Cheerful: Brunei Shell Petroleum workers stationed at Champion 7 wave to His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam upon departure after touring the platform during the 80th anniversary of the oil company. There is an increase in energy demand, said the managing director of Brunei LNG, which buys 90% of its gas from BSP.
"We do hope that the worst of the crisis is over. What the prices (of oil) and the future hold for the oil and gas industry is hard to predict, but we are experiencing a positive increase in energy demand," said Hj Salleh Bostaman Hj Zainal Abidin, managing director of Brunei LNG, on the occasion of Brunei Shell Petroleum's 80th anniversary.
BLNG, which sources 90 per cent of its gas from BSP, will also be celebrating its 40 years of establishment.
"After 40 years of working closely with BSP, Brunei LNG values the relationship with BSP and looks forward to another 40 years and beyond," said Hj Salleh Bostaman.
BLNG remains optimistic that the global economy will recover, he said. "Should economic recovery happen, that will also mean an increase in energy demand, which we hope."
Global oil prices reached US$137.11 a barrel in the first week of July 2008 at the peak of the financial crisis. It dropped to US$34.57 a barrel in the first week of January this year. Recently world oil prices rose on the back of a weaker US dollar, as traders awaited the weekly energy inventories report and the latest reading on economic output in the United States, analysts said. Currently, the oil prices now stand at US$67.71 per barrel.
"BSP currently supplies 90 per cent of gas to BLNG and our collaboration has allowed us to deliver gas to Japan and Korea. We have a contract volume for 20 years but we also deliver contract volume and opportunities to spot markets (markets with no contract)," he said. "BSP's 80 years is a tremendous achievement with their collaboration with the government," he said.
Hj Salleh Bostaman added that future prospects for the workforce of Brunei LNG will be to maximise the contribution of the local workforce. "BLNG is 95 per cent Bruneian and we will continue to recruit capable Bruneians," he said. He added that the company is also encouraging Bruneian contractors to increase their Bruneian content.
"At the moment we are liaising with various local agencies to ask them to encourage local contractors who are working for BLNG to ensure this
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