Kuala Lumpur-Malaysia might no longer have crude oil exports as a revenue source by the end of this decade because the country”s reserves are dwindling,the government said Saturday.
"Malaysia is an oil exporter, but if we do not find new
oil reserves, then by 2009, we will become a net importer," said Deputy Prime Minister Najib Razak. "This means we cannot continue to lean on the oil sector."
The Associated Press said Najib did not elaborate in his speech at the annual congress of Malaysia”s ruling party.
Officials have said Malaysia has recoverable oil reserves for the next 19 years and of gas for 33 more years, but might be forced to become a net oil importer much sooner than that if domestic demand surges too fast in coming years.