PETRONAS to Maintain Domestic Production at 2 MMboe/d Through 2028
PETRONAS plans to maintain its domestic production at approximately 2 million barrels of oil equivalent per day through 2028, focusing on exploration and enhanced oil recovery. The company aims to optimize resources from key assets to support Malaysia's energy security while advancing decarbonization initiatives to achieve net zero emissions by 2050. Additionally, PETRONAS is set to expand its LNG portfolio and enhance operational efficiency, with a new biorefinery and a third floating LNG facility planned for the coming years.
Theia Market Signal Identification - AI Assisted
Petroliam Nasional Bhd (PETRONAS) plans to sustain domestic production at approximately 2 million barrels of oil equivalent per day (MMboe/d) over the next three years. This strategy involves continued investment in exploration, deepwater development, and enhanced oil recovery.
The company's activity outlook for 2026-2028 emphasizes resource optimization from assets like Belud, Sepat, and Kurma Manis to support Malaysia's energy security. PETRONAS is also advancing decarbonization initiatives under the BIGST cluster to achieve net zero carbon emissions by 2050.
Operational priorities include enhancing supply chain resilience and diversifying products, particularly in specialty chemicals and biofuels, with a biorefinery set to begin operations in late 2028. Additionally, PETRONAS aims to expand its LNG portfolio and improve efficiency and emissions in gas and maritime operations, with a third floating LNG facility planned in Sipitang, Sabah.
Comments