Oil and gas exploration and production are complex processes. Pertaining to low interest due to the decline in oil prices, during 2014-2016, the oil and gas companies had not invested much into it. However, with the stability in oil prices and ample amount of proven reserves, the companies have started to invest in the market. Indonesia had the highest reserve, followed by Vietnam, as of December 2018. With rise in activities in the upstream sector, the EPC market is likely to grow in the region. The downstream EPC market occupies a major share, owing to the huge cost incurred in the installation of refineries unit. It is followed by the EPC contract of pipelines used in the transportation of crude after exploration, and for the transportation of gaseous products from the refineries. The overall refining capacity in the South Asian countries showed an increase of ~7.37%, during 2011-2018.

9月煤炭市场回顾：国内动力煤和无烟煤价稳中有升，国际动力煤价普遍回升港口价格：根据煤炭资源网数据，9 月30 日秦皇岛5500 大卡最新平仓价为582 元/吨，较8 月底上涨1.0%，较去年同期下降8.9%。9 月30 日京唐港主焦煤（山西产）价格1650 元/吨，较8 月末下降2.9%。

能源结构美国以油气为主，中国以煤炭为主。2018年，中国煤炭、石油、天然气生产分别占一次能源的71%、7%、5%；美国

煤炭、石油、天然气生产占比为13%、37%、31%。能源消费中国总量较高，美国人均领先。

今年9 月底浩吉铁路（原蒙华铁路）建成通车，预计现有的煤炭运输格局将产生显著变化，蒙陕等动力煤主产区的煤炭将以更短的时间和更低的成本运至“两湖一江”流域。短期坑口煤价将显著上涨，“两湖一江”流域电厂采购价格将显著下降，也会出现普遍库存，港口煤价也将有所下跌。但长期均衡下价格变动幅度会收窄。浩吉铁路利好沿线产地煤企和下游电厂业绩提升，也可为参股煤企贡献一定的投资收益。