Petronas to beef up exploration and production in next three years
This includes maintaining domestic output at close to two million barrels of oil equivalent a day between 2026 and 2028
[KUALA LUMPUR] Malaysia’s state energy firm Petronas said on Thursday (Jan 29) it will ramp up exploration and production for the next three years to strengthen domestic energy security.
It said it aims to maintain domestic output at close to two million barrels of oil equivalent a day between 2026 and 2028 – and will continue investing in exploration, deep-water development, enhanced oil recovery and new production-sharing contracts, which were awarded under the Malaysian bid round in 2024.
“This includes intensifying exploration in new and mature areas, accelerating appraisal of recent discoveries and ensuring timely maturation of resources to sustain base production,” the company said in its 2026 to 2028 activity outlook report.
The development and exploration of wells will increase from 79 in 2025 to 91 in 2026, before growing to 100 by 2028, the report showed.
Similarly, Petronas said that its well-plugging and abandonment activities will rise from 63 in 2025 to 70 in 2026, and 80 by 2028.
It said that key projects such as Belud, Kurma Manis and Sepat will play a pivotal role in meeting production targets.
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For its downstream business, the company said it will enhance operational efficiency and reliability, as well as capitalise on global petroleum-market recovery.
Petronas added that under its gas and maritime business, it plans to focus on Malaysia’s energy supply by leveraging existing infrastructure and liquefied natural gas (LNG) facilities in the short term.
It said that it will optimise operations at Bintulu and floating LNG units, while exploring value-added options such as converting vessels into floating storage units.
“In the medium to long term, our focus areas will include transforming the portfolio for sustainability by expanding regasification, adding a third floating LNG facility, upgrading pipelines, and exploring gas-to-power and energy-transition investments,” it said. REUTERS
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