Dateline 2018-01-02, NST:
Petroliam Nasional Bhd (Petronas) and its Petroleum Arrangement Contractor (PAC) oeprators will continue to develop new oil and gas exploration projects in 2018 to 2020 despite the low price environment.
In the next five years, Petronas projected that the average daily oil output would be 1.7 million barrels.
It said the potential projects to be developed will be concentrated in new growth areas or new projects and maximize exploration of existing projects.
“The expected development portfolio between 2018-2020 for the new project is 20 projects, of which 30 percent are oil projects.
“The expected development portfolio of existing projects involves 30 projects with 75 percent of them involving oil projects,” Petronas said in its Activity Outlook 2018-2020 report disclosed recently.
The national oil and gas company explained that new projects to be developed in 2018 to 2020, all involve the development of new facilities.