The liquefied natural gas (LNG) production in Malaysia exhibited varied trends from 2013 through 2023. In 2023, the production stood at 28.721 million metric tons. This marks an 8.19% decline from the previous year, breaking a sequence of steady growth seen since 2020. The five-year compound annual growth rate (CAGR) leading up to 2023 stood at 0.66%, indicating modest growth over the longer term.
Key Year-on-Year Variations:
- 2021: 9.17% increase
- 2022: 7.83% increase
- 2023: 8.19% decrease
Looking ahead, the forecast for Malaysia's LNG production suggests a steady climb with an expected 0.97% CAGR from 2024 to 2028, culminating in a projected volume of 30.535 million metric tons by 2028. The forecasted five-year growth rate stands at 4.96%, signifying sustained growth despite recent fluctuations.
Future Trends to Watch:
- Integration of new technologies in LNG production
- Impact of global energy market dynamics on production and export
- Government policies and initiatives promoting sustainable energy production
