Malaysia’s Petronas Plans Major Upstream Expansion Through 2028
Malaysia’s national oil and gas company Petroliam Nasional Bhd (Petronas) has unveiled an ambitious strategy to expand exploration and production activities over the next three years, cementing its role as a key energy supplier in Southeast Asia. The initiative targets maintaining daily production near two million barrels of oil equivalent while unlocking new resource potential both onshore and offshore.
Industry leaders say this expansion will include increasing drilling activity, with the number of development and exploration wells rising significantly by 2028. Strategic fields such as Belud, Kurma Manis, and Sepat are expected to contribute strongly to output, while enhanced oil recovery and deepwater development are central pillars of the plan.
Downstream operations will also see improvements as Petronas enhances refining efficiency and leverages recoveries in global petroleum markets. The company plans to expand regasification capabilities and pursue a third floating LNG unit to reinforce gas supply reliability.
Gas and maritime sectors remain a focus for boosting long-term sustainability, with pipeline upgrades and investments in gas-to-power projects. Officials say these investments aim to support Malaysia’s energy security and contribute to robust economic growth even amid fluctuating global demand.
Investors say Petronas’s multi-year approach aligns with broader industry trends toward diversification and resilience, ensuring that Malaysia continues to attract capital for both traditional energy and future transition investments.
