21 June 2004 06:01
CRUDE OIL PRODUCTION EXPECTED TO RISE ON NEW OIL SITES IN RUSSIA & AFRICA
KUALA LUMPUR, June 21 (Bernama) -- Crude oil production is expected to rise for the coming years based on the growing
number of new oil exploration sites in Russia and Africa.
Group vice president for the head of region in Asia, the Indian Sub-continent and Australasia, Dr Gary William Dirks
said inspite of the geopolitical tension in middle east which was causing uncertainties in the crude oil market,
production in new exploration sites would provide new supply of crude oil.
"The rapid demand in China has also caused some imbalances in the crude oil market," he said at the
Corporate Social Responsibilities (CSR) Conference here today.
He indicated that companies in the energy industry had the potential to grow significantly based on prospects of
higher demand and growing exploration sites.
"However, companies will have to seek innovative ways in its production process in keeping up with global
environmental requirements," he added.
He emphasised that it has been BP's policy to continue to seek new ways of producing crude oil in an efficient
and effective way.
In Malaysia, BP is involved mainly in refining and marketing of downstream including petrochemicals, fuels,
lubricants and chemicals.
[Bernama The Malaysian National News Agency] |
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