Petronas plans $5B natural gas project offshore Malaysia

By Phaedra Friend Troy

Malaysian national oil company Petronas plans to develop a $5.1 billion natural gas project off the eastern coast of Malaysia, reports Reuters. 

The fast-track North Malay Basin project integrates the development of nine marginal natural gas fields about 190 miles offshore Malaysia. In addition to the offshore development, Petronas plans to build a subsea pipeline to deliver the gas from the fields to the state of Terengganu. 

First production is scheduled for 2013 at a rate of 100 million cubic feet a day, and Petronas plans to increase production to 250 million cubic feet a day by 2015. 

Despite being the second-largest exporter of LNG (behind Qatar), Malaysia has been battling natural gas shortages used for gas-fired power generation as of late, and this project should help to combat that.

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