Malaysia oil output holds at 700,000bpd

Some simple Maths:

700,000 X USD130 = USD 91,000,000 per day

USD 91 million X 30 days = USD 2.73 billion

USD 2.73 billion X 3.25 = RM 8.8725 billion per month

RM 8.87 billion X 12 = RM 106.44 billion per year.

Can Abdullah comprehend such figures?

Malaysia oil output holds at 700,000bpd

KUALA LUMPUR: Malaysia’s crude oil and condensate output is holding steady around 700,000 barrels per day (bpd), as new producing fields replace depletion from older ones, Petronas CEO Mohd Hassan Marican said on Monday.

Production of the benchmark light sweet Tapis crude in Asia’s largest net oil exporter is around 300,000-350,000 bpd, out of a total crude production of 600,000 bpd, he said.

He expects production of Kikeh crude to hit 120,000 bpd by the end of this year, while Gumusut crude is on track to come on stream in 2011 and will eventually hit full production of 150,000 bpd.

“We are now producing from the deepwater discoveries. While this new resource has been brought up, you need to also realise that production from the continental shelf is experiencing a decline,” he told Reuters.

“We have been able to replace reserves more than the annual production of oil and gas. The reserve replacement ratio is more than one, for the country,” he added. reuters