About 60-70% of its production is natural gas and will remain so going forward, said executive vice-president and CEO upstream Adif Zulkifli at the Energy Asia conference.

“We continue to look for more gas portfolio. But of course, there is commitment in Malaysia. I think we need to continue to do some oil exploration to fill up our refineries,” he added.

Petronas also aims to expand its overseas portfolio to 700,000 boepd by 2030 as it ramps up output from its Canada LNG joint venture, said Adif and Firouz Asnan, senior vice-president, Malaysia petroleum management, upstream business.

Firouz said the two million boepd of domestic production is expected to be maintained until 2030.

Petronas recorded an average production of 2.4 million boepd in 2022, including domestic and overseas output, it said in its fourth-quarter earnings announcement.

The company owns 25% of the 14 million metric tonnes per year LNG Canada project in Kitimat, British Columbia, led by Shell.