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In 2023, Malaysia made significant progress in the upstream oil and gas segment as Petroliam Nasional Bhd and PACs recorded 21 exploration discoveries and two exploration-appraisal successes. — Picture by Firdaus LatifKUALA LUMPUR, March 14 — Malaysia’s upstream oil and gas industry remains vibrant and continues to attract investors or petroleum arrangement contractors , as evidenced by participation in previous petroleum bidding rounds, said BMI.
“New discoveries certainly boosted Malaysia’s efforts to reverse declining O&G production and could support its liquified natural gas production and exports,” it said in its industry trend analysis today.The Malaysia Petroleum Management , which manages Malaysia’s oil and gas reserves, awarded seven PSCs for six exploration blocks and one discovered resource opportunities cluster offered under the Malaysia Bid Round 2023 .