From Rueters – Malaysia says 2012 crude oil output may rise 3.3 pct


Dateline 2011-10-07:

Malaysia’s crude oil production is seen rising 3.3 percent in 2012, reversing a decline this year, and liquefied natural gas production may increase, the Ministry of Finance said on Friday.

Crude output is forecast to increase to 620,000 barrels a day after an estimated 6 percent drop in 2011.

The amount of crude pumped out of the ground in Southeast Asia’s second-biggest oil and gas producer may shrink to 600,000 barrels a day in 2011, extending a 3.1 percent decline in 2010, the ministry said in its 2011/2012 Economic Report.

Malaysia has been developing deep-water fields, rejuvenating old areas and introducing incentives to develop less-profitable fields in a bid to increase output as global energy use climbed.

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