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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: More oil, gas fields must be developed: Petronas CEO AFP - Tuesday, June 9 KUALA LUMPUR (AFP) - - More oil and gas fields must be developed to help ease energy industry volatility in the longer term, the head of Malaysia's national energy firm Petronas said here Monday. ADVERTISEMENT Petronas president and chief executive Hassan Marican told an Asian oil and gas conference that signs point to a new cycle of volatility after a sharp drop in crude prices from mid-2008 highs and growing spare capacity. He said that "in order to moderate the volatility inherent in the industry cycle, the clear imperative is to continue to develop oil and gas fields without excessive disruption due to market conditions." The pace of industry contraction is close to levels seen in the early 1980s, with oil prices falling from a high of 147 dollars per barrel in July 2008 to 35 dollars per barrel in early 2009, he said. "There have been signs that the market is beginning to correct itself, as oil prices have strengthened in recent weeks," Hassan said, but added that it was unclear if this was due to economic recovery or speculation. The benchmark New York light sweet crude contract for July breached 70 dollars for the first time in seven months last week and hovered around 68 dollars per barrel in Asian trading Monday after investors took profits. After almost a decade of limited growth, spare crude oil capacity in 2009 is expected to rise to 6.4 million barrels per day, equivalent to about 8 percent of world oil demand, Hassan said. While this has yet to achieve the peak of 17 percent of demand in 1985, the current spare capacity and additional output from new projects coming onstream show "the conditions are clearly in place for a repeat of the cycle" of volatility, he said. Malaysian Prime Minister Najib Razak also called Monday for the development of more reserves to address future demand, even though growth may be more modest in the next five years than earlier projections. OPEC Secretary General Abdalla El-Badri said in April that the cartel wants to see oil prices rising to more than 70 dollars a barrel in order to pay for future development. "The price which allows reasonable and acceptable revenues is more than 70 dollars a barrel," said the head of the Organization of Petroleum Exporting Countries, which pumps about 40 percent of the world's oil. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business More oil, gas fields must be developed: Petronas CEOAFP - Tuesday, June 9 European shares lower; banks, commodities weighReuters - Tuesday, June 9 RPT-Bahrain sets guidance on 5-year dollar sukuk-leadReuters - Tuesday, June 9 JP Morgan ups Q4 '09 US oil price forecast to $65Reuters - Tuesday, June 9 Areva T&D says wins 3.5-bln-rupee ordersReuters - Tuesday, June 9 Enlarge Photo More oil, gas fields must be developed: Petronas CEO Most Popular – Business Viewed Life, health insurers invest big in tobacco President Obama's French food tested by 'taster' Carradine may have died from sex act: Thai police Hopes worst of crisis over fuel market rally: bank body Susan Boyle out of London clinic: brother View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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