Malaysia’s national oil company, PETRONAS has outlined its upstream investment framework through 2028, targeting the maintenance of production capacity at around 2 million barrels of oil equivalent per day (boed) across Malaysia’s mature and deepwater assets. The strategy prioritises asset optimisation, enhanced oil recovery (EOR), and selective deepwater developments rather than large-scale frontier exploration.
The investment programme focuses on brownfield upgrades at key producing fields, including Belud, Sepat and Kurma Manis, alongside deepwater developments in water depths of 200–1,500 metres. Planned works include subsea infrastructure installation, pipeline development exceeding 200 km, deployment of 15–25 subsea trees, and incremental processing capacity of up to 200,000 boed. Project execution is scheduled between 2026 and 2028, covering engineering, subsea installation, and production start-up phases.
PETRONAS is also advancing decarbonisation initiatives under the BIGST cluster (Bujang, Inas, Guling, Sepat and Tujoh), targeting a 40–50 per cent reduction in operational emissions by 2028 through platform electrification, methane management systems, renewable energy integration, and carbon capture pilot projects. The upstream investment plan supports Malaysia’s energy security objectives while sustaining domestic supply, supporting LNG feedstock requirements, and strengthening the local oilfield services sector.
