The Malay Basin is a major sedimentary depocentre located off the east coast of Peninsular Malaysia. Recent exploration has focused on mature shelf areas where geology is well understood. Low-risk, infrastructure-led drilling programmes are common, underpinning high success rates. However, in the last decade, most discoveries have been small and sub-economic. Nearly all discovered gas is sold into the domestic market, where PETRONAS’s monopoly keeps prices low. Despite this, future oil and gas discoveries can leverage existing infrastructure for low cost development solutions to create value. Future spend, and subsequent value creation, are much lower in the Malay Basin compared to Malaysia's leading exploration basins (Sabah - Baram Delta and Sarawak – Luconia-East Natuna). However, potential unit value creation per barrel in our outlook period is high thanks to the liquid content and low shallow water costs.