27-6-2023 (KUALA LUMPUR) Malaysia’s state energy company, Petronas, anticipates that its domestic oil and gas production will reach its peak at approximately 2 million barrels of oil equivalent per day (boepd) by 2024, according to statements made by its exploration head on Tuesday (Jun 27).
Speaking at the Energy Asia conference, Adif Zulkifli, the Executive Vice President & CEO Upstream at Petronas, revealed that around 60 to 70 percent of the company’s production consists of natural gas and will continue to be a significant component in the future.
“While we are actively seeking to expand our gas portfolio, we also recognize the importance of maintaining our commitment to oil exploration in Malaysia to ensure the optimal utilization of our refineries,” Zulkifli added.
In addition to its domestic operations, Petronas has set its sights on expanding its overseas portfolio to 700,000 boepd. This goal will be realized through the increased output from its Canada LNG joint venture, as stated by Adif.
Petronas currently holds a 25 percent stake in the LNG Canada project, located in Kitimat, British Columbia, which has an annual production capacity of 14 million metric tonnes. The project is being led by Shell.
In its fourth-quarter earnings announcement, Petronas reported an average production of 2.4 million boepd in 2022, encompassing both domestic and overseas output.
