Petronas to sustain production at 2mil barrels of oil equivalent per day through 2028

Petroliam Nasional Bhd (Petronas) aims to maintain Malaysia's oil and gas output at two million barrels of oil equivalent per day (mmboe/d) through 2028, according to its president and group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz. The target hinges on ongoing investments in exploration, deep-water development, and enhanced recovery from Petronas' producing fields.

To achieve this, Petronas has learned to collaborate with partners instead of relying solely on traditional methods. An example of this partnership approach can be seen in their joint venture with Searah Ltd, a regional collaboration with Eni. This partnership combines leadership, capital, technical expertise, and risk-sharing to pursue opportunities at a scale neither partner could achieve alone.

Petronas plans to replicate this approach across its portfolio through partnerships, technical collaborations, and alternative commercial structures tailored to individual opportunities. The company believes that the best outcomes arise from merging existing knowledge and capabilities with those of equally capable partners in an increasingly challenging operating environment.

Petronas also urges the oil and gas services and equipment (OGSE) ecosystem to elevate its standing beyond traditional markets by adopting digital tools, new ways of working, and significant financial resilience to navigate future downturns. Tengku Muhammad Taufik emphasizes that industry players must invest with conviction, take calculated risks, and position themselves as partners in shaping the industry's future direction.