PETRONAS Targets Two Million BOE Daily Through 2028 as Upstream Renewal Accelerates

Kuala Lumpur, 2 September 2026 – PETRONAS plans to sustain production at approximately two million barrels of oil equivalent per day through 2028, using exploration, deepwater developments and enhanced recovery to renew Malaysia’s upstream portfolio. The target provides a clearer view of the national energy company’s near-term operating priorities as it balances hydrocarbon security with investment in lower-carbon businesses.

The production objective is set out in the group’s Activity Outlook for 2026 to 2028. Maintaining output at that level requires continuous replacement of natural field decline, making project sequencing and reservoir performance as important as new discoveries. PETRONAS has identified prospects and developments including Belud, Sepat and Kurma Manis, while deepwater expertise and improved recovery techniques are expected to support barrels that are technically more complex.