DoSM: Crude oil and condensate production in 3Q up 0.3pc to 45m barrels
Published on: Saturday, December 16, 2023
By: Bernama
Kuala Lumpur: The production of crude oil and condensate amounted to 45.9 million barrels in the third quarter of 2023 (3Q 2023), which was higher by 0.3 per cent compared to a year ago, said the Department of Statistics Malaysia (DoSM).
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the increase was primarily contributed by condensate, with 16.2 per cent growth after registering 11.3 per cent in the previous quarter.
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“In terms of composition, crude oil contributed the most with 72.1 per cent or equivalent to 33.1 million barrels, while condensate encompassed 27.9 per cent or 12.8 million barrels,” he said in the release of Mining of Petroleum and Natural Gas Statistics, 3Q 2023.
Meanwhile, he said natural gas production contracted by 2.1 per cent to 677.8 billion cubic feet in this quarter, while the production of crude oil and condensate expanded by 0.9 per cent in comparison with the previous quarter, and natural gas rebounded to 0.2 per cent increase from negative 7.7 per cent recorded in the last quarter.
Elaborating on the performance of external trade, Mohd Uzir said the export value of crude petroleum and condensate increased to RM7.8 billion in the 3Q from RM6.5 billion in the last year’s corresponding quarter.
“Thailand was the major export destination for crude petroleum and condensate in this quarter with a value of RM2.3 billion (29.3 per cent), followed by Japan (23.3 per cent) and Australia (18.3 per cent),” he said.
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The DoSM said the export value for refined petroleum products amounted to RM31.0 billion, with 18.5 per cent exported to Singapore, followed by Australia (16.8 per cent) and Indonesia (13.6 per cent).
“A lower export value of liquefied natural gas (LNG) was recorded in this quarter, which amounted to RM12.5 billion.
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“The import value of crude petroleum and condensate decreased to RM12.5 billion in this quarter, with more than half or 53.9 per cent was imported from Saudi Arabia with a value of RM6.7 billion, followed by the United Arab Emirates (18.2 per cent) and the US (6.0 per cent),” it said.
Furthermore, Mohd Uzir said imports of refined petroleum products also showed a decline this quarter by registering a value of RM30.6 billion, and the highest import value of RM10.9 billion or 35.4 per cent was from Singapore, followed by China (13.9 per cent) and the Republic of Korea (10.5 per cent). “As for LNG, the import value amounted to RM1.6 billion with imports from Australia totalling RM1.4 billion or 86.3 per cent while Brunei Darussalam accounted for 13.7 per cent,” he added.
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