Production Of Crude Oil & Condensate And Natural Gas Contracted By 3.3% And 3.7% Respectively In 2Q2023: DOSM

In relation to the Mining of Petroleum and Natural Gas, the Department of Statistics Malaysia (DOSM) revealed today (Sept 15) that from 2015 to 2022, the annual production of Crude oil and condensate posted the highest value of 250.1 million barrels in 2016.

However, production began to decline following the onset of the COVID-19 pandemic, subsequently reaching 189.1 million barrels in 2022. During the same period, Natural gas production averaged 2,716.6 billion cubic feet with the lowest recorded production of 2,525.0 billion cubic feet in 2020 while the highest was 2,862.9 billion cubic feet in 2022.

In the second quarter of 2023, the production of Crude oil and condensate dropped by 3.3 per cent (Q1 2023: 1.5%) year-on-year, with a production value of 45.5 million barrels.

The contraction was influenced by the continuous decline in Crude oil production by negative 7.9 per cent (Q1 2023: -5.5%). Meanwhile, the condensate maintained its double-digit growth for four consecutive quarters albeit at a slower pace of 11.3 per cent as against 27.0 per cent in the previous quarter.

In terms of composition, Crude oil was the largest contributor with 72.6 per cent share or equivalent to 33.1 million barrels, while condensate contributed 27.4 per cent or 12.5 million barrels in the second quarter of 2023.

On the other hand, the production of Natural gas amounted to 676.6 billion cubic feet in this quarter, shrank 3.7 per cent (Q1 2023: 733.3 billion cubic feet, 0.6%) after nine months on the increasing trend. In comparison with the previous quarter, production of Crude oil and condensate; and Natural gas declined by 5.6 per cent and 7.7 per cent, respectively.

The price of Crude oil and condensate has been showing a declining trend for the fourth quarter, after recording USD116.5 per barrel in the second quarter of 2022. In the second quarter of 2023, the Weighted Average Lifting Price (WALP) of Crude oil and condensate was USD80.5 per barrel, lower than USD85.6 per barrel recorded in the previous quarter. Additionally, the price per barrel of West Texas Intermediate (WTI) recorded USD73.8 and Brent USD78.3 in this quarter.

The export value of Crude petroleum and condensate decreased to RM6.5 billion in the second quarter of 2023 (Q1 2023: RM8.3 billion). Japan was the major export destination with a value of RM1.7 billion (25.6%), followed by Thailand (23.3%) and Australia (17.2%).

Meanwhile, the export value of Refined petroleum products increased to RM35.3 billion (Q1 2023: RM33.9 billion), with a total of RM7.4 billion or 21.0 per cent being exported to Australia, followed by Singapore (19.9%) and Indonesia (14.4%). LNG, on the other hand, recorded a lower export value of RM12.8 billion in this quarter (Q1 2023: RM17.8), of which 43.1 per cent was exported to Japan with a value of RM5.5 billion (43.1%), followed by China (27.7%) and the Republic of Korea (18.2%).

The import value of Crude petroleum and condensate expanded to RM16.8 billion (Q1 2023: RM14.2 billion) with 56.5 per cent or RM9.5 billion from Saudi Arabia. Meanwhile, the United Arab Emirates ranked second with a share of 13.5 per cent, and followed by Colombia (4.3%).

The imports of Refined petroleum products also posted an increase to RM33.3 billion in this quarter (Q1 2023: RM31.0 billion) with Singapore contributing the highest value of RM10.4 billion (31.1%), followed by the Republic of Korea (11.6%) and China (11.2%).

LNG recorded an import value of RM1.1 billion in this quarter (Q1 2023: RM1.9 billion) with the import value from Australia amounted to RM0.9 billion or 80.1 per cent and Brunei Darussalam 19.9 per cent.

The Mining of Petroleum and Natural Gas Statistics is the first published by the Department of Statistics Malaysia (DOSM) that compile key statistics related to the petroleum and natural gas industry.

It provides an essential statistical reference for data users. The report presents annual and quarterly statistics encompassing various aspects including production, sales, prices, exports and imports of crude oil & condensate and natural gas.

Additionally, it features macroeconomic indicators such as Gross Domestic Product (GDP), Industrial Production Index (IPI), Producer Price Index (PPI), as well as employment and labour productivity statistics.

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