Commodity Market Report
Malaysia gas market outlook
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Report summary
Gas demand continues to be robust, driven by the power and industrial sectors. The growing data centre industry drives strong near-to-medium-term gas-to-power demand growth in Peninsular Malaysia, while Sabah and Sarawak see steady growth from industrial and power sector expansion. Domestic gas production will be stable until 2030, supporting domestic demand and LNG exports, albeit production offshore Peninsular Malaysia is in structural decline. PETRONAS LNG portfolio will help to meet Malaysia’s LNG demand, more precisely, in Peninsular Malaysia. Gas prices for the power sector remain regulated, albeit at a higher level under Regulatory Period 4 (RP4), which runs through the end of 2027. In contrast, gas prices for the non-power sector have been deregulated since early 2022, with the Malaysia Reference Price (MRP) introduced as the market-based benchmark.
Table of contents
- Malaysia’s gas demand to continue to expand before plateauing from around late 2030s, driven by strong growth across both the power and industrial sectors
- Malaysia’s gas supply outlook remains stable through the mid-2030s, underpinned by PETRONAS’ upstream dominance and ongoing exploration efforts
- Malaysia maintains its net gas exporter position until the early 2040s, but LNG imports, especially into Peninsular Malaysia, rise sharply as regional supply declines
- Malaysia’s gas market is undergoing gradual liberalisation. Regulated prices for the non-power sector ended in 2021 and Malaysia Reference Price (MRP) has become the market benchmark
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