Malaysia’s upstream segment could see good days ahead in the short-to-medium term as the completion of both greenfield and brownfield developments brings new volumes of oil and gas online, Business Monitor predicted in a new report.
New gas supplies will underpin continued expansion in the country’s LNG production based in Sarawak, the report stated. Some of the key trends and developments covered by the report include:
? Expectations for growth in Malaysia’s oil and gas reserves that are underpinned by resource upgrades stemming from exploration and development activities in three areas: deepwater, marginal and stranded fields, and enhanced oil recovery (EOR) projects in mature fields.
? Oil and gas production is set to grow as a result of large discoveries in recent years. For oil in particular, investment into marginal fields could support a short-term increase in production until larger and more complex deepwater projects come on-stream.
? A string of prolific discoveries and major projects set to come online between 2014-2018 would see gas production continue on an upward trend. Nearly all of these new projects are off the coast of Sarawak, East Malaysia, which will in turn support LNG production growth at Petronas’ LNG complex.