Dateline 2016-12-13, Reuters:
Malaysia is expected to start oil production at the end of December at a deepwater field that could lift February export volumes of key grade Kimanis by 25% from January, two sources with knowledge of the matter said on Dec. 13.
Operated by Royal Dutch Shell, the Malikai Field off the East Malaysian state of Sabah could boost exports of Kimanis to 193,000 barrels per day (bbl/d) in February, or nine 600,000-barrel cargoes, they said, meeting crude demand from Australia and India.
The sources spoke on the condition of anonymity as they were not authorized to speak to media. Shell and its partner, Malaysia’s state-owned energy company Petronas, declined to comment.
The new production will come after Malaysia joined producers from outside of the Organization of Petroleum Exporting Countries (OPEC) to cut output along with its OPEC counterparts. News of the agreement boosted global oil prices by more than 6% to 18-month highs on Dec. 12.