PETRONAS to Maintain 2 Million Barrels per Day Oil and Gas Output Through 2028

PETRONAS set a production target of two million barrels of oil equivalent per day (mmboe/d) through 2028, aiming to maintain Malaysia's current output levels ^{[1, 2, 3, 4]}. The company plans to achieve this by continuing investments in exploration, deep-water development, and enhanced recovery methods at producing fields ^{[1, 2, 3, 4]}.

At the Oil and Gas Asia 2026 conference on September 2, PETRONAS CEO Tan Sri Tengku Muhammad Taufik Tengku Aziz delivered a keynote outlining the company's strategy, emphasizing a shift in partnership models ^{[1, 2, 3, 4]}. He said, "Holding that line, however, has meant finding new ways to work with partners rather than just relying on old formulas. Our own experience with Searah Ltd, the regional venture with Eni, reflects that shift. It is built not simply around sharing leadership, but also combining capital, technical expertise, and taking risks together to pursue opportunities at a scale neither partner would have done alone" ^[1].

The new cooperative approach involves sharing responsibility and risk more deeply. PETRONAS believes this will enable partners to undertake larger projects that would be difficult to achieve independently ^{[1, 2, 3, 4]}. The company's experience with Searah Ltd and its partnership with Italian energy giant Eni exemplify this collaborative model ^{[1, 2, 3, 4]}.

Beyond partnerships, PETRONAS is working to evolve the entire oil and gas services and equipment (OGSE) ecosystem. The aim is for OGSE players to be more productive, financially resilient, digitally mature, and well-governed, so they can compete on a global stage ^[2]. CEO Tengku Muhammad also questioned, "Are we collectively connected enough, capable enough, competitive enough?" urging the industry to invest ahead of demand to maintain competitiveness ^[2].

PETRONAS’ commitment to sustaining production through 2028 is backed by these strategic shifts in investment and collaboration. The company is set to continue implementing this strategy as part of its medium-term growth and resilience plans ^{[1, 2, 3, 4]}.