Brunei in need for new oil reserves

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Brunei_Oil_and_Gas_Field_mapThe government of Brunei Darussalam is working intensively on discovering new oil and gas reserves as the nation is faced with maturing petroluem assets, according to the Brunei National Petroleum Company (Petroleum Brunei).

Delivering the initial address at the CEO Summit at the 10th Ascope Conference & Exhibition in Ho Chi Minh City, a Petroleum Brunei representative said that oil and gas accounts for more than 90 per cent of the country’s GDP.

Brunei last year produced 150,000 barrels per day of oil, way below its 1979 peak of 260,000 bpd. However, onshore exploration is under way and new offshore wells are planned soon that could boost the country’s reserves base.

Discovered gas would likely be used as feedstock at the Brunei liquefied natural gas project. Brunei was the first Southeast Asian nation to export liquefied natural gas, shipping its maiden cargo to Japan in 1972.

The small population of approximately 400,000 means that energy consumption is relatively low and the lion’s share of hydrocarbon production is exported. The nation’s Vision 2025 is to further grow Brunei’s oil and gas sectors both domestically and internationally, but also to diversify the economy into other sectors.

Petroleum Brunei is set to be awarded its first exploration acreage onshore Myanmar and the country is also looking to be involved in an LNG receiving and regasification terminal in the Philippines.

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Reading Time: 1 minute

The government of Brunei Darussalam is working intensively on discovering new oil and gas reserves as the nation is faced with maturing petroluem assets, according to the Brunei National Petroleum Company (Petroleum Brunei).

Reading Time: 1 minute

Brunei_Oil_and_Gas_Field_mapThe government of Brunei Darussalam is working intensively on discovering new oil and gas reserves as the nation is faced with maturing petroluem assets, according to the Brunei National Petroleum Company (Petroleum Brunei).

Delivering the initial address at the CEO Summit at the 10th Ascope Conference & Exhibition in Ho Chi Minh City, a Petroleum Brunei representative said that oil and gas accounts for more than 90 per cent of the country’s GDP.

Brunei last year produced 150,000 barrels per day of oil, way below its 1979 peak of 260,000 bpd. However, onshore exploration is under way and new offshore wells are planned soon that could boost the country’s reserves base.

Discovered gas would likely be used as feedstock at the Brunei liquefied natural gas project. Brunei was the first Southeast Asian nation to export liquefied natural gas, shipping its maiden cargo to Japan in 1972.

The small population of approximately 400,000 means that energy consumption is relatively low and the lion’s share of hydrocarbon production is exported. The nation’s Vision 2025 is to further grow Brunei’s oil and gas sectors both domestically and internationally, but also to diversify the economy into other sectors.

Petroleum Brunei is set to be awarded its first exploration acreage onshore Myanmar and the country is also looking to be involved in an LNG receiving and regasification terminal in the Philippines.

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