Singapore Peak Oil

When will our local papers (The Straits Times, TNP, Today, MyPaper, Business Times) touch on this subject in detail?

In Malaysia, oil has been a major source of exports, government revenue and economic growth for decades. But its heyday is past. Last week Deputy Prime Minister Datuk Seri Najib Tun Razak revealed: “If we don’t find new reserves by 2011, our oil imports will exceed exports.”

Indonesia some years ago already reached its “peak oil” point, and today is a net oil importer. It will be Malaysia’s turn in just a few years....

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Brunei's Minister of Energy at the Prime Minister's Office yesterday called oil the lifeblood of Brunei Darussalam and hence it matters very much how well the country manages these valuable resources..."It is not easy to bring out oil from the ground. The days of cheap and easy oil are not here anymore," said Pehin Dato Hj Yahya.

"Many reservoirs are no longer using the primary drive to move the oil to the surface. Many arc now using secondary or tertiary recovery methods to extract the extra molecule of hydrocarbon (oil and gas) from the formation.

"The secondary and tertiary recovery methods are obviously expensive, risky and have a much longer gestation period. Many oil companies have also gone into high-pressure and high-temperature areas again at a cost and risk very much steeper than before," he said...

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