PETRONAS outlines upstream investment plans through 2028

(WO) — PETRONAS plans to sustain Malaysia’s oil and gas production at around 2 million boed through 2028, supported by continued investment in exploration, deepwater developments and enhanced oil recovery (EOR), according to its newly released PETRONAS Activity Outlook 2026–2028.

The outlook provides forward visibility on planned activity across PETRONAS’ Malaysian operations and is intended to help the domestic oilfield services and equipment sector prepare for upcoming work. In upstream, PETRONAS said resource optimization projects at producing assets including Belud, Sepat and Kurma Manis will remain central to maintaining production levels and supporting national energy security.

PETRONAS also highlighted ongoing deepwater development activity and continued exploration investment as key components of its upstream strategy over the three-year period, creating sustained demand for technical services, project execution and subsea and offshore capabilities.

Alongside production-focused activity, PETRONAS is advancing decarbonization initiatives within its upstream portfolio, including projects under the BIGST cluster—Bujang, Inas, Guling, Sepat and Tujoh—aimed at lowering operational emissions while supporting its longer-term net-zero ambitions.

The Activity Outlook signals that upstream operations will remain a core pillar of PETRONAS’ domestic portfolio through the end of the decade, even as the company expands gas, LNG and lower-carbon energy initiatives as part of Malaysia’s broader energy transition.