Sunday August 06, 2006

Brunei prepares for rude awakening after oil

peakoil.com -> smh.com.au :

Brunei's 370,000 citizens live a tax-free existence, with free health and education and heavily subsidised petrol prices - 51 Brunei cents a litre (USD $1.01 per gallon). But sleepy Brunei may soon have to wake up. The size of its oil and gas reserves is a state secret, but it is estimated they may last only another 20 years. In his birthday address on July 15, Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah warned that "an open attitude towards the diversification of our economy is important when it comes to ensuring the country's survival".

What will Brunei do when the state's resources run dry? Right now, the Government is looking for other ideas: tourism, creating a financial hub, and becoming a centre of halal food processing have all been mentioned. Can the sultan introduce taxes and still insist on continued absolute sovereignty? Time will tell whether Bruneians, when they finally have to pay market price for petrol, will see the future through their sovereign's eyes.

- It could be a bit late to also try to do the Dubai thing.

See also :

1. Brunei warns of oil crunch
2. Brunei to restrict retail fuel sales to foreign drivers
3. ASPO : Country Assessment – Brunei

(2006-08-06 23:39:59 SGT) [Energy] Permalink

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out