Malaysia's Petronas wants to increase its exploration and production over the next three months
Petronas, Malaysia's state-owned energy company, said it would increase exploration and production over the next three year to improve domestic energy security.
Petronas stated that it will maintain its domestic production?at??close to?two million barrels of equivalent oil per day? between 2026-2028. It will also continue to invest in exploration, deepwater developments, enhanced oil recovery, and new production-sharing contracts awarded in the Malaysia bid round 2024.
In its 'activity outlook report for 2026-2028, it stated that this includes "intensifying" exploration in new areas and maturing ones, "accelerating appraisal of recent finds, and ensuring timely maturity of resources in order to sustain base production." The report shows that the number of exploration and development wells will rise from 79 in?2025 to 91 by?2026. This will then increase to 100 in 2028. Petronas also said that it would increase its abandonment and well-plugging activities from 63 to 70 by 2026, and 80 by 2028.
Petronas stated that projects like Belud Kurma Manis and Sepat would play a crucial role in meeting the production targets.
Petronas has said that it will improve operational efficiency, reliability and capitalise on the global petroleum market recovery for its downstream business.
Petronas stated that under its 'gas and maritime business', it will focus on Malaysian energy supply in the short-term by leveraging existing liquefied gas facilities and infrastructure. It added that it would optimise operations at Bintulu and floating LNG units, while exploring value-added options, such as converting ships into floating storage units. In the medium-to-long term, the company said, its 'focus areas' will be to transform the portfolio in order to achieve sustainability. This includes expanding regasification and adding a third FLNG plant, upgrading pipelines and exploring investments such as gas-to power and energy transformation.
(source: Reuters)
