Crude Oil And Condensate Production In 3Q Up 0.3% To 45.0 Million Barrels - DOSM

The production of crude oil and condensate amounted to 45.9 million barrels in the third quarter of 2023 (3Q 2023), which was higher by 0.3% compared to a year ago, said the Department of Statistics Malaysia (DoSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the increase was primarily contributed by condensate, with 16.2% growth after registering 11.3% in the previous quarter.

“In terms of composition, crude oil contributed the most with 72.1% or equivalent to 33.1 million barrels, while condensate encompassed 27.9% or 12.8 million barrels,” he said in the release of Mining of Petroleum and Natural Gas Statistics, 3Q 2023.

Meanwhile, he said natural gas production contracted by 2.1% to 677.8 billion cubic feet in this quarter, while the production of crude oil and condensate expanded by 0.9% in comparison with the previous quarter, and natural gas rebounded to 0.2% increase from negative 7.7% recorded in the last quarter.

Elaborating on the performance of external trade, Mohd Uzir said the export value of crude petroleum and condensate increased to RM7.8 billion in the 3Q from RM6.5 billion in the last year's corresponding quarter.

“Thailand was the major export destination for crude petroleum and condensate in this quarter with a value of RM2.3 billion (29.3%), followed by Japan (23.3%) and Australia (18.3%),” he said. 

The DoSM said the export value for refined petroleum products amounted to RM31.0 billion, with 18.5% exported to Singapore, followed by Australia (16.8%) and Indonesia (13.6%).

“A lower export value of liquefied natural gas (LNG) was recorded in this quarter, which amounted to RM12.5 billion.

“The import value of crude petroleum and condensate decreased to RM12.5 billion in this quarter, with more than half or 53.9% was imported from Saudi Arabia with a value of RM6.7 billion, followed by the United Arab Emirates (18.2%) and the US (6.0%),” it said. 

Furthermore, Mohd Uzir said imports of refined petroleum products also showed a decline this quarter by registering a value of RM30.6 billion, and the highest import value of RM10.9 billion or 35.4% was from Singapore, followed by China (13.9%) and the Republic of Korea (10.5%).

“As for LNG, the import value amounted to RM1.6 billion with imports from Australia totalling RM1.4 billion or 86.3% while Brunei Darussalam accounted for 13.7%,” he added.