Malaysia May Become Oil Importer by 2009
23 July 2005
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| Source: BP Statistical Review 2005 |
AP. Malaysia may become a net importer of oil by 2009, absent the discovery of new oil reserves, according to the government.
If so, that would mark a relatively dramatic decline in production. Malaysia’s oil consumption has been growing at a slower rate than its economic output, due to conservation efforts and the conversion of oil-fired power plants to natural gas—which it has in abundance. (Malaysia exported approximately 14% of global LNG in 2003, according to the EIA.)
In 2004, Malaysia produced an average of 912,000 barrels per day, consuming 504,000 and exporting 408,000, according to the BP Statistical Review of World Energy.
Deputy Prime Minister Najib Razak made the assertion during a speech at the annual congress of Malaysia’s ruling party.
“Malaysia is an oil exporter, but if we do not find new oil reserves, then by 2009, we will become a net importer,” said Deputy Prime Minister Najib Razak. “This means we cannot continue to lean on the oil sector.”
According to the DOE’s Energy Information Administration, Malaysia has proven oil reserves of 3.0 billion barrels, down from 4.3 billion barrels in 1996.
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Despite the declining oil reserves, however, Malaysia’s crude oil production has risen in the last two years as a result of new offshore development. If we go back to the chart (right) that boost in output can been seen in the increase at the far right of the plot.
Given that, it seems likely then that the Malaysian government has determined (or is concerned) that the surge in offshore oil production is going to be somewhat short-lived.
In the scheme of 85+ million barrels per day of global consumption, 400,000 may not seem like a lot. But when spare capacity is measured at around 1,000,000 barrels per day, losing that 400,000 from the market will hurt. And it will hurt Malaysia’s economy, as it starts paying out, rather than collecting.
(Adding to the pain will be the quality of the Malaysian oil that will be in decline. According to the EIA, most of the country’s oil fields contain low-sulfur, high-quality crude, with gravities in the 35º–50º API range. More than half of the country’s oil production comes from the Tapis field, which contains 44º API oil with low-sulfur content. High-value crude for gasoline, in other words, more easily refined than the heavier, sour crudes.)
To forestall that day, the state oil company, Petronas, is embarked on an aggressive international exploration and production strategy. Currently, Petronas is invested in oil exploration and production projects in Syria, Turkmenistan, Iran, Pakistan, China, Vietnam, Burma, Algeria, Libya, Tunisia, Sudan, and Angola.
Mr:Bennour Walid
Cité 109 Logts Bloc01 N°12,Bordj Bou Arreridj
Algeria
Tel: (+213) 077-98-69-90
Fax: (+213) 035-68-70-20
E-mail: [email protected]
Application job
My Object: I’d like to work in your company.
My name: Bennour Walid. Born on: April 12th, 1982 à Bordj Bou
Arreridj, Algeria. I have obtained Diploma of: State Engineer Degree.
Section:
Chemical
Engineering. Major: Refining. From the faculty of: Hydrocarbons and
Chemistry. Department of Pharmaceutical and Chemical Processes
Engineering. My object: I’m looking for job in your company. For taking
more
experiences. In addition, I’d like to find out more about the job. I’d
like .I have two levels in the langauge English(Lower intermediate and
intermediate) in the INPED of Boumerdes, Algeria.
to take advantage of our remaining time in this company. to take as
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I’m sending my Thanks and my peace at all groups in your company.
Yours sincerely,
Posted by: Bennour Walid | 24 May 2007 at 02:25 PM
Full Name
Bennour Walid
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Sub Category
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(+213)077986990
Date of Issue
2007-08-16
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Mr:Bennour Walid Cité 109 Logts Bloc01 N°12,Bordj Bou Arreridj Algeria Tel: (+213) 077-98-69-90Fax: (+213) 035-68-70-20E-mail: [email protected] Application job My Object: I’d like to work in your company. My name: Bennour Walid. Born on: April 12th, 1982 à Bordj Bou Arreridj, Algeria . I have obtained Diploma of: State Engineer Degree. Section: Chemical Engineering. Major: Refining. From the faculty of: Hydrocarbons and Chemistry. Department of Pharmaceutical and Chemical Processes Engineering. My object: I’m looking for job in your company. For taking more experiences. In addition, I’d like to find out more about the job. I’d like .I have two levels in the langauge English(Lower intermediate and intermediate) in the INPED of Boumerdes , Algeria . to take advantage of our remaining time in this company. to take as much headway as possible. I feel that additional practice is necessary to help me learn to speak correctly. I have good memorization skills. I’m sending all my documents. Finally, Would you mind calling me for any details? Could you please send me some information about your organization? Would you mind helping me to find job in our company, please? I’m sending my Thanks and my peace at all groups in your company. Yours sincerely,
Posted by: Bennour Walid | 17 September 2007 at 03:17 PM
Dear Sir/Ma
I STRONGLY BELIEF THAT THIS PROPOSAL WILL BE PAID ATTENTION TO FOR OUR MUTUAL BENEFIT.
MY NAME IS JANOTHAN OBI A NIGERIA CRUDE OIL LOW COST PRICE INTIATOR.I DO ASSIST DIRECT BUYERS TO PROCURE NIGERIA CRUDE OIL AT A LOWER PRICE.AT THE MOMENT,WE HAVE ABOUT TWO MILLION BARRELS OF DIFFRENT TYPES FOR IMMEDITE DISPOSAL TO ANY SERIOUS BUYER OUTSIDE OPEC PRICE.
KINDLY BEAR INMIND THAT WE ONLY DEAL WITH SEROIUS BUYERS.IF YOU ARE INTERESTED IN THIS OFFER KINDLY SEND TO ME THE FOLLOWING INFORMATIONS FOR MORE DETAILS
.
1.YOUR FULL COMPLETE NAME.
2.YOUR DIRECT PHONE AND FAX NUMBER
3.YOUR COMPLETE MAILING ADDRESS
4.COMPANY NAME.
AS SOON AS THESE INFORMATIONS ARE RECEIVED,YOU WILL BE INFORMED WITH MY INFORMATIONS CONCERNING THE SELLING CONDITIONS.THAT IS,MY PERCENTAGE PER SAY.
THANK YOU AND WAITING FOR YOUR PROMPT REPONSE.BEAR IN MIND THAT IT IS FIRST COME FIRST SERVE.
JANOTHAN OBI
Posted by: JANOTHAN OBI | 17 September 2008 at 06:30 AM