The region’s total oil proved recoverable reserves amounted to 2.32 billion tonnes, representing 1% of the global oil reserves. Top countries per oil recoverable reserves include Vietnam (594.6 mt), Indonesia (498.3 mt), Malaysia (471.2 bcm), Australia (441.8 bcm) and Brunei (149.8 bcm). Top producing countries include Indonesia (40 bcm), Malaysia (31.9 bcm), Vietnam (17.4 mt), Thailand (17.2 bcm) and Australia (17 bcm). (Source: BP, 2016)

Vietnam has the largest oil reserves in the region with 4.4 billion barrels. Production stood in 2015 at 362,000 b/d. Most of the country’s reserves and production are located offshore in the Cuu Long and Nam Con Son basins. The largest oil field, Bach Ho, as well as others have reached maturity, so alternative exploration in deepwater areas would be necessary to prevent the oil output decline in the future.

Indonesia’s total proven oil reserves are estimated at 3.6 billion barrels and production was registered in 2015 at 825,000 b/d, the highest in the region. With oil consumption at 1.6 million b/d, the country is a net importer since 2004. Oil production has been generally decreasing in the past decade and most of the oil comes from mature fields. The oil-producing regions in the country include Sumatra, the Java Sea, East Kalimantan and Natuna, and the last significant oil discovery was in 2001 in the Banyu Urip field in the onshore Cepu block. Indonesia re-joined the OPEC in 2015.

Malaysia has an estimated total proven oil reserves of 3.6 billion barrels, and the production in 2015 was of 693,000 b/d and consumption of 831,000 b/d. The national oil company is Petronas. Most of the oil comes from offshore fields at the following basins: Malay, Sarawak and Sabah. Oil production has had a general downward trend due to maturation of oil fields, but deepwater exploration and enhanced oil recovery are utilised to some extent to sustain the production levels.

Australia has a total estimated proven oil reserves of 4 billion barrels, approximately 0.3% of the world’s oil reserves. Production, which has been steadily declining since the 2000s peak, totalled in 2015 at 385,000 b/d and consumption at 1 million b/d. The country is a net importer of oil, but has many under-explored conventional and unconventional oil resources. The majority of the reserves are located off the coast of Western Australia (64% of total proven oil reserves), Victoria and Northern Territory.

Oil Production

Oil Production139million tonnes per year

Oil Recoverable Reserves2.32billion tonnes

Oil Recoverable Reserves by region

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Oil Recoverable Reserves by country

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Top Oil producing countries

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Note

Oil data represents Crude Oil only, for extra-heavy oil and oil shale please refer to the WER 2013 report oil chapter.