Delivering the initial address at the CEO Summit at the 10th Ascope Conference & Exhibition – the representatives give their addresses in alphabetical order of their respective nations – he said that oil and gas accounts for more than 90% of the country’s gross domestic product.
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. BLNG was the first South-east 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. PetroleumBrunei 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.