Industry News

Southeast Asia’s upstream merger and acquisition (M&A) landscape is undergoing a significant transformation, with $9.6b in assets available for acquisition through 2027, according to Rystad Energy. This marks a shift from the previous focus on international oil companies exiting the region to new strategic entries by various players.

The assets, valued at $9.6b, are divided among energy majors, independents, and national oil companies (NOCs). Energy majors are selling $3.6b worth of assets, whilst independents and NOCs account for $3.7b and $1.4b, respectively. The shift is driven by majors focusing on core basins and independents needing capital for pre-final investment decision (FID) discoveries.

Prateek Pandey, Head of APAC Oil & Gas Research at Rystad Energy, highlighted the region’s growth potential, stating, “The next 18 months will be shaped by the conversion of pre-FID opportunities into mega M&A deals, the trajectory of premiums on producing assets, and the continued evolution of deal structures into strategic partnerships.”

The opportunities span 45 production sharing contracts (PSCs) across 12 provinces, with 2.8 billion barrels of oil equivalent (boe) in net resources. Notable areas include Sarawak, the Andaman Sea, and the Kutei Basin, which hold significant pre-FID gas positions. Vietnam’s Ken Bau field, with 3.7 trillion cubic feet of recoverable resources, is the largest resource on offer.

As the market evolves, Chevron’s retreat from the region highlights opportunities for NOCs like Petronas and Pertamina to expand their domestic portfolios. However, challenges remain, as seen with Eni’s Vietnamese portfolio facing commercial pressures, potentially leading to farm-outs rather than direct sales.

The Singapore Business Federation (SBF) has launched the inaugural Singapore-India Network for Growth (SING) Forum 2026, a high-level platform designed to enhance business connections between Singapore and India. Held at Orchard Hotel Singapore, the event gathered nearly 300 senior government officials, business leaders, and investors from both nations.

The forum was graced by Gan Siow Huang, Minister of State, Ministry of Energy, Trade and Industry & Ministry of Foreign Affairs, who emphasised the robust Singapore-India relationship and future economic collaboration. The event also featured addresses from the Chief Ministers of Chhattisgarh and Haryana, highlighting opportunities in sectors such as minerals, power, and industrial services.

India’s High Commissioner to Singapore, Dr Shilpak Ambule, noted Singapore’s significant role as India’s largest source of foreign direct investment in FY2025-26, amounting to $19.8b. The cumulative investment from Singapore to India has reached $194.68b, underscoring the strategic partnership between the two countries.

The forum included discussions on cross-border trade, digital infrastructure, and sector-specific insights from industries like FMCG, logistics, and automotive. A closing session allowed Singapore business leaders to engage directly with Indian state leaders on potential partnerships and investment support.

Mark Lee, Chairman of SBF, stated, “India is one of the few markets large enough to matter… The scaffolding is up. The job now is for our businesses to climb it.” The SING Forum builds on the India-Singapore Comprehensive Strategic Partnership, aiming to facilitate Singaporean companies’ entry and expansion in India’s diverse markets.

Malaysia Airlines has entered a strategic partnership with PT Bank Central Asia (BCA) and Novus Technologies to bolster travel, payments, and digital connectivity between Malaysia and Indonesia. The collaboration, formalised through a Memorandum of Understanding, seeks to integrate solutions across payments, financial services, data, marketing, and loyalty programmes, enhancing the experience for travellers and businesses in the region.

The partnership is structured around five strategic pillars: payments and financial services, foreign exchange and treasury solutions, data and artificial intelligence, marketing collaboration, and loyalty ecosystems. This initiative aims to streamline cross-border payment experiences, optimise foreign exchange capabilities, and leverage data-driven customer insights.

Bryan Foong, CEO of Airline Business from Malaysia Aviation Group, highlighted Indonesia’s significance as a key international market, citing strong travel demand and business links. “By integrating travel, payments, loyalty, and digital capabilities, we aim to unlock new opportunities and support the continued growth of the Malaysia-Indonesia corridor,” he stated.

Armand Hartono, Deputy President Director of BCA, emphasised the importance of serving customers beyond Indonesia’s borders, whilst Ricardos Khoury, CEO of Novus Technologies, noted the role of Novus as the technology bridge between the two ecosystems.

This partnership builds on Malaysia Airlines’ strong presence in Indonesia, where it was recently recognised as the Most On-Time International Airline 2026 by Indonesia’s Directorate General of Civil Aviation. The collaboration promises to deliver enhanced value for both consumers and businesses, facilitating smoother transactions and stronger economic ties between the two nations.

Meta has announced the appointment of Dhruv Vohra as Managing Director of the Global Business Group for Southeast Asia. Vohra, who previously served as Managing Director of the SMB Group for Asia Pacific, will now oversee Meta’s commercial strategy in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, reporting to Benjamin Joe, Vice President for Asia Pacific.

Vohra joined Meta in 2019 as Director for e-commerce and digital natives, playing a pivotal role in transforming the region’s shopping landscape. His experience includes leading small and medium business growth in Southeast Asia before expanding his remit across Asia Pacific. “Southeast Asia is one of Meta’s fastest-growing business regions,” said Joe. “Dhruv has built the teams that support millions of businesses. He is the right person for this next phase.”

Vohra is a recognised authority on the region’s digital economy, contributing to the SYNC Southeast Asia thought leadership series and writing a LinkedIn column on innovative SMBs. He emphasised the region’s dynamism, noting, “Trends such as business messaging and live shopping found early adopters here. AI has opened up even more possibilities.”

As Vohra takes the helm, he aims to help businesses leverage AI and messaging to meet customer expectations, fostering innovation across diverse markets. His leadership is expected to drive Meta’s growth in one of its most dynamic regions.

Markel Insurance has announced the appointment of Rob Jones as Sustainable Energy and Power Underwriter, based in Singapore. This strategic move aims to bolster the company’s energy platform in the Asia Pacific region, which is rapidly advancing in the global energy transition. Jones’s relocation from Markel’s London office underscores the firm’s commitment to expanding its renewables and power portfolio across Asia Pacific.

Jones, who brings over a decade of specialist energy insurance experience, will report to Aminah Sulaiman, Senior Underwriter – Energy. His role will involve supporting the profitable growth of Markel’s renewables and power book, whilst also strengthening relationships with key clients and brokers. His expertise, particularly from his time in Markel International’s claims team in London, will be instrumental in managing risks associated with the energy transition.

Sucheng Chang, Managing Director – Asia Pacific, highlighted the region’s pivotal role in the global shift to clean energy. “Asia-Pacific is driving the global shift to clean energy at an unprecedented pace,” Chang stated. The region accounts for over 60% of new global renewable capacity and nearly half of all global energy transition investment, driven by major markets like China and India.

Jones’s appointment is seen as a direct response to the growing demand for specialist insurance expertise in the region. It aims to enhance Markel’s ability to support energy clients navigating the transition to renewable energy, reinforcing its position as a leading speciality insurer in this sector.

Oritain, a leader in forensic origin verification, has announced significant upgrades to its Membership Programme, aimed at closing verification gaps in supply chains across the Asia-Pacific (APAC) region. The enhancements include faster turnaround times, improved data access, and new intelligence capabilities to help businesses substantiate origin claims and meet regulatory demands.

The upgraded programme is timely as businesses face increasing pressure from regulators and consumers to provide credible evidence of product origins. Oritain’s Global Supply Chain Intelligence Report revealed that 90% of brands analysed had garments containing cotton consistent with prohibited sources, despite investments in traceability. Additionally, 60% of consumers avoid products linked to untrustworthy origins, underscoring the need for reliable verification.

Key features of the enhanced programme include secure API connections, allowing businesses to integrate verification data into daily workflows, and customer insight reports that offer personalised market trend analyses. The programme also boasts industry-leading turnaround times, with a 7-day express service for urgent cases.

Paul Bentham, Chief Product and Technology Officer at Oritain, stated, “Supply chain transparency is no longer enough. Organisations need trusted evidence, meaningful context, and the ability to act quickly.” He added that the programme’s evolution is a response to member feedback, providing more value and turning origin data into actionable intelligence.

The refreshed Membership Programme is now available, offering brands, retailers, and suppliers in APAC enhanced tools to navigate the complexities of supply chain verification and compliance.

Coface, a leader in trade credit risk management, has appointed Zach Spencer as Head of Risk Underwriting for the Asia Pacific Region, effective 1 October 2026. Spencer, who will relocate to Singapore, will oversee the company’s Risk Underwriting teams across the region, reporting to Raphael Rousselot, Chief Underwriting Officer, Asia Pacific Region, and Anca Dan, Group Head of Risk Underwriting.

Spencer’s responsibilities will include implementing underwriting policies, enhancing team capabilities, and maintaining high standards in risk analysis and operational performance. He will collaborate closely with commercial, claims, and debt collection teams to support profitable growth in the region.

With over 15 years of experience in risk underwriting, portfolio management, and credit insurance, Spencer joined Coface Canada in 2020. He served as Vice President and Head of Risk Underwriting for Canada from 2021 to 2025, where he improved portfolio performance and client satisfaction. Most recently, he was the North America Head of Claims and Debt Collection, focusing on standardising processes and improving operational efficiency.

Raphael Rousselot commented on the appointment, stating, “We are pleased to welcome Zach to Asia Pacific. His experience in risk underwriting and portfolio management, together with his understanding of Coface’s commercial and operational priorities, will be valuable as we strengthen our underwriting capabilities across the region.”

Spencer’s leadership is expected to enhance Coface’s risk insights and support businesses in pursuing growth with confidence across the Asia Pacific region.

Malaysia Airlines and China Southern Airlines have announced an expansion of their codeshare partnership, adding five new routes between Malaysia and China. Effective from 25 October 2026, the collaboration will now include flights connecting Kuala Lumpur with Shenzhen, Changsha, Xiamen, Chengdu, and Zhengzhou. This move aims to provide travellers with increased flexibility and smoother connections across both airlines’ networks.

The expanded partnership underscores the significance of the Malaysia-China market, which both airlines highly value. Malaysia Airlines has recently launched new services to Chengdu, Shenzhen, and Changsha, whilst China Southern Airlines has increased capacity on its Kuala Lumpur-Guangzhou and Shenzhen routes. This expansion means that all Kuala Lumpur-related routes operated by the two airlines in the Malaysia-China market are now under the codeshare arrangement.

Captain Nasaruddin A. Bakar, President and Group CEO of Malaysia Aviation Group, stated, “Malaysia Airlines is pleased to further strengthen its partnership with China Southern Airlines and offer customers more ways to travel between Malaysia and China.” He emphasised the strategic importance of China for Malaysia Airlines and the benefits of enhanced connectivity.

Han Wensheng, President of China Southern Air Holding Company Limited, highlighted the growth potential of the Malaysian market, noting that the partnership will offer passengers more diversified travel options and support the Belt and Road Initiative.

This expanded cooperation is expected to bolster tourism, trade, and business ties between the two countries, providing greater value to customers and enhancing air connectivity in the region.

Global private-equity returns saw a resurgence in the second quarter of 2026, with a notable 5.6% increase, driven largely by venture capital’s impressive 12.7% return. According to MSCI, Asia Pacific (APAC) buyout continued its strong performance, surpassing North America and Europe for the second consecutive quarter, although the gap narrowed.

APAC private equity achieved a 3.4% return in Q2, trailing North America’s 6.4%. However, APAC venture capital, with a 6.7% return, outpaced Europe’s 3.4%. Late-stage venture capital was a significant contributor, with global returns at 15.0%, and APAC closely following North America’s 16.0% with 14.6%.

Despite a global buyout downturn in Q1 2026, which saw a -1.1% return due to software asset markdowns, the sector rebounded to 2.5% in Q2. APAC buyout outperformed with a 2.2% return, compared to North America’s 2.1% and Europe’s 1.5%. The previous quarter had shown a wider gap, with APAC at 1.0% against North America’s -1.0% and Europe’s -1.8%.

Within APAC, developed markets like Japan, Australia, and Korea showed robust performance, with Japan leading private equity returns at 8.2% in Q2 and 26.2% over the past year. APAC infrastructure also excelled, delivering a 12.8% return over twelve months, outpacing North America’s 11.7% and Europe’s 1.9%.

These findings highlight the dynamic nature of private capital markets, with APAC continuing to demonstrate resilience and growth potential.

The Maritime and Port Authority of Singapore (MPA) and the Maritime and Port Authority of Brunei Darussalam (MPABD) have signed a Memorandum of Understanding (MOU) to enhance maritime and port cooperation. The agreement was formalised during the 12th Singapore-Brunei Young Leaders’ Programme, which took place from 28 September to 2 October 2026.

The MOU, signed by Ang Wee Keong, Chief Executive of MPA, and Captain (Ret.) Zil Husam bin Haji Abdul Rahman, Chief Executive of MPABD, aims to strengthen collaboration in areas such as digitalisation, maritime safety, port State control inspection, and incident investigation. This partnership seeks to promote safe, clean, and efficient shipping between the two nations.

Ang Wee Keong remarked, “The signing of this MOU underscores the special friendship and strong partnership between MPA and MPABD, which we have built up over the years.” He emphasised that the agreement would further bolster bilateral maritime cooperation.

Captain Zil Husam bin Haji Abdul Rahman expressed optimism about the opportunities the MOU would create for knowledge exchange and practical cooperation. “We also hope to explore meaningful initiatives that can support further development of both our maritime sectors,” he added.

This agreement is expected to enhance the maritime sectors of both Singapore and Brunei, fostering innovation and ensuring the safety and efficiency of maritime operations. The collaboration highlights the commitment of both nations to advancing their maritime industries through shared expertise and resources.