Malaysia's state energy firm Petronas said on Thursday it will ramp up exploration and production over the next three years to strengthen domestic energy security.
Petronas said it aims to maintain domestic output at close to two million barrels of oil equivalent per day between 2026 and 2028, and will continue investing in exploration, deepwater development, enhanced oil recovery and new production sharing contracts awarded under the Malaysia 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," it 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, 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.
Petronas said that key projects such as Belud, Kurma Manis, and Sepat will play a pivotal role in meeting production targets.
For its downstream business, Petronas said it will enhance operational efficiency and reliability as well as capitalize on global petroleum market recovery.
Petronas said under its gas and maritime business, it plans to focus on Malaysia’s energy supply by leveraging existing infrastructure and liquefied natural gas facilities in the short term, adding that it will optimize operations at Bintulu and floating liquefied natural gas 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 FLNG facility, upgrading pipelines, and exploring gas-to-power and energy transition investments," it said.
(Reuters - Reporting by Shivangi Lahiri in Bengaluru and Ashley Tang in Kuala Lumpur, Editing by Louise Heavens)
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