Petronas, Malaysia's national oil company, outlines ambitious plans to increase the country's oil and gas production to 2 million barrels of oil equivalent per day (boepd) by 2027. The company will focus on key development projects, exploration efforts, and the integration of carbon capture and storage (CCS) technologies to achieve this goal.
Petronas , Malaysia 's national oil company, has ambitious plans to ramp up the country's oil and gas production over the next three years. According to its Activity Outlook 2025-2027, Petronas aims to increase output to 2 million barrels of oil equivalent per day (boepd) by 2027. As of 2024, Malaysia 's oil and gas production averaged 1.7 million boepd.
This growth is projected to be driven by key development projects, including Kasawari, Gumusut-Kakap Redevelopment, Bekok Oil Redevelopment, Tabu Redevelopment, and Seligi Redevelopment. To support this production increase, Petronas has outlined a robust development plan. Over the next three years, 69 development wells are scheduled for 2025, up from 56 in 2024. Furthermore, approximately 367 Facilities Improvement Plans (FIPs) will be implemented annually to ensure optimal performance from existing fields and facilities. Petronas also anticipates drilling around 15 exploration wells each year for the next two years, targeting both shallow water and deepwater locations. This extensive drilling program is expected to result in the completion of over 400 wells and the execution of 39 upstream projects within the next three years.Petronas is also placing a strong emphasis on carbon capture and storage (CCS) as a crucial component of its upstream business, particularly at the Kasawari project. In a broader strategic move, Petronas has pledged to support Malaysia's economic growth over the next three years by embracing digital transformation, adapting to market fluctuations, and fostering industry collaborations to develop vendor capabilities and advance new technologies. This commitment was underscored by the recent launch of an Integrated Basin Study to explore untapped resources in the Malay Basin, located off the coast of Peninsular Malaysia. The Malay Basin has been a significant contributor to Malaysia's oil and gas production since the 1970s, with recent discoveries reinforcing its continued potential
PETRONAS Malaysia Oil Production Gas Production Upstream Kasawari CCS Malay Basin Exploration Development Projects
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