Both Petronas and PTT are busy in Malaysian waters
Southeast Asian NOCs take different paths
Petronas, PTT and Pertamina are pursuing divergent strategies after coming to dominate the region’s upstream in recent years
The NOCs of Malaysia, Thailand and Indonesia are heading in different directions. Malaysia’s Petronas is seeing success in boosting output, particularly at home; Thailand’s PTT is seeking opportunities beyond the domestic market; and Indonesia’s Pertamina is striving to reverse the country’s declining production. Petronas expects the rebounding oil and gas sector will allow it to continue its “current trajectory”—“given modest recovery in demand underpinned by improvements of economic activities globally”. Similarly, PTT expects global oil and energy demand to continue to rebound, although Covid risk persists and the outlook for Iranian supply and potential impact of strategic petroleum rese
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
