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The oil and gas industry has played a significant role in the social and economic development of Malaysia. In 2012, exports of petroleum products and LNG reached 17.67mn tonnes and 23.77mn tonnes, respectively. Meanwhile, the country imported 10.85mn tonnes of crude petroleum and 17.51mn tonnes of petroleum products during the same year.
The Malaysian oil and gas industry accounted for approximately 10.4% of the country’s total GDP in 2012. Domestic crude oil and natural gas reserves stood at 5.94bn boe and 15.36bn boe, respectively. The country operates a total of 124 producing oil and gas fields and the domestic resource replenishment ratio increased from 1.5 times in 2011 to 1.6 times in 2012.
Deepwater fields are expected to contribute as much as 30% of oil production by 2020. Malaysia could potentially add 166,000bpd of oil production by 2020 through enhanced oil recovery. A consortium comprising Dialog Group Berhad, Royal Vopak and the state government of Johor has been formed to develop the country’s second LNG regasification facility. LNG regasification facilities in the country will play a key role in reshaping its energy mix in the future.
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