Brunei Oil and Gas Industry

By: EconomyWatch   Date: 29 June 2010

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In 2009 Brunei oil and gas industry became a part of Gas Exporting Countries Forum (GECF) along with other countries like Algeria, Iran, Bolivia, Qatar, Venezuela, Libya, Egypt, Malaysia and Indonesia. This organization would be incorporating a structure of price control that is like Organization of Petroleum Exporting Countries.

As per official reports from oil and gas industry in Brunei, members of this organization would account for 56 percent of reserves of natural gas on a global basis. Oil and gas industry of Brunei is looking at an increase in opportunities for business in gas industry. Its natural gas supply deals with South Korea and Japan are running out in 2013.

Minister of Energy of Brunei had taken a team of 20 delegates to 23rd International Conference Exhibition for LNG, LPG and Natural Gas Industries (Gastech) 2008. This conference was being staged at Bangkok in Thailand. At this event he showcased potential of oil and gas industry at Brunei.

Throughout 2008 there has been a significant amount of investment in hydrocarbon sector of Brunei oil and gas industry. Much of this money has been spent in exploration activities. This financial program has also sought to improve technology being used in midstream and upstream energy divisions of Brunei oil and gas industry.

As per Pehin Orang Kaya Seri Utama Dato Seri Setia Hj Yahya Begawan Mudim Dato Paduka Hj Bakar, energy minister of Bahrain, a significant amount of credit for continued good performance of Brunei oil and gas industry could be given to various partnerships it has had at both local and global level.

Pehin Orang Kaya Seri Utama Dato Seri Setia Hj Yahya Begawan Mudim Dato Paduka Hj Bakar also said that success achieved in these business partnerships would encourage Brunei oil and gas industry to look for more such business deals.

He has said that these partnerships are extremely crucial as exploration of hydrocarbon resources is becoming a more complex process and expenditures are going up as well. There are certain other teething issues facing Brunei oil and gas industry such as oil production reaching its peak and prices of oil shooting up.

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