PETRONAS' Malaysian portfolio is the back-bone of its exploration, attracting around 2/3rds of wells and spend. In light of a lower exploration budget, the domestic portfolio is more central. In the near-term, it will prioritise infrastructure-led exploration and appraisal. It will increasingly choose to commit to domestic exploration whilst offering incentives to encourage IOCs. PETRONAS has a diverse international portfolio. It has done business in areas often shunned by western companies, taking advantage of cultural links and governmental relations. Exploration will need to play a pivotal role if PETRONAS is to grow a sustainable international portfolio. It has been successful in deep and shallow water rounds in Mexico. Building on the 2017 commercialisation of La Amarga Chica in the Vaca Muerta, it committed to extra spend in Argentina. Combined with a lower-risk exploration campaign focused nearer to home, this could set it up for a period of improved exploration performance.