Malaysia’s Petronas is Looking Near and Far for Gas and Oil

Dateline 2019-04-01, JPT:

As Malaysia’s largest company, chief revenue generator, and primary energy producer, Petronas has a keen interest to develop hydrocarbons wherever it can find them.

This means Petronas is looking within its home country, around Southeast Asia, and to the Americas in an effort to maintain its forecast average yearly production of 1.7 million BOE/D over the next 5 years. It is also exploring new partnerships with other global operators that offer regional and technical expertise.

Petronas, whose upstream portfolio consists primarily of natural gas, wants to both accelerate its exploitation of the hydrocarbon and add more oil to the mix.

Back home, the integrated company—the world’s third-largest LNG seller—continues to target domestic gas to leverage its control of the gas value chain all the way to its petrochemical and LNG liquefaction plants. Petronas’ LNG facilities include its 30-million tonnes/annum (mtpa) complex in Sarawak, and the world’s first floating LNG facility, the 1.2-mtpa PFLNG Satu. A second floating LNG facility is expected to be ready for sail away by 2020.

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