A rising tide of new investments are expected to underpin growth in Brunei Darussalam’s recovering energy industry, against a backdrop of increasing oil and gas output.
Brunei Darussalam Energy
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An upgrade to its fleet of tankers could help Brunei Darussalam’s liquefied natural gas (LNG) sector weather external headwinds, which appear unlikely to ease in the near to medium term.
Expectations are high for Brunei Darussalam’s downstream energy sector, as Pulau Muara Besar (PMB) island prepares to welcome the country’s first oil refinery and aromatics cracker complex, highlighting the Sultanate’s growing potential as a destination for value-added processing.
Plans to revive a stalled renewable energy deal between Brunei Darussalam and neighbouring Sarawak that would see hydropower exported from the Malaysian state to the Sultanate have thrown a focus on its efforts to increase renewable energy sources.
Although declining oil production has had an effect on Brunei Darussalam’s recent economic performance, officials insist the reasons for the drop are short term in nature, while the country’s long-term prospects in the sector remain promising. Expansive government plans at home and a cooperation agreement with Timor-Leste abroad should give the sector a welcome fillip as well.
While abroad Brunei Darussalam might be best known for its substantial hydrocarbons reserves, at home authorities are turning their attention to more “green” forms of energy, including solar. However, compared to some of its South-east Asian neighbours, the Sultanate has set more modest goals and has been slower to develop alternatives to oil and gas.