As custodian of Malaysia’s oil and gas resources, PETRONAS was entrusted with the responsibility to develop and add value to the nation’s hydrocarbon resources. In the early years, we focused our efforts on managing the production sharing contractors who were exploring Malaysian acreages, but we soon saw the need to take on a bigger and more proactive role in augmenting the nation’s oil and gas reserves.
Through our exploration and production (E&P) subsidiary, PETRONAS Carigali Sdn Bhd, we have developed capability as a hands-on operator with a track record of successful oil and gas developments. PETRONAS Carigali works alongside a number of petroleum multinational corporations through production sharing contracts (PSCs) to explore, develop and produce oil and gas in Malaysia. Abroad, we continue to strengthen our position by securing new acreages while undertaking various development projects.
The Petroleum Management Unit (PMU) of PETRONAS acts as resource owner and manager of Malaysia’s domestic oil and gas assets. It manages the optimal exploitation of hydrocarbon resources and enhances the prospectivity of domestic acreages to attract investment and protect the national interest. One of the key drivers of our business growth is deepwater E&P, with many positive prospects emerging in Malaysian acreages.
We continue to harness and develop new technologies to maximise opportunities and further strengthen our capabilities in our efforts to become a leading global E&P player.