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 prevalent, underpinning high success rates. However, in the last decade, most discoveries have been small and non-viable, offering no development value. Nearly all discovered gas is sold into the domestic market, where PETRONAS controls a monopoly, keeping 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 (Baram Delta and Sarawak - East Natuna). However, potential unit value creation per barrel in our outlook period is high in this mature basin.