Malaysia to Focus on Current Oil, Gas Fields

Malaysia will continue to focus on raising output from existing oil and natural gas fields, in addition to advancing exploration in deep water areas.

In an effort to promote oil and gas exploration, the government has introduced various new tax and investment incentives, Chief Executive Officer of the Malaysia External Trade Development Corporation (Matrade), Datuk Dr Wong Lai Sum said, Bernama reported.

"Malaysia's target is to increase aggregate production capacity by five per cent annually up to the year 2020, in meeting increasing domestic growth and sustaining crude oil and liquefied natural gas (LNG) exports to overseas markets," she said at a conference, Bernama added.  

Wong added that the looming strategy for the imminent development of Malaysia's oil and gas companies is rationalisation and undertaking joint ventures or collaborations with multinational companies.