"Malaysia oil output falls to 550,000 bpd "

Hellenic Shipping/Reuters:

"Malaysia's crude oil output has fallen to 550,000 barrels per day (bpd) this year from 600,000 bpd in 2008, as ageing fields took their toll after years of steady production levels, Petronas' chief said on Monday. Overall output for both crude oil and condensates fell to 650,000 bpd versus 700,000 bpd last year, Mohd Hassan Marican, Petronas Chief Executive, told Reuters in an interview.
"One needs to accept that (the domestic oilfields) had reached maturity, especially the continental shelf," Hassan said..."

""For oil, it is difficult (to maintain a reserves replacement ratio of around one). Our discoveries are more gas than oil, especially in offshore Sarawak, " Marican added."