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SUPPLY
Production of oil, primarily from the Baram delta
sediments underlying the offshore waters of Brunei, is well below a peak
that occurred in the late 1970s. However the potential for new deeper
water output, combined with better technologies, points to future
growth. After erratic output over the last few years offshore production
is forecast to rise to a further peak around 2020.
Gas production, mostly associated with oil, began increasing in 2003
from a plateau established in 1972 when Brunei began exporting LNG to
Japan. It has settled on a higher plateau but, as Brunei’s LNG plant is
expanded, offshore gas output is expected to rise once more after 2012
to a maximum also around 2020.
DEMAND
Brunei has a very small population and exports most of
its oil and gas.
There will only be small increases in oil consumption but gas demand
will rise as the country looks to new ways to develop its economy.
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