KL oil to last 15 years

KL oil to last 15 years

KUALA LUMPUR (AFP): Malaysia's existing oil reserves will last 15 years and its gas reserves will last for 30 years at the current rate of production, a minister said Thursday.

The country has an estimated 3.63 billion barrels of oil and 2.4 trillion cubic metres of gas reserves, Bernard Dompok, a Minister in the Prime Minister's Department, told parliament.

The figures exclude an estimated 1.4 billion cubic metres of gas in a field jointly being developed by Malaysia and Thailand.

Dompok, quoted by the official Bernama news agency, said Malaysia ranked 25th in world petroleum production.

Current daily oil production stood at 612,000 barrels -- with the peninsula producing 345,000 barrels and the rest coming from the eastern states of Sabah and Sarawak.