Thu. Jun 13th, 2024

Malaysia to lead global offshore natural gas production from upcoming projects in 2025

Malaysia is expected to contribute about 12% or 3.1 billion cubic feet (bcf) of global natural gas production in 2025 from key offshore planned and announced projects (new-build projects) that are expected to start operations between 2021 and 2025, according to GlobalData, a leading data and analytics company.

GlobalData’s report: ‘Global Offshore Upstream Development Outlook, 2021–2025’ reveals that 2.0 bcf of natural gas production in Malaysia in 2025 is expected from planned projects with identified development plans, while 1.0 bcf is expected from early-stage announced projects that are undergoing conceptual studies and are expected to get approval for development. A total of 19 natural gas projects are expected to start operations in Malaysia during 2021-2025. Of these, Kasawari, Jerun and B14 are some of the key projects that are expected to collectively contribute about 50% of the natural gas production in the country in 2025.

Effuah Alleyne, Oil & Gas Senior Analyst at GlobalData, comments: “The oil and gas industry has seen trends shifting towards the need for power sustainability, supported by impacts of the pandemic and governments globally contending with environmental and economic issues. Key themes including renewable energy, decarbonization and clean energy mean that natural gas projects will provide high valued opportunities in the short to mid-term.”

GlobalData identifies Iran as the second highest country globally with 2.70 bcf of natural gas production in 2025 or about 11% of the total global natural gas production in the year. Qatar follows with natural gas production of 2.67 bcf from planned and announced offshore projects in 2025.

Among the companies, Qatar Petroleum, National Iranian Oil Co, and Royal Dutch Shell Plc lead globally with highest offshore natural gas production of 2.6 bcf, 2.4 bcf and 1.2 bcf respectively, in 2025 from planned and announced projects.

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