oil and gas sector on asx are tiny because multinational, like...

oil and gas sector on asx are tiny because multinational, like cvx, bp or shell, total are dominating force in the sector. Apart from sto and Wpl, there are not many big boys on asx to be worthwhile to invest. Wpl and sto both have high capital requirements due to new proj in short and medium terms. That’s the reason why asx’s oils and gas sector did not do well compared to US peers. Historically, Japanese, Korean and Chinese Utility Co are taking the shares on any mega LNG project. But with Scarborough, very strange, only some trading co have signed off-take agreements not taking equity. I guess, this is reason why stock is not tied with Brent or gas price anymore.