Malaysia’s Petronas plans to boost exploration, deepwater development, and enhanced oil recovery over the next three years as it looks to maintain its domestic oil and gas production stable at about 2 million barrels of oil equivalent per day (boepd), the state energy giant said in its 2026-2028 activity outlook on Thursday. As energy security has become paramount, Petronas will focus in the upstream on revitalizing Malaysia’s exploration and production landscape to strengthen domestic energy security. “This includes intensifying exploration in new and mature areas, accelerating appraisal of recent discoveries, and ensuring timely maturation of resources to sustain base production,” the company said. Petronas noted that Malaysia’s energy industry is undergoing systemic change amid a decline in resources, which challenges production rates. Moreover, LNG operations face rising cost pressures and increasing customer demand for cleaner shipping solutions amidst growing competition, necessitating continued improvements in efficiency and reliability, the Malaysian state energy firm said.