Malaysia tackles upstream declines
Petronas is making huge efforts to arrest falling oil production and accelerate gas increases to meet rising demand, but political tensions persist
While Malaysia’s gas sector has long outperformed its crude and condensate production, there are emerging signs that challenges may be on the horizon—potentially affecting future stability and growth. Crude oil and condensate production declined from a peak of 667,000b/d in 2016 to just 508,000b/d in 2023, according to the Energy Institute’s 2024 Statistical Review of World Energy. At the same time, consumption increased from 838,000b/d in 2016 to 930,000b/d in 2023. Gas production, on the other hand, has steadily increased, rising from 76.7bcm to 81.1bcm over the same period even as consumption remained relatively stable, climbing from 45bcm to 46.1bcm in 2023. Yet despite the gas sector’s
Also in this section
8 December 2025
The Caribbean country’s role in the global oil market is significantly diminished, but disruptions caused by outright conflict would still have implications for US Gulf Coast refineries
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
