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
7 January 2026
No longer can the energy source be considered a sidekick to oil in the Middle East and neither should it step aside for less convincing alternatives
7 January 2026
The global race for critical minerals has become a defining feature of energy geopolitics, presenting the ASEAN region with both opportunity and risk
7 January 2026
As global energy systems evolve to meet shifting demand and transition pressures, maintaining reliable hydrocarbon supply remains essential to energy security
6 January 2026
Cash will be needed to boost production by 30% to meet region’s rapidly rising power demand, executives told the inaugural Middle East Gas Conference in December
