PARLIAMENT | Malaysia's oil and gas reserves are expected to be depleted by 2029 based on its current output, according to the Economic Affairs Ministry.
The ministry told the Dewan Rakyat today that Petronas will have to continue exploration efforts domestically and abroad in order to ensure Malaysia's fuel supply was sustainable.
"However, (hydrocarbon) exploration involves a very high cost, around 70 to 80 percent of the cost of production, due to the complexity and risks faced by Petronas," said the ministry.
This was said in reply to Hasan Arifin (BN-Rompin) who also asked about the volume of Malaysia's oil and gas reserves.
To this, the ministry said Malaysia's total reserves amounted to 6.7 BBOe (billion barrels of oil equivalent) with Sarawak having 2.8 BBOe, followed by Peninsular Malaysia (2.2 BBOe) and Sabah (1.7 BBOe).