That figure only takes into account greenfield developments, Rystad analyst Readul Islam reckons, suggesting that brownfield, maintenance and infill at current projects will use more money, though Islam warns the new projects won't be as large, nor the competition as intense, as service providers might like. 

 

Indonesia's Senoro Phase 2 will feed into an existing LNG plant, and development at Bukit Tua will also rely on existing facilities. 

 

"Competition could also be limited by the fact some countries in the region have local content policies favoring domestic service providers," Islam said. 

 

Indonesia does, however, have the largest count of oil fields in the region's final investment decision forecast, at 19, though neighbouring Malaysia dominates for both the resources developed (37%) and required capex (42%).

 

Rystad expects Malaysian Mubadala Petroleum's Pegaga field to be sanctioned this quarter, which could make it the largest regional individual field to undertake FID this year.

 

Sapura Energy will be working on some of the smaller offshore fields in block SK408 in 2018, with Jerun beginning to "shine" towards the end of the forecast period. 

 

"After the 2018 elections, whichever partner Petronas brings in will need some time to properly study the CO2 content issues before finally approving the biggest prize in our time horizon — Kasawari," Islam said.

 

Petronas has partnered with the Netherlands' Twister on its cryogenic CO2 technology that promises to allow monetisation of gas fields with large amounts of the gas. 

 

Gas projects will make up 85% of FID over the three-year period, and it will be Vietnam's Block B offshore in the country's far south (and thankfully away from the more operationally contentious and contested South China Sea) that will provide one of the largest gas "kicks" of the year. 

 

Though Indonesia, Malaysia and Brunei's new LNG will go to supply existing plants demand across the broader region is growing for several reasons: a strong middle class driving energy demand, and climate policies aimed at mitigation and a turn from coal to the environmentally friendlier gas, among them. 

 

This means "both operators and governments are incentivised to push natural gas projects". 

 

Even the still-emerging Myanmar, where Woodside Petroleum is present offshore, is seen to be set for a gas boom despite receiving a low global score of only 56.05 from a Fraser Institute survey of last year (which is still ahead of Victoria).