Singapore’s upstream energy plays in negative territory on economic worries

THE Singapore Exchange’s (SGX) favourite upstream energy plays – Rex International , Geo Energy Resources and RH Petrogas – began the year on the back foot, declining between 2 and 9 per cent so far.

Their declining market values against a backdrop of rising oil prices suggest that investors are growing concerned about execution issues and longer-term demand, as recessionary risks stack up.

Both Rex and RH Petrogas are exploration and production companies. The former has operations in Oman and Norway, and the latter operates in Indonesia. Geo Energy is an Indonesian coal miner.