The Nineteenth Asean Ministers on Energy Meeting Plus Three (China, Japan, Korea) (19th AMEM+3) anticipated the possibility of a strong oil and gas market recovery from Covid-19 pandemic, while also being cautious of global market disruptions from geopolitical tensions.
The meeting noted the high dependency of member states on oil and gas products and agreed to step-up regional multilateral cooperation to mitigate supply disruptions, achieve energy security, and meet climate resiliency goals.
The 19th AMEM+3, which was held virtually yesterday (September 16), and chaired by Suy Sem, Minister of Mines and Energy, Kingdom of Cambodia and attended by the Asean member states, noted in a joint ministerial statement the limited investments in oil and gas upstream sector and the various business opportunities, such as availability of open oil blocks for bidding, government plans to increase investments in oil and gas infrastructure, and national oil companies’ just energy transition plans that would require innovations and funding.
It further reiterated the need to enhance the participation of financing institutions and the private sector and emphasised the creation of an enabling environment for sustainable financing in oil and gas sector, including clear and transparent legal and regulatory framework and streamlining the process for energy investments.
The meeting noted that natural gas and Liquefied Natural Gas (LNG) will supplement renewable energy and economic growth while ensuring energy security in the region.