Malaysia’s Petronas sees domestic oil, gas output peaking by 2024

Malaysia’s state energy firm Petronas sees its domestic oil and gas production peaking at about 2 million barrels of oil equivalent per day (boepd) by 2024, its exploration executives said on Tuesday.

About 60-70% of its production is natural gas and will remain so going forward, Adif Zulkifli, executive vice president & CEO upstream, said at the Energy Asia conference.

“We continue to look for more gas portfolio, but of course, there is commitment in Malaysia, I think we need to continue to do some oil exploration to fill up our refineries,” he added.

Petronas also aims to expand its overseas portfolio to 700,000 boepd by 2024 as it ramps up output from its Canada LNG joint venture, said Adif and Mohamed Firouz Asnan, senior vice president, Malaysia petroleum management, upstream business.

Mohamed said the combined 2.7 million boepd of domestic and overseas production are expected to be maintained until 2030.

Petronas recorded an average production of 2.4 million boepd in 2022, including domestic and overseas output, it said in its fourth-quarter earnings announcement.

The company owns 25% of the 14 million metric tons per year LNG Canada project in Kitimat, British Columbia, led by Shell (LON:RDSa).