Southeast Asian oil output likely to peak by 2013

Oil production in Southeast Asia will reach a peak in 2013 as fewer new fields are found, forcing the region to evaluate its dependence on crude, said Michael Smith, chief executive of UK-based consultant Energyfiles Ltd. Crude oil output will hit an apex of 3.3 million barrels a day by 2013, said Smith, during a presentation at the OSEA 2006 conference in Singapore. Southeast Asia's gas production will hit a total of 4.7 million barrels of oil equivalent a day at the same time before reaching a top level in 2020.

"The region won't be able to sustain the aircraft and automobile growth that has happened in the past," said Smith. New deepwater production from Malaysia and Vietnam and supplies from Thailand will stave off the peak. From 2013 onward, the region will become more of a natural gas supplier, exporting 1.6 million barrels of oil equivalent a day.

(2006-12-07 12:38:59 SGT) [Energy] Permalink

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