Exploration is important for PETRONAS’s medium- and long-term growth. Going forward, PETRONAS’s exploration will follow two clear themes. Firstly, the NOC endeavours to sustain existing production in mature positions, including Malaysia, Southeast Asia and Egypt, by infrastructure-led exploration, increased appraisals, and selective acreage reload. Secondly, outside its mature regions, PETRONAS will prioritise high-impact exploration. During the downturn, the NOC proactively reloaded acreage in a number of global exploration hotspots, including deepwater Mexico and West Africa. These areas provide PETRONAS with opportunities for significant exploration potential and could set it up for a period of improved exploration performance. PETRONAS has the funds and capabilities to nourish its exploration appetite. We expect 2019-2020 annual exploration and appraisal activity to slightly increase, with annual budget of around US$1 billion.