Tom Kirkman

Petronas to explore for new O&G reserves - including deepwater

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Some good news over here locally in Malaysia.  Petronas is going to rev up exploration activities, locally and internationally, and deepwater exploration is back on the table.

Why?  Malaysia's Oil & Gas reserves are only expected to last another decade or so.

While Malaysia will continue to export oil (and LNG) Malaysia is already roughly over the top of the reserves bell curve, and is starting to import more oil than it exports.  Becoming a net oil importing country.  Unless of course, large new oil fields are discovered in Malaysia's deepwater soon.

There is a bit of a dispute here locally about Malaysia's oil & gas reserves.  I tend to view Malaysia currently as a net hydrocarbon exporting country, but a net oil importing country. 

Malaysia is already starting down the bell curve slope of importing more oil than it exports, due to declining oil reserves.  However, factoring in large LNG exports, Malaysia will continue to be a net hydrocarbon exporter for some years still.  

Petronas to explore for new O&G reserves — ministry

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