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BRUNEI


CAPITAL: BANDAR SERI BEGAWAN
MONETARY UNIT: DOLLAR
REFINING CAPACITY: 8,600 B/CD
OIL PRODUCTION: 168,600 B/D
OIL RESERVES: 1.35 BILLION B/D
GAS RESERVES: 13.8 TCF

Brunei worked in 2000 to diversify its oil-dependent economy.

With a population of 300,000, Brunei earned 90% of its foreign earnings from oil and gas production.

In mid-2000 it announced reforms that included income tax reforms and fewer government subsidies.

It also announced plans for an export oil refinery, petrochemical plants, and an aluminum smelter. It had one 8,600-b/d refinery producing for the domestic market.

The export refinery, which would be integrated with other downstream industries, was expected to process imported Middle East crudes rather than low-sulfur Brunei crudes because the latter would be more profitable to export.

The government was preparing a report on how to develop industries based on methanol and ammonia.

Brunei planned to offer 12,000 sq km of leases, double the size of the country's existing leases, in 2001. The blocks were due to be awarded in early 2002. In preparation, Brunei awarded a 10,000 sq km multiclient 3D seismic survey contract for its deepwater economic zone to Petroleum Geo-Services ASA, Houston and Oslo.

Brunei had oil and gas joint ventures with several companies including the Royal Dutch/Shell Group and Fletcher Challenge Energy Ltd. It said oil output could climb to 205,000 b/d by the end of 2001. Brunei Shell Petroleum Co. Sdn. Bhd. was the major producer.

Fletcher Challenge spudded a wildcat in 2000, launching the biggest offshore exploration drilling program in Brunei for a decade.

The well, Bendahara Selatan A-1, was on Block BCD. Fletcher and Unocal Corp. each had 26.95%, and Brunei partners held the rest.

Fletcher selected five locations for drilling from a portfolio of 20 prospects. It said most had the potential for 20-80 million boe.

Shell awarded a $25.6 million (Aus.) contract to Australia's Clough Ltd. for fast-track installation of 11 subsea water injection pipelines and associated infrastructure in Brunei Shell's Champion oil and gas field in the South China Sea. Clough said the work was due completion by mid-2001.

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