PETRONAS has long been the dominant player in the Malaysian exploration and production industry. Through its wholly-owned subsidiary PETRONAS Carigali, the company aims to expand its international market share to become one of the top four E&P companies worldwide. Despite limited international exploration success, the company has developed a wide-ranging international portfolio. PETRONAS' upstream growth strategy has historically centred on gas-focused domestic exploration, and on technically challenging themes. These include Floating LNG, North American gas exports, deepwater development, and high-impact international exploration. Sustained low oil prices have brought the company's budget and strategy into focus. It was forced to cut up to US$4.6 billion of capital and operating expenditure in 2016, and expects to cut a further US$11.6 billion out to 2020.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.
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Company report | Nov 2016
PETRONAS oil and gas exploration summary
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