Malaysian oil & gas output likely to see upswing in 5 years - Idris Jala

The Malaysian oil and gas (O&G) output is likely to see an upswing within the next five years and continue to contribute significantly, together with the services sector, to gross domestic product (GDP). Minister in the Prime Minister's Department, Datuk Seri Idris Jala, said last year, the sector declined by 5.7 per cent and the lower oil output had affected economic growth. Idris, who is also Performance Management & Delivery Unit (Pemandu) chief executive officer, said this when asked whether Malaysia was over-dependent on the O&G sector at a media briefing with International Trade and Industry Minister Datuk Seri Mustapa Mohamed. Earlier, both ministers met the foreign missions and business councils here. He said the Malaysian economy, despite the contraction, managed to record a 5.1 per cent growth last year which indicated that the services sector was really growing.