KUALA LUMPUR – Malaysia’s current oil reserves are estimated to only last for 28 years, based on records by Petronas dated January 1 and the country’s Overall Resource Life Index, said Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed.
Mustapa (Jeli-Bersatu) said as of last year, Malaysia’s “yet-to-find resources” involving fossil fuel stood at 20 billion barrels of oil.
He said this in a written parliamentary response to a question by Lukanisman Awang Sauni (Sibuti-GPS), who sought answers for Petronas’ master plan on the exploration of oil and gas (O&G) in Sarawak, and the estimated oil reserves in Malaysia.
“In an effort to maximise the potential of petroleum resources off the coast of Sarawak, Petronas has developed an integrated plan optimising exploration and development strategies that prioritise ensuring sustainable O&G production,” Mustapa said.
“This integrated plan is constantly updated, taking into account any new discoveries, latest technology, and information on available petroleum resources.”
He said Petronas also has plans for the development of the downstream O&G industry.
However, he said the planning needs to be scrutinised as it requires high capital investment and application of specialised technologies from O&G asset operators, especially in the management of waste materials such as carbon dioxide and high hydrogen sulfide.
He said apart from development plans, Petronas is looking to intensify oil exploration off the coast of Sarawak to identify petroleum reserves in the area, while reducing the risks involved.
Mustapa said Petronas had launched the Malaysia Bid Round 2021 last February to promote six offshore blocks in Sarawak that two were located in deep sea areas.
“These efforts are important in ensuring the sustainability of high capital investment to further develop the downstream O&G industry.”
According to the Petronas 2019 annual report, the company recorded an Overall Resource Life Index of 38.7 years based on a three-year average, which included its contingent resources.
Last year, the national O&G firm made seven discoveries that contributed to its resources in Malaysia, Suriname, and the Gulf of Mexico. – The Vibes, November 23, 2021
