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Malaysia to the fore.

Malaysia surpassed Indonesia as the key player in the upstream hydrocarbon industry in Southeast Asia last year, as Indonesia struggles to encourage new investments in the sector amid the nation's dwindling oil production.

Research by the Wood Mackenzie Group showed Indonesia, the former sole Southeast Asia member of the Organization of the Petroleum Exporting Countries (Opec), only contributed 14 per cent to the region's newly discovered oil and gas reserves in 2012.

The Edinburgh-based global energy oil and gas research specialist said that last year, Indonesia discovered 13 million barrels of oil equivalent (boe) of new reserves in 20 new oil and gas fields.

Malaysia, on the other hand, was the "stand-out performer" in Southeast Asia's upstream sector with estimated discoveries of 1.4 billion boe last year, or 72 per cent of the total discoveries in the region.

At least six new gas fields with combined estimated reserves of 7.3 trillion cubic feet (tcf) discovered in Malaysia were included in the top-10 largest discoveries in Southeast Asia, according to the report.

Malaysia's state-owned energy company, Petronas Carigali, Swedish oil and gas firm Lundin Petroleum and US-based Murphy Oil were among the most successful players in Malaysia. Murphy, which lost $214.6 million after discovering dry holes during its four-year explorations off the coast of Papua.

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Publication:Oil & Gas News
Geographic Code:90SOU
Date:Feb 25, 2013
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