Eric Watkins
Senior Correspondent
LOS ANGELES, Mar. 31 -- Malaysia's state-run Petronas reported plans to invest 43.8 billion ringgit ($11.9 billion) during the country's ninth 5-year plan, which will run 2006-10.
The Malaysian government said about 13.1 billion ringgit will be spent on oil and gas exploration, development, and production.
It said the remaining 30.7 billion ringgit will be used to upgrade the oil and gas supply infrastructure, to increase the number of retail outlets, and to expand petrochemical operations.
The government estimated the country's crude oil and condensate reserves at 5.3 billion bbl in 2005. It forecast production of crude oil and condensates to average 826,600 b/d during the new 5-year plan, compared with 718,200 b/d in 2001-05.
Contact Eric Watkins at [email protected].
