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
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