KUALA LUMPUR, Feb 13 — Petronas has no plans to reduce oil and gas production in Sabah, despite the global oil and gas industry facing the challenge of a sharp drop in prices, said Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said.

She said the federal government together with the country’s multinational oil and gas companies are constantly monitoring the development of world oil prices closely, including the impact of price fluctuations on the local oil and gas industry.

“The management of oil and gas production, including in Sabah, is carried out based on comprehensive considerations and is not solely determined by short-term price changes,” she said in a reply published on the parliament website today to a question from Datuk Seri Dr Jeffrey G. Kitingan (GRS-Keningau) on whether the government and Petronas planned to reduce oil and gas production in Sabah to conserve the resource following the sharp drop in world oil prices.

Azalina added that production management decisions take into account the long-term needs to ensure the security and continuity of the country’s energy supply, maintain industrial stability and generate income for the country and producing states. — Bernama

 Malay Mail – Money