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BUZZ-Oil majors to divest $40 bln worth of Asia upstream assets this year - Woodmac

Reuters - UK Focus

SINGAPORE, Jan 18 (Reuters) - * Asia-Pacific's upstream oil and gas sector holds up to $40 billion worth of opportunities in 2017 as oil majors divest mature and mid-life assets in the region, according to a research by Wood Mackenzie. * "Chevron (Euronext: CHTEX.NX - news) and Shell (LSE: RDSB.L - news) hold the largest portfolio of legacy assets in the region, and in the latter half of last year signalled their intentions to sell assets in Myanmar, Bangladesh, Thailand, New Zealand and Malaysia, amongst others," Woodmac says. * Despite these investment opportunities, Woodmac says spending on new production will stay low due to falling capital expenditure. * Woodmac says it expects around 50 wells to be drilled this year in Asia-Pacific, down 70 percent from 2014 levels. (Reporting by Henning Gloystein)