Dateline 2013-06-09, Platts:
Malaysia has set itself a key strategic objective of becoming a regional energy hub, Prime Minister Najib Razak said Monday.
Speaking at the opening ceremony of the 17th Asia Oil and Gas Conference in Kuala Lumpur, Najib said the energy sector plays a pivotal role in the Malaysian economy with oil and gas contributing to more than 40% of the country’s national income.
Najib said that Malaysia has halted a decline in its domestic production with 24 new discoveries made in 2012 alone. Malaysia produced 1.69 million b/d of oil equivalent in the first quarter of 2013, up 3% from 1.64 million boe/d in Q1 2012.