Coverage · Southeast Asia
Mining and energy strategy for Southeast Asia, from Kuala Lumpur.
Indonesian nickel, Kalimantan gas, Singapore trade finance: the region’s resource decisions turn on the state, the value chain and the schedule. We are based in it.
Record in the region
Supply chains run here, not studied from abroad.
$150m
Technip’s Asiaflex riser and flowline plant, Malaysia: supply chain built from scratch, executive committee
Jangkrik
and Gumusut-Kakap: subsea projects in Indonesia and Malaysia
Field Notes
Three Field Notes on Southeast Asia.
18 Oct 2026 · SE Asia · Gas & LNG
Eni · Petronas · Kutei North
The 33-Month Bet
Eni and Petronas have set first gas at Kutei North 33 months after sanction. Of eleven large floating developments, two were faster, and Hormuz has made the date worth more.
Risk Series · 65 sources →
14 Oct 2026 · SE Asia · Iron Ore
Glencore · Radiant World · Deutsche Bank
Paid on 6 March, Re-dated 12 March
An iron ore invoice paid by Glencore was re-dated and sold to a bank within days. It sits at the centre of a three-country fight between Glencore, its former partner and their lenders.
Risk Series · 25 sources →
27 Jul 2026 · SE Asia · Nickel
Indonesia · Tsingshan
6% to 60%. Control not included.
Indonesia rebuilt the world's nickel supply in a decade. It also broke the price, handed the margin to Chinese capital and coal, and built a machine the West's green rules now exclude. Owning a market is not controlling it.
Value-Chain Series · 20 sources →
What we are retained for
01
Strategic Mandates
Where should the capital go, in what order, and should we make or buy?
02
Transaction & Asset Red-Teaming
What is the strongest case against this deal?
03
Resource Risk & Governance
Which risks sit outside the model, and which can the board act on?
04
White-label Research
What is the case the consensus is missing?