As Malaysian oil runs out, is untapped Uganda the unlikely answer?
Malaysian firms have been invited to bid for untapped petroleum fields in Uganda as the Southeast Asian nation's oil and gas industry grapples with fast-depleting resources.
Advertisement
The oil and gas sector is a key contributor to Malaysia's economy, accounting for roughly 20 per cent of the country's 1.9 trillion ringgit (US$432 billion) gross domestic product.
But the government has warned that Malaysia's reserves could dry up by 2038, with output from oilfields in the peninsula already falling to 350,000 barrels a day last year, half the production levels of a decade ago.
Uganda is calling on Malaysian oil and gas players, like national energy giant Petronas, to invest early in its largely untapped petroleum reserves.
The East African nation has already launched deals with French energy firm TotalEnergies and
China National Offshore Oil Company (CNOOC) to develop two oil basins in the country's north and west.
A worker shows a map of the Kingfisher Oilfield's central processing facility in Kikube, Uganda. Photo: Xinhua
At the launch of a Uganda business forum and expo in Kuala Lumpur on Wednesday, Energy and Mineral Development Minister Ruth Nankabirwa announced the impending licensing round.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
12 hours ago
- South China Morning Post
Vietnam faces ‘long' list of ‘tough' US demands to cut Chinese imports in tariff talks
The US sent a 'long' list of 'tough' requests to Vietnam in its tariff negotiations, including demands that could force the country to cut its reliance on Chinese industrial goods imports, two people briefed about the matter said. Advertisement Washington wants Vietnam-based factories to reduce their use of materials and components from China and is asking the country to control more carefully its production and supply chains, one of the people briefed on the talks said, without elaborating on whether quantitative targets were included. The list is part of an 'annex' to a framework text prepared by US negotiators, according to four people familiar with the matter. One of them, who had direct access to the document, said the list was sent to Hanoi at the end of May after the conclusion of a second round of talks with Washington aimed at avoiding 46 per cent 'reciprocal' tariffs on imports from Vietnam. The sources declined to be named because those discussions were not public. Advertisement
RTHK
14 hours ago
- RTHK
Xi, Trump to have phone call this week: White House
Xi, Trump to have phone call this week: White House The Foreign Ministry says Beijing has "no information to provide" on White House claims that the leaders of China and the US would talk this week. File photo: RTHK President Xi Jinping and his US counterpart Donald Trump will likely hold a long-awaited call later this week, the White House said on Monday, as trade tensions between the world's two biggest economies ratchet back up. Asked about the matter on Tuesday, a spokesman for the Foreign Ministry said Beijing had "no information to provide." Trump re-ignited strains with China last week when he accused the world's second-biggest economy of violating a deal that had led both countries to temporarily reduce huge tit-for-tat tariffs. The Commerce Ministry hit back, saying Washington had seriously undermined the consensus reached during the China-US economic and trade talks in Geneva earlier. "The two leaders will likely talk this week," White House press secretary Karoline Leavitt told reporters outside the West Wing when asked whether Trump and Xi would speak. The presidents of China and the US have yet to have any confirmed contact more than five months since the Republican returned to power, despite frequent claims by the US president that a call is imminent. Trump even said in a Time Magazine interview in April that Xi had called him, but Beijing insisted that there had been no call recently. The US leader introduced in April sweeping worldwide tariffs that targeted China most heavily of all, accusing other countries of "ripping off" the United States and running trade imbalances. China has denounced the tariffs, calling them protectionist, and made it clear no one wins in a trade or tariff war. (AFP)
RTHK
15 hours ago
- RTHK
Xi, Trump to have phone call this week: White House
Xi, Trump to have phone call this week: White House The Foreign Ministry says Beijing has "no information to provide" on White House claims that the leaders of China and the US would talk this week. File photo: RTHK President Xi Jinping and his US counterpart Donald Trump will likely hold a long-awaited call later this week, the White House said on Monday, as trade tensions between the world's two biggest economies ratchet back up. Asked about the matter on Tuesday, a spokesman for the Foreign Ministry said Beijing had "no information to provide." Trump re-ignited strains with China last week when he accused the world's second-biggest economy of violating a deal that had led both countries to temporarily reduce huge tit-for-tat tariffs. The Commerce Ministry hit back, saying Washington had seriously undermined the consensus reached during the China-US economic and trade talks in Geneva earlier. "The two leaders will likely talk this week," White House press secretary Karoline Leavitt told reporters outside the West Wing when asked whether Trump and Xi would speak. The presidents of China and the US have yet to have any confirmed contact more than five months since the Republican returned to power, despite frequent claims by the US president that a call is imminent. Trump even said in a Time Magazine interview in April that Xi had called him, but Beijing insisted that there had been no call recently. The US leader introduced in April sweeping worldwide tariffs that targeted China most heavily of all, accusing other countries of "ripping off" the United States and running trade imbalances. China has denounced the tariffs, calling them protectionist, and made it clear no one wins in a trade or tariff war. (AFP)
