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US cutback from Asia paves way for oil investment rivals

American energy firms under pressure to reduce spending and overseas exposure, focus on home market

Published Thu, Nov 13, 2014 · 09:50 PM
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Sydney

A PULLBACK by US energy companies from Asia is opening the door for competitors looking to snap up unwanted oil and gas assets in the region.

US producers are facing pressure to cut spending, reduce exposure overseas and focus on the domestic market, where oil production is forecast to reach the highest in 45 years in 2015. Apache Corp and Murphy Oil are among firms in disposal mode this year in the Asia-Pacific region.

"The American companies in particular are struggling to continue to invest in the Asian economies," David Knox, chief executive officer of Santos Ltd, said on Thursday in a Bloomberg Te…

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