Petronas Energy and Gas Trading is currently monitoring Peninsular Malaysia closely for low gas and oil production. It is also collaborating with key stakeholders proactively to guarantee an ongoing stable supply of energy resources for the country.
The company is wholly owned by Petronas, the petroleum refinery firm and respected lubricant producer, which creates products like grease and hydraulic oil for all sectors, from mining to manufacturing.
The role of Petronas Energy and Gas Trading is to operate as the marketing and trade arm providing processed gas across Malaysia and Singapore. Hisham Maaulot, CEO for the company, recently commented that although investment in its upstream production activities is vital to add to or replace its current oil and gas fields, the situation is not static. He stated that a time might arrive when the import of liquefied natural gas (LNG) could become a more economical solution to meet Malaysia’s energy needs.
The CEO remarked that this trend is propelled by the growing costs and challenges required to produce domestic gas, citing fields with higher levels of CO2 and the dominance of smaller gas fields. To this end, he added that ensuring Malaysia’s domestic gas market remained competitive on the global stage is imperative.
In late 2024, Datuk Seri Rafizi Ramli, Malaysia’s Economy Minister, stated that in a decade, oil and gas production had dropped from 700,000 barrels per day in the peninsula to 350,000. He advised haste in the nation’s move towards clean energy to replace the dependence on oil and gas for economic growth.
