Malaysia's total average production increased by 3.9 per cent to 1.67 million BOE/d from 1.61 million BOE/d despite maturing fields and increasing cost pressures. Two new oil fields and one gas field, including the Kikeh deepwater project, were brought on stream during the year, increasing the total number of producing fields in Malaysia to 88 fields.
A total of MYR 21.54 billion (US$6.7 billion) was spent in Malaysia's upstream sector during the year, about 12 per cent higher than the previous year's expenditure of MYR 19.24 billion (US$6 billion). Of this, MYR1 2.06 billion (US$3.7 billion), or 56 per cent, was spent on development and production projects, MYR 1.52 billion (US$472 million), or 7.1 per cent, was spent on exploration activities, and the balance was spent on operations.
The country's total reserves, however, declined slightly, as compared to previous year, due to the downward revisions of in gas reserves offshore Sarawak and higher crude and gas production during the year despite additions through new discoveries. Total reserves stood at 20.13 billion BOE as of Jan. 1 2008, down from 20.18 billion BOE the previous year.
Petronas' share of outputs accounted for 69.2 per cent of the total average national production including Petronas Carigali's production.
Source : Energy Current
