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Sabah crisis rooted in rich oil reserves?

Iris Gonzales - The Philippine Star

MANILA, Philippines - The ongoing violence in Sabah could be rooted in the rich oil and gas reserves in the disputed territory.

According to a 2012 study by FACTS Global Energy, a Singapore-based group doing extensive studies in global oil industry, Sabah has about 11 to 12 trillion cubic feet of gas and at least 1.5 billion barrels of oil in its reserves. This represents about 12 percent and 25 percent of Malaysia’s natural gas and crude oil reserves, respectively.

Experts say that oil resources in Sabah could increase further in the coming years as four new oilfields have been found in Sabah’s territorial waters over the last two years.

“Oil and gas reserves in Sabah could increase significantly due to deepwater discovery and development of several new offshore fields,” Datuk Mohammad Hasnol Ayub, chief executive officer of the think tank Institute for Development in Sabah, said.

Sabah’s oil reserves are so rich that in 2009, gas was the biggest contributor to its gross domestic product (GDP) as compared to other sectors, Ayub said.

 

AYUB

DATUK MOHAMMAD HASNOL AYUB

DEVELOPMENT

GAS

GLOBAL

GLOBAL ENERGY

INCREASE

OIL

RESERVES

SABAH

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