Malaysia is the second largest oil and gas producer in Southeast Asia, with proven oil reserves of 3.7 billion barrels and proven natural gas reserves of 38.5 Tcf as of 2013. Its western coast runs alongside the Strait of Malacca, a significant energy corridor linking the Indian and Pacific Oceans, while the eastern part of the nation contains the states of Sabah and Sarawak. Nearly all Malaysiaâ€™s oil is produced from offshore fields. These are located on a continental shelf comprising the Malay basin in the west and the Sarawak and Sabah basins in the east. Major companies active in Malaysiaâ€™s oil and gas industry are national oil company Petronas, ExxonMobil and Shell.
Budget and cost control professionals play an important role in oil and gas projects and organizations. The goal of these individuals is to keep costs down and widen profit margins. Budgeting refers to forecasting the future costs of a specific project, or an entire fiscal year. Budgeting professionals will try to plan for every expense and come as close as possible to the actual figure. Cost control refers to containing expenses and monitoring how close to budget a project or company is. Both budgeting and cost control professionals are found in every aspect of oil and gas, and while they are most closely associated with the design and construction phase, they continue to monitor costs throughout a project’s life cycle.