The bad news is, Malaysians can expect another hike in fuel prices as the world crude oil price is seen to breach its US$150 per barrel by September.
While reaping much profit from this world trend, Petronas is assessing the viability of a proposed gas project in
The country’s total oil and natural gas reserves only saw a minor decline.
As of Jan. 1 this year,
This was due to downward revisions of gas reserves in offshore
Its international reserves stood at 6.24 billion BOE compared with 6.31 billion BOE last year. Crude oil and condensates reserves were lower by 5.1 per cent to2.42 billion BOE from 2.55 billion BOE previously.
Yet, its natural gas reserves overseas rose by 1.6 per cent to 3.82 billion BOE from 3.76 billion BOE.
Looking at these figures, the government can avoid making another fuel price hike announcement, at least for another year, analysts said.