Recent decisions by governments and energy companies highlight a growing focus on energy security over energy transition. South Korea, a leading importer of fossil fuels and home to some of the largest chemical companies in Asia Pacific, recently commissioned geophysical exploration that showed likelihood of 14 billion barrels of oil and gas off the coast of Pohang. New Zealand is also revoking its offshore exploration ban, under which over 4 million km2 of exclusive economic zone has been off limits for six years, as it is suspected that the declining natural gas reserves will not be able to sustain domestic demand in the long term. Overall, as shown in Exhibit 1, we expect investments in oil and gas to grow over 5% in 2024 compared to 2023 with growing share of offshore investments.
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