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The Wall Street Journal: Asian companies fill void left by oil-giant pullback

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A Chinese worker polishes an offshore oil engineering platform in Qingdao, China, on Oct. 1, 2016.

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.

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 the 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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