What do stronger US-ASEAN ties mean for the gas and oil industry?

With the increasing efforts of ASEAN to expand their trading partnerships, what does this mean for those with IADC certification?

The need for reliable and expansive trade partners is an essential element in today’s world. With gas and oil such a major commodity in the global marketplace, having strong ties with a range of trading nations can ensure that even in downturns, economic communities are well placed to capitalise.

ASEAN has been making a concerted effort to expand its list of partners as well as ossify the ties it has already established in the past. These efforts are paying dividends for those with IADC certification, as employment opportunities should only expand in the future.

How will recent developments in ASEAN impact those with IWCF well control qualifications?

US ties could lead to greater procurement

As ASEAN heads of state sat down with representatives of the United States of America in Sunnylands, California, there was a sense of accomplishment in the air. Not only was this the first summit held on US soil, but it also marked a watershed for ASEAN-US ties.

The summit helped cement the strategic partnership between the two superpowers and is indicative of their increasingly strong relationship. One of the key declarations that was agreed upon at the summit was the importance of inclusive economic growth and development.

In other words, this will mean closer ties between the two communities that should lead to better investment in a number of sectors, such as oil and gas. Additionally, American-produced equipment – for instance drilling systems – could find their way to ASEAN region.

How will tighter connections with the US help the oil industry?
How will tighter connections with the US help the oil industry?

Russia still in the mix

While the ties with America are no doubt a massive boost, ASEAN is spreading its portfolio to ensure it has a wide range of economic partners. The 14th meeting of the ASEAN-Russia Joint Cooperation Committee was underway this month, with the aim of creating a closer relationship between Russia and the ASEAN community.

The summit discussed number of issues in relation to economic cooperation, however, the the ASEAN-Russia Dialogue Partnership is of particular interest. Specifically, the proposed projects by Russia could have a significant effect on the energy sector in the ASEAN region.

Additionally, the joint investment funds, such as the ASEAN-Russia Federation Dialogue Partnership Financial Fund, could lead to a number of new energy projects in the near future.

One way to capitalise on these developments is through an IWCF qualification. If you would like to learn more, talk to the experts at Harness Training today.