and Gas.
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