Malaysian national oil company Petroliam Nasional Bhd. (Petronas) announced its capital expenditure (CAPEX) for the year 2022-2027.
For the upcoming five years, Petronas will allocate MYR20 billion (USD4.8 billion) each year in upstream activities. The allocation was at a healthy level to grow slightly its production in the period.
Petronas’ executive VP and CEO, upstream, Adif Zulkifli stated that the production will be mainly from gas. The company already has a couple of projects in the pipeline. Internationally, it is also ramping up projects in Canada and Argentina with an allocation of 40% of the CAPEX.
By 2021, Petronas is planning to spend between MYR16-17 billion (USD3.84-4.08 billion) for upstream activities.
As per this year’s second quarter, the company’s total daily production average was 2.345 million boepd.
Tags: AlwaysFree,Asia Pacific,Crude Oil,English,Malaysia,SEA
Published on October 19, 2021 6:29 PM (GMT+8)Last Updated on October 19, 2021 6:29 PM (GMT+8)
