Malaysia holds 3,600,000,000 barrels of proven oil reserves as of 2016, ranking 28th in the world and accounting for about 0.2% of the world’s total oil reserves of 1,650,585,140,000 barrels. Malaysia has proven reserves equivalent to 13.9 times its annual consumption.
How many oil fields are there in Malaysia?
The country’s remaining commercial reserves are estimated at over 5 billion barrels of oil equivalent contained in more than 400 fields, with gas making up around three-fourth of the mix.
Where does Malaysia get oil?
According to the Oil & Gas Journal (OGJ), Malaysia held proved oil reserves of 3.6 billion barrels as of January 2020, the fourth-largest reserves in Asia Pacific after China, India, and Vietnam. 6 Nearly all of Malaysia’s oil comes from offshore fields.
What is the oil field basins in Malaysia?
Sabah There are three major basins in Sabah namely the Sabah Basin, Northeast Sabah Basin and Southeast Sabah Basin. The Sabah Basin which is located in the Northwest Sabah is mainly offshore while the other two basins cover some areas in the Northeast and Southeast of onshore Sabah.
Why oil and gas industry is important in Malaysia?
The Malaysian gas industry provides many benefits for the country. The industry contributes to Malaysia’s overall socio-economic well-being through the creation of jobs, supporting the domestic economy as well as boosting government revenue through the payment of taxes and royalties.
How long will Malaysia oil last?
Oil Reserves in Malaysia
Malaysia has proven reserves equivalent to 13.9 times its annual consumption. This means that, without Net Exports, there would be about 14 years of oil left (at current consumption levels and excluding unproven reserves).
Does Malaysia import crude oil?
The earliest that Malaysia is expected to become a net oil-importing country is 2012 and the latest is 2021. Malaysia’s dependence on oil imports is expected to continue increasing. In all scenarios, the shares of oil import in the total supply rise to above 90% in 2030, with the highest share at 97%.
Which two countries use the most oil?
The United States and China are the top largest consumers of oil in the world, totaling 17.2 million and 14.2 million barrels per day, respectively.
Does Sabah have oil?
Oil and condensates reserves in Sabah, Malaysia 1992-2017
As of the end of 2017, Sabah in Malaysia had approximately 1.8 billion barrels worth of crude oil and condensates reserves left. In total, the production of fuel oil amounted to 3.18 million metric tons in Malaysia.
How many oil and gas platforms are there in Malaysia?
Malaysia Oil & Gas Exploration
Exploration drilling by the PSCs has resulted in the discovery of 163 oil fields and 216 gas fields.