Malaysia’s Natural Gas Production Rebounds, Up 3 Pct In 2024 -- DOSM

KUALA LUMPUR, March 4 (Bernama) -- Malaysia’s natural gas production rose three per cent to 2,948.8 billion cubic feet in 2024, rebounding from previous declines, the Department of Statistics Malaysia (DOSM) said.  

In a statement today, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said natural gas output recovered in the fourth quarter of 2024 (4Q 2024), increasing 2.4 per cent year-on-year to 792.8 billion cubic feet after a 2.7 per cent decline in the previous quarter.  

“Meanwhile, crude oil and condensate production totalled 45.7 million barrels, showing growth but remaining in negative territory with a seven per cent decline, compared to an 8.9 per cent reduction in the preceding quarter.  

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“This performance was supported by a smaller decline in crude oil production, which fell 9.6 per cent in 4Q 2024 from a 14.2 per cent drop in the previous quarter, with total output at 31.3 million barrels, while condensate production decreased by 0.8 per cent compared to 4.6 per cent in the third quarter.”  

Mohd Uzir said crude oil made up 68.5 per cent of total crude oil and condensate production, while condensate accounted for 31.5 per cent, or 14.4 million barrels.  

“On a quarterly basis, crude oil and condensate production increased by 9.3 per cent in 4Q 2024, compared to a decline of 9.3 per cent in the previous quarter.  

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“The growth was driven by a 7.5 per cent increase in condensate production, up from 3.2 per cent in the third quarter, and a 20.2 per cent rise in natural gas production, which had fallen by 5.4 per cent previously,” he said.  

DOSM also mentioned that the Weighted Average Lifting Price (WALP) for crude oil and condensate in Malaysia fell to US$76.3 per barrel in 4Q 2024, down from US$82.0 per barrel in the previous quarter. (US$1 = RM4.46).

“The price decline was in line with the global downward trend in WTI and Brent prices, which fell to US$70.7 per barrel and US$74.6 per barrel, respectively, compared to US$76.2 per barrel and US$79.8 per barrel in the previous quarter,” Mohd Uzir said.  

Commenting on external trade performance, Mohd Uzir said crude petroleum and condensate exports increased to RM6 billion in 4Q 2024 from RM5.9 billion in the previous quarter, with Thailand remaining the largest export destination at RM2.0 billion, or 32.7 per cent, followed by Australia at 21.8 per cent and India at 9.9 per cent.  

“Meanwhile, the export value of refined petroleum products declined to RM26.5 billion in 4Q 2024 from RM27.9 billion in the previous quarter, with RM5.9 billion, or 22.3 per cent, exported to Singapore, followed by Indonesia at 22.0 per cent and Australia at 19.8 per cent.  

“The export value of liquefied natural gas (LNG) increased to RM16.7 billion from RM12.7 billion, with Japan being the largest importer at RM6.6 billion, or 39.8 per cent, followed by the Republic of Korea at 30.2 per cent and China at 21.3 per cent,” he said.  

On imports, he said crude petroleum and condensate imports increased to RM15.1 billion in 4Q 2024 from RM14.2 billion in the previous quarter, with Saudi Arabia accounting for 41.1 per cent, or RM6.2 billion, followed by the United Arab Emirates at 19.1 per cent and Angola at 9.5 per cent.  

“Furthermore, the import value of refined petroleum products declined to RM25.4 billion in 4Q 2024 from RM28.7 billion in the previous quarter, with Singapore accounting for the highest import value at RM9.1 billion, or 35.7 per cent, followed by India at 11.9 per cent and Saudi Arabia at 9.2 per cent.  

“The import value of LNG totalled RM2.2 billion in 4Q 2024, down from RM2.8 billion in the previous quarter, with Australia accounting for 83.9 per cent, or RM1.9 billion, followed by the United States at 8.4 per cent and Mozambique at 7.7 per cent,” he said.  

-- BERNAMA