Recently published research from Business Monitor International, "Malaysia Oil & Gas Report Q3 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 06/27/2013 -- In the five-year period between 2013 and 2017, production growth is set to outpace consumption growth in the Malaysian oil sector as the removal of fuel subsidies and a move towards coalfired power plants reduce domestic demand for oil. Production will continue to be strong given our positive demand forecasts for oil within the Asian region. The trend is reversed in gas, where consumption growth will outpace domestic production growth. Malaysia's gas prices continue to be the lowest in South East Asia, and gas remains the preferred energy fuel by power companies.
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The main trends and developments we highlight for Malaysia's oil and gas sector are:
- Malaysia LNG Group (MLNG), the liquefied natural gas (LNG) subsidiary of Malaysia's national oil company (NOC) Petronas, is looking to increase its production of LNG over the next five years and will MYR15bn (US$4.93bn) into more than 10 capital projects. We believe that Petronas' plan to expand its domestic LNG production capacity is indicative of a shift towards LNG within its portfolio as it seeks to capture the opportunities afforded by expected growth in the global LNG market. Its limitations lie in the availability of gas to feed its LNG plants, though results from exploration appear to be supportive of this domestic expansion.
- On January 18, Petronas announced that it had made its first onshore oil and gas discovery after 24 years. The discovery was made at the Adong Kecil West-1 well and drill-stem tests reflected flow rates of approximately 440 barrels per day (b/d) and 325,657 cubic metres daily. The well was drilled to a depth of 3,170m and encountered 349m of net hydrocarbon thickness. While specifics were not mentioned, Petronas announced that there existed some upside potential for hydrocarbon accumulation in the deeper sections of the well.
- Gas supply from the Malaysia-Thailand joint development area and projects such as ExxonMobil's Bintang field is likely to mean continuing growth in Malaysia's gas volumes and exports. We expect gas production to reach 69.5bn cubic metres (bcm) by 2017, an annual average growth rate of 2.0% from 2013 levels. Given substantial gas subsidies, consumption is set to grow faster at an annual average rate of 6.0% from 36.0bcm in 2013 to 44.6bcm in 2017.
- Malaysia's oil export revenues and gas export revenues are set to reach US$3.5bn and US$11.9bn by 2017 respectively.
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