Kula Lumpur (VNA) - Malaysia's Petroliam Nasional Bhd (PETRONAS) has announced that it aims to maintain domestic production at around two million barrels of oil equivalent per day in the next three years by continued investment in exploration, deepwater development and enhanced oil recovery.
Local media cited PETRONAS’s 2026–2028 activity outlook released on January 29 as saying that resource optimisation projects from producing assets such as Belud, Sepat and Kurma Manis continued to play a critical role in supporting Malaysia’s energy security, creating sustained demand for technical services and innovative solutions from oil and gas services and equipment (OGSE) partners.
Besides, decarbonisation initiatives under the BIGST (Bujang, Inas, Guling, Sepat and Tujoh) cluster were progressing to advance PETRONAS’ net zero carbon emissions by 2050 pathway, enabling lower-carbon operations in Peninsular Malaysia.
Given anticipated margin pressure and persistent volatility in its downstream segment, PETRONAS said it will prioritise operational excellence, supply chain resilience, and product diversification, while deepening its expansion in specialty chemicals and biofuels, with a biorefinery targeted to commence operations in the second half of 2028.
The outlook also spotlights product innovations such as thermal intelligent fluids PETRONAS Iona for electric vehicles and Iona Tera for data centre cooling, designed to meet evolving customer needs amid the global shift towards sustainability.
For gas and maritime, in support of the group’s advocacy of gas as a key transition fuel, PETRONAS said it would continue to ensure a reliable supply of natural gas and liquefied natural gas (LNG), while improving efficiency and reducing emissions across its operations.
Key priorities include fleet rejuvenation, investments in lower-emission shipping solutions and continued development of its LNG portfolio and regasification capacity to support Malaysia’s evolving energy need, it added.
PETRONAS is looking to grow its LNG portfolio by advancing a third floating LNG facility in Sipitang of Sabah, and expanding into new supply nodes such as Canada, under the gas and maritime segment./.
