Brunei dedicates over USD1b for oil, gas exploration

2019-03-23 04:24:25

(MENAFN) Brunei has assigned USD1.2 billion for developing new oil and gas fields and the acceleration of exploration activities this year as it seeks increasing petroleum production by 30 percent over the next five years.

According to the Minister of Energy, Manpower and Industry, the investment aims to secure the country's petroleum industry, which makes up 57.3 percent of the country's economy.

"This is a huge investment to ensure that oil and gas production is sustainable in the future. This investment will bring about a significant economic impact on local entrepreneurs and the service industry," he added.

The minister also said they will start drilling five new exploration wells, including two key wells, this year to determine the potential of the new locations.

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