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KUALA LUMPUR, 29 January 2025 – PETRONAS has released its 2025-2027 Activity Outlook, emphasising the importance of greater synergy within the Oil and Gas Services and Equipment (OGSE) ecosystem. The report focuses on innovation, sustainability, human capital development, and financial resilience to sustain a robust ecosystem while supporting Malaysia’s net-zero journey.
The report, which shares insights and forecasted activities covering Upstream, Downstream, Gas and Maritime as well as the introduction of its clean energy solutions, outlines PETRONAS’ commitment to supporting national economic growth within the next three years by adapting swiftly to changing market demands, leveraging digital transformation to improve performance, safety, and sustainability, and fostering collaborations within the industry to develop vendor capabilities to advance new technologies.
PETRONAS Vice President of Group Procurement, Rashidah Alias, said, “PETRONAS aspires to see industry players thrive in supporting the broader Malaysian oil and gas industry and the nation’s journey of energy transition and energy security. By co-creating solutions and maintaining open communication, we can drive meaningful change and innovation”.
PETRONAS is committed to achieving its target of growing and sustaining Malaysia’s oil and gas production to two million barrels of oil equivalent per day (MMboe/d). Over the next three years, the outlook for Upstream development projects remains steady, from 56 development wells in 2024 to 69 development wells in 2025.
To ensure optimal production from producing fields and facilities, approximately 367 Facilities Improvement Plans (FIPs) are planned annually for the next three years. Decommissioning plans include the plugging and abandonment of approximately 153 wells, and the abandonment of about 37 offshore facilities and a section of the Sabah Sarawak Gas Pipeline (SSGP) that runs through Lawas, Limbang, Miri and Bintulu in Sarawak.
Upstream is also positioning carbon capture and storage (CCS) as a pivotal business, particularly the Kasawari project.
Downstream business is actively pursuing growth in specialty chemicals. Through a partnership, PETRONAS will be producing biofuels at a biorefinery, set to become operational by the second half of 2028.
The report stated that PETRONAS’ ongoing capital expenditure investment is vital to ensure supply security by boosting exploration in new and mature areas, accelerating appraisal programmes and replenishing resources to sustain production targets with lower costs and emissions.
To download a digital copy of the PETRONAS Activity Outlook 2025-2027, scan the QR code below:
