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.