The Oil & Gas Year Malaysia 2015
Malaysia is balancing a national agenda promoting economic transformation through lowering subsidies and taxes with an international programme for progressing a common market for member states of the Association of Southeast Asian Nations. These two tasks that are not helped by depressed oil prices, which at the beginning of 2015 reached new six-year lows.
As the second largest exporter of LNG globally after Qatar, Malaysia must weather conditions posed by sustained low oil prices, reflected in LNG prices at a lag of several months. National oil company Petronas has stated that its most critical infrastructure projects will advance unaffected, including two floating LNG facilities and a new train at its onshore complex in Bintulu, Sarawak.
Low prices are denting the operations of national and international oil companies globally. With cuts to capital and operational expenditures planned by Malaysia’s state-owned Petronas for 2015, on the back of heavy fourth-quarter losses the previous year, the national oil company must weigh its upstream priorities. As development continues at major deepwater plays in the country, brownfield sites are to be rejuvenated through production enhancement efforts.
The Oil & Gas Year Malaysia 2015 features interviews with national industry leaders such as Dialog Group’s Tan Sri Ngau Boon Keat, Exxonmobil Exploration And Production Malaysia’s See Kok Yew, Schlumberger’s Maen Razouqi and many others. Filled with detailed maps and infographics the book is an indispensable guide for investors.