World’s oil giant Shell will continue to expand its investment in Malaysia in view of the potential of its deepwater fields. Malaysia is a key country for the Shell group so that it will continue to invest in the country to sustain and strengthen its position as a leading international oil and gas company here,

local newspaper New Straits Times quoted Shell Malaysia’s former
chairman Saw Choo Boon as saying here on Thursday, before he resigned
from the post.

Saw said that Malaysia’s oil and gas industry was still robust in the
medium term as some deepwater fields can hold some reserves, while
mature fields can yield more oil and gas.

He noted that Malaysia still exported more oil and gas than it consumed
currently, though it would hard to maintain given the increasing energy
usage from a bigger and richer population and the reduction of easily
accessible oil and gas.

However, he added, the situation might occur some years off as there
was still quite some potential for deep waters off East Malaysia’s
states of Sabah and Sarawak, which Shell is actively engaged in, and
enhanced recovery from matured fields.

The industry has been crucial for Malaysia as it contributes much to the nation’s wealth and capability building, said Saw.

The industry has also installed sufficient refining capacity to more
than meet all the country’s demand, he said, adding that a
comprehensive oil and gas support infrastructure of local service
companies and fabrication yards have evolved and are capable of
competing globally.

Despite a challenging year in 2009 when the oil price dropped, Shell
had made a major achievement — maintain its significant investment
program, including its deepwater projects with local partners like
Petronas, the national oil company of Malaysia, he noted.

He said that Shell has set up a regional outfit in Kuala Lumpurto manage its deep-water projects.

In the downstream, Shell has also announced earlier an expansion
project for Shell MDS plant in Bintulu, Sarawak, which was expected to
double its wax output there, he added.

Source: Xinhua

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