An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder
KUALA LUMPUR: A total of 157 establishments in Malaysia were engaged in the petroleum and natural gas industry in 2015 - the year when oil prices plunged to a six-year low of about US$40 per barrel - the Statistics Department said in its latest census on the industry.
The department said in a statement that this represented a 12.5% compound annual growth rate (CAGR) for the period from 2010 to 2015. There were 87 establishments in 2010.
The value of gross output recorded in 2015 was RM120.4bil compared to RM105.9bil in 2010 (CAGR: 2.6%), it said based on statistics compiled from the Economic Census 2016 for the reference year 2015.
The statistics covered extraction of crude petroleum and natural gas as well as support activities for such extraction.
The Statistics Department said the total number of people engaged rose to 41,698 in 2015 versus 32,701 in 2010 (CAGR: 5.0%) while salaries and wages paid increased to RM6.7bil from RM3.8bil (CAGR: 11.7%). The monthly salaries and wages averaged RM13,310 in 2015.
On the value of 2015 gross output, it said extraction of crude petroleum and natural gas accounted for 90.4% or RM108.9bil, while support activities recorded 9.6% or RM11.5bil.
US crude fell below US$60 a barrel in December 2014 for the first time in five years.
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