As some of the world’s biggest oil companies pull back from Asia, they’re paving the way for local rivals to take a bigger role in the region’s energy industry.
The latest example: A number of Indonesian and Japanese companies are considering bidding on more than $2 billion in Indonesian geothermal assets owned by Chevron Corp., according to people familiar with the matter.
For international oil giants, shedding assets and cutting costs is a way placate shareholders as the oil-price downturn drags on. Major oil companies own about $40 billion of Asian assets at the middle or end of their operable life, which makes them more expensive to operate, according to Wood Mackenzie—and so more likely to be sold.
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