Oil reserves to run out by 2014

Net oil exporter Malaysia will become a net energy importer of oil and gas by 2014 as its own reserves eventually runs out, news reports said today.
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Minister in the Prime Minister's Department Amirsham Aziz said based on the current oil extraction methods by state energy firm Petronas, the crude oil and oil condensates were expected to last for 22 years, the New Straits Times daily reported.
Gas reserves would last for a longer period of 39 years, Amirsham said.
"Although it looks like the reserves period is long, the reality is the country is also importing oil and gas to partly cater to the local demand," he was quoted as saying by the daily.
"Therefore, the country is expected to become a net importer of energy in the near term projected to be by 2014," he said in Parliament.
He said the price of petroleum and gas products exported by Petronas are based on world market prices but prices of fuel in the domestic market was sold on prices partly fixed by the government.
Fuel costs are a thorny subject in Malaysia, after a series of hikes last year triggered widespread anger and contributed to a huge vote swing in favour of the opposition in the recent March polls after the latter promised to lower fuel prices during election campaigns.
The government currently pays hefty fuel subsidies which is expected to hit up to RM45 billion this year on soaring world crude oil prices.
-AFP
tunku : what are we going to do after that? government won't able to subsidize any longer as their income too effected. forgets about all the oil royalties. we need to explore new ideas,new inventions etc. electric powered car maybe one of the answer for it.proton should start now inventing electric powered cars as other manufacturers already have them in market.