Malaysia’s oil, gas production rebounds 1.3% in Q2

Malaysia’s crude oil and condensate production increased 1.3 per cent year-on-year to 46.1 million barrels in the second quarter, following two quarters of decline, according to the Department of Statistics Malaysia (DOSM) on Tuesday.

The DOSM attributed the improvement to a turnaround in crude oil production, which grew by 0.1 per cent, and a more significant expansion in condensate production, which increased by 4.2 per cent.

While natural gas production also saw a rise of three per cent year-on-year to 696.8 billion cubic feet in the second quarter, this growth was slower than the 9.1 per cent increase recorded in the previous quarter.

The export value of crude oil and condensate dropped to 7.5 billion ringgits in the second quarter from 9.1 billion ringgit in the first quarter.

Likewise, the export value of refined petroleum products decreased to 29.6 billion ringgits from 33.6 billion ringgit in the previous quarter.

Exports of liquefied natural gas also saw a decline in value to 13 billion ringgits from 18.5 billion ringgit in the first quarter.

Attribution: Xinhua

Subediting: M. S. Salama