Malaysian energy giant Petronas has announced an aggressive three-year strategy to enhance its exploration and production capabilities, aiming to strengthen the nation’s energy security through 2028.
Production Targets and Exploration Plans
The state-owned company plans to maintain domestic output at approximately two million barrels of oil equivalent per day between 2026 and 2028. This ambitious target will be supported by increased investments in exploration, deepwater development, enhanced oil recovery, and new production sharing contracts under Malaysia’s 2024 bid round.
A significant expansion in well development and exploration activities is planned, with the number of wells increasing from 79 in 2025 to 91 in 2026, ultimately reaching 100 by 2028. Additionally, well plugging and abandonment operations will see a steady rise, growing from 63 activities in 2025 to 80 by 2028.
Key Projects and Strategic Initiatives
The company has identified several crucial projects, including Belud, Kurma Manis, and Sepat, which will be instrumental in achieving its production targets. These developments will focus on both new and mature areas, with an emphasis on accelerating the appraisal of recent discoveries.
Downstream Operations Enhancement
In its downstream segment, Petronas will focus on improving operational efficiency and reliability while taking advantage of the recovering global petroleum market conditions.
Gas and Maritime Business Development
The company’s gas and maritime strategy includes short-term plans to strengthen Malaysia’s energy supply by maximizing existing infrastructure and LNG facilities. This includes optimizing operations at Bintulu and floating LNG units, while exploring opportunities to convert vessels into floating storage units.
Long-term Sustainability Focus
Looking toward the future, Petronas has outlined medium to long-term objectives that include portfolio transformation for sustainability. These plans encompass expanding regasification capabilities, adding a third FLNG facility, upgrading pipeline infrastructure, and exploring investments in gas-to-power projects and energy transition initiatives.
