ByTsvetana Paraskova– Jan 31, 2025, 6:30 AM CST
Petronas aims to increase Malaysia’s oil and gas production to 2 million barrels of oil equivalent per day (boepd) over the next three years to 2027, the Malaysian national oil company said in its Activity Outlook 2025-2027.
As of 2024, Malaysia’s oil and gas output averaged 1.7 million boepd, said Petroliam Nasional Berhad, as Petronas is officially known.
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The increase in hydrocarbon production is expected to come from key development projects including Kasawari, the Gumusut-Kakap Redevelopment, Bekok Oil Redevelopment, Tabu Redevelopment, and Seligi Redevelopment, according to the national oil company of Malaysia.
Over the next three years, Petronas’s outlook for Upstream development projects remains steady, with 69 development wells planned for 2025, up from 56 development wells in 2024.
To ensure optimal production from producing fields and facilities, approximately 367 Facilities Improvement Plans (FIPs) are planned annually for the next three years, the company said.
In addition, Petronas expects to drill about 15 exploration wells each year over the next two years. The exploration efforts will focus on both shallow water wells and deepwater wells.
Overall, the company expects that more than 400 wells will be drilled, and 39 upstream projects to be executed over the next three years.
The upstream business at Petronas is also positioning carbon capture and storage (CCS) as a pivotal segment, particularly at the Kasawari project.
Petronas also reiterated its commitment to support Malaysia’s economic growth over the next three years by “adapting swiftly to changing market demands, leveraging digital transformation to improve performance, safety, and sustainability, and fostering collaborations within the industry to develop vendor capabilities to advance new technologies.”
Earlier this month, Petronas launched an Integrated Basin Study to explore untapped resources in the Malay Basin, located off the coast of Peninsular Malaysia.
The Malay Basin has pumped over nine billion barrels of oil equivalent since production began in the 1970s, while recent new discoveries highlight the basin’s continued potential, the company said.
By Tsvetana Paraskova for Oilprice.com
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