The energy-rich sultanate of Brunei in Southeast Asia hopes to double oil and gas production over the coming decades but faces hurdles that include falling commercial viability, maritime boundary disputes and Opec-imposed output limits.
Energy production in the tiny enclave on the island of Borneo has the potential to climb as high as 800,000 barrels of oil and gas equivalent a day as new geological surveys, extraction techniques and pipeline routes unleash growing reserves, a top official has said.
But the plunge in international crude prices has thrown Brunei’s plans into doubt, and highlighted how lower market rates threaten to leave some oil-dependent countries with “stranded assets” deemed uneconomic to exploit.
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