According to a Brunei Economic Bulletin report, it stated that oil and gas exports in the first quarter of 2004 were $1,828.9m.
This was an increase of 4.7 % from the fourth quarter of 2003, which recorded $1,746.5m.
Petroleum exports (crude and condensate) increased by 4.8%in the first quarter (Q1) of 2004 on a quarterly basis, an increase by 9.7 % from Q1 of 2003.
The increase was due to the higher oil prices, which recorded an average price of $35.6 per barrel in 2004 Q1 compared to $32 in the Q4 of 2003 and $33.4 in Q1 of 2003.
The LNG exports in the first quarter of this year also showed an increase of 4.5% compared to Q4 2003, according to the quarterly magazine produced by the Department of Economic Planning and Development (JPKE).
The report also states that it must be noted though the essential supply of oil in the country will never simply come to an end as is the case for any other commodity when supply declines, the price increases, and where available, lower-cost substitutes will become more attractive.