PETRONAS' Malaysian portfolio is the back-bone of its exploration, attracting around two thirds of wells and spend. In light of a lower exploration budget, the domestic portfolio is more central. In the near-term, PETRONAS will prioritise infrastructure-led exploration and appraisal and continue to commit to domestic exploration while offering incentives to encourage IOCs. Long-term, international exploration will need to play a pivotal role if PETRONAS is to grow a sustainable global portfolio. As oil price bounces back, the company has both financial and technical capabilities to return to exploration. The NOC has been successful in bidding rounds in Mexico and is committed to developing its unconventional acreage in Argentina. Combined with lower-risk exploration campaigns nearer to home, this could set it up for a period of improved exploration performance.