Page 346 - The Guide To Sarawak

344 SARAWAK MEANS BUSINESS
National Oil Company PETRONAS has become a widely recognized global brand through its sponsorship and technical support of motorsports.
Oil & Gas
History
The discovery of oil in Sarawak in 1910 provided the bedrock for the development of Malaysia’s modern oil and gas industry. It created opportunities
for oil majors such as
Shell, Esso and others to invest in both upstream and downstream sectors, providing employment and skills transfer to thousands of Malaysians and changing the economic landscape of the country forever.
Malaysia currently has 28.35 billion barrels of oil reserves, about 1.2 per cent of the world’s proven natural gas reserves (2.35 trillion cubic metres) and a current
production rate of 750,000 barrels per day of crude oil products.
The Federal Government’s policy and macro-economic planning is intended to secure the sustainable and long-term success of the oil and gas industry. Its main
objective is to increase aggregate production capacity by 5% every year up to 2020 to meet domestic demand growth while sustaining crude
oil and LNG exports to overseas markets. In the Asia Pacific region, Malaysia
The Bintulu Supply Base will provide enhanced logistics and support services to all oil companies operating in Sarawak waters. Pictured is Murphy Oil’s Kikeh Spar, a floating production, storage and offloading oil rig operating off Labuan.