Petronas To Sustain Production At Two Million Barrels Of Oil Equivalent Per Day Through 2028

KUALA LUMPUR, 20 SEPTEMBER 2026 —

KUALA LUMPUR, Sept 2 – Petroliam Nasional Bhd (Petronas) announced that it will sustain Malaysia’s oil and gas output at 2 million barrels of oil equivalent per day (mmboe/d) until 2028.

Petronas will achieve the milestone through continued investment in exploration, deep‑water development and enhanced recovery across its producing fields. “The target is anchored in a strategy that blends capital, technical expertise and shared risk with partners,” Aziz said. He cited the partnership with Searah Ltd, a regional venture with Eni, as an example of the new collaborative model the company is adopting.

The company’s portfolio strategy, according to Aziz, is built on partnerships, technical collaborations and alternative commercial structures that are tailored to each opportunity. “The best outcomes arise when Petronas’ knowledge and capabilities are combined with those of equally capable partners,” he said. He added that this approach should extend beyond operators to the entire oil and gas services and equipment (OGSE) ecosystem, which has developed significant capabilities over four decades of operation in Malaysia.

Aziz warned that success on a larger stage requires more than technical competence. OGSE players must demonstrate higher productivity, stronger financial resilience, greater digital maturity and sound governance to be considered trusted partners. “We must ask whether we are collectively connected, capable and competitive enough to meet future demand,” he asked.

He emphasized that competitiveness should be measured not only by winning the next tender but by remaining relevant over the next decade as technology, workforce requirements and the capital landscape evolve.

The company’s commitment to sustaining production is underpinned by a focus on people and productivity, even when contracts are scarce. Industry players are urged to adopt digital tools and new ways of working that leading operators worldwide already consider standard, while building the financial resilience needed to weather future downturns. “Timing and intent are both critical,” Aziz said. “Investing in people and improving productivity are essential, even in lean periods.”

Aziz called on Malaysian OGSE companies to look beyond traditional markets and view developments elsewhere as opportunities rather than merely challenges. He highlighted the potential in carbon capture, low‑emission shipping, frontier exploration, deep‑water development and digital energy systems. “There is much to learn from leading energy and services companies across Asia and beyond, just as international players can learn from the capabilities Malaysian companies have developed domestically,” he said.

Petronas remains committed to working with industry players to build the necessary runway, open new frontiers and provide the ecosystem with greater visibility to plan ahead. “All of this can only serve and benefit those who dare to take flight,” Aziz added. He urged industry players to match this commitment by investing with conviction, taking calculated risks and positioning themselves as partners in shaping the industry’s future direction.

Related: Petronas · Tan Sri Tengku Muhammad Taufik Tengku Aziz · Kuala Lumpur