Petronas is to invest $11.9 billion during the term of the 9 Malaysia Plan, of which 30% will be dedicated to oil and gas exploration.
Offshore staff
(Asia-Pacific) - Petronas is to invest $11.9 billion during the term of the 9 Malaysia Plan, of which 30% will be dedicated to oil and gas exploration as well as development and production projects to boost long-term oil and gas supply.
The remaining $8.3 billion would for upgrading oil and gas supply infrastructure.
Malaysia's crude oil and condensates reserves stood at 5.3 Bbbl in 2005 and were projected to last for 19 years, according to the official 9MP statement.
Crude oil and condensates production would be raised to average 826,600 b/d during 2006-2010 plan period from 718,200 b/d in 2001-2005.
This would be a significant increase in the Malaysian national depletion policy, which has limited production to maximize revenue earnings and stretch domestic oil supply from indigenous sources.
