Malaysia’s $30 bln drive reverses oil decline, boosts gas


Dateline 2013-06-14, Reuters:

Malaysia’s $30 billion push to find more oil and gas is paying off, with domestic crude output bouncing off a recent 20-year low and natural gas production on track to hit a record high before the end of the decade.

Southeast Asia’s second-biggest oil producer expects its crude and condensate output to rise to more than 600,000 barrels per day (bpd) in the next five years as new big fields start up and natural decline is stemmed at mature fields.

Malaysia’s oil output is not likely to rise much higher than that as most recent finds have been gas, although production of liquids may briefly approach former levels near 700,000 bpd when some of the new fields hit their peaks.

Leave a comment