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Brunei
Thursday, October 6, 2022
22.6 C
Brunei
Thursday, October 6, 2022
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    Oil and gas sector down in Q1, others show growth: DEPS

    The non-oil and gas sector recorded a one-per-cent growth, while the oil and gas sector decreased by nine per cent in the first quarter (Q1) of the year, according to a Department of Economic Planning and Statistics (DEPS) report.

    The department said the decline of the oil and gas sector has resulted in the negative growth of Brunei Darussalam’s gross domestic product (GDP) by 4.2 per cent in Q1 compared to the previous year.

    The country’s GDP at current prices in Q1 2022 was valued at BND5.0 billion compared to BND4.2 billion in Q1 2021.

    The oil and gas sector accounted for 51.5 per cent of the total gross value added (GVA).

    Meanwhile, the non-oil and gas sector, which includes downstream activities such as the manufacture of petroleum and chemical products, contributed 48.5 per cent of GDP.

    The decline in the oil and gas sector was due to a decrease in the production of crude oil from 114.9 thousand barrels per day in Q1 2021 to 101.6 thousand barrels per day in Q1 2022.

    Natural gas production also recorded a decrease from 32.6 million cubic metres per day in Q1 2021 to 29.8 million cubic metres per day in Q1 2022.

    The reduction in crude oil and natural gas production was due to maintenance and rejuvenation activities. LNG production declined from 891,347 MMBtu per day to 732,357 MMBtu per day during the same period.

    However, the non-oil and gas sector remained positive as downstream activities picked up with increased production of diesel and RON92, as well as urea fertiliser.

    The full report is available on the DEPS website.

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