Petronas Expands Upstream Operations Across Malaysia, Canada, Suriname

Petronas is strategically expanding its international upstream oil and gas operations with a goal to increase revenue share from 40% to over 60% in the next decade while maintaining Malaysia as a core investment base. The company is focusing on key markets such as Suriname, Turkmenistan, Abu Dhabi, and Vietnam, alongside exploring unconventional resources and new LNG projects in Canada. Domestically, Petronas is actively promoting upstream investment in Malaysia’s promising basins, including Sabah, Sarawak, and new geological plays offshore Peninsular Malaysia, attracting major players like BP and Eni. Concurrently, Petronas is undergoing a thorough operational efficiency review to reduce costs and improve competitiveness amid a prolonged period of moderate oil prices around $65 per barrel. In Sabah, Petronas continues to lead the development of the oil and gas sector, increasing local participation and contracts for Sabah-based companies, and enhancing natural gas supply through agreements with state enterprises. These initiatives reflect Petronas' commitment to balancing international growth with strengthening local industry engagement and operational resilience.