By ZARINA ZAKARIAHzarinaz@mediaprima.com.myKUALA LUMPUR: National oil company Petroliam Nasional Bhd (Petronas), has projected that there would be about 20 greenfield and 30 brownfield projects between 2018 to 2020 that has the potential for future oil projects. With an average production of 1.7 million barrels a day forecasted over the next five years, Malaysia has a robust pipeline of potential projects focused on developing greenfield projects while maximising ultimate recovery of brownfield projects. Saudi Arabia is the largest contributor to the output cut in OPEC with 0.5 million barrels per day. Malaysia has also committed to reduce its oil production by 20 thousand barrels per day. Currently, global oil demand is recorded at 98 million barrels per day and is expected to grow by 1.4 million barrels per day in 2018.
Source: New Strait Times January 03, 2018 01:30 UTC