A widening gap between Asia’s oil production and demand is creating a growing capital drain for the region and leaving countries vulnerable to global supply disruptions and a sudden surge in oil prices.

Asia’s net oil imports surpassed the total amount of oil consumed in North America in 2015 and are set to rise after producers slashed spending on exploration and production on low oil prices, leaving oilfields at risk of sharp production declines in the next decade.

Activities across Asia-Pacific to search for energy resources have nearly ground to a halt in the past year while recent exploration finds have struck more natural gas than oil, analysts said.

As Asia’s net imports grow and crude prices recover, the region’s oil import bill is set to climb back above $500 billion in 2017 for the first time in three years, calculations based on forecasts by the International Energy Agency and a Reuters crude oil price poll in August showed.

"With demand growth set to continue and outpace declining domestic production, this leaves Asia increasingly vulnerable to rising prices," said Energy Aspects analyst Virendra Chauhan.

The oil price slump since mid-2014 had given Asian economies a breather from high import bills.

But oil demand in the Asia-Pacific is expected to grow.