(Corrects headline, first and second paragraphs in story published August 11 to add the word “upstream” to clarify that this is Petronas’ upstream portfolio not total business portfolio)
KUALA LUMPUR (Reuters) -Malaysia’s state energy firm Petronas plans to raise the share of its international upstream portfolio to 60% over the next decade, it said on Monday.
The firm will build on its current international upstream portfolio, which now accounts for around 40% to 50% of its investments, by integrating its domestic expertise with global partnerships, it said in a fact sheet shared with Reuters.
In a volatile market, Petronas is upgrading its upstream operation portfolio to focus on high-quality assets while at the same time ensuring that energy supplies for Malaysia remain reliable, the company added.
“Malaysia remains a core part of our investment portfolio, and we are committed to this market,” executive vice president and chief executive officer of upstream business Mohd Jukris Abdul Wahab said in the fact sheet.
Malaysian state news agency Bernama reported that Mohd Jukris saying Petronas would review its operations including maintenance, field operations and others in order to mitigate the impact of lower crude oil prices.
Crude oil prices are currently trading at US$66.68 per barrel as of 1006 GMT.
Mohd Jukris said Petronas would consider partnering with other firms to reduce its risk exposure, especially for projects requiring high capital investment.
He added that Petronas is also considering expanding its presence in Canada, given that the country has now become one of its major liquefied natural gas suppliers, Bernama reported.
In July, Petronas delivered its first LNG Canada cargo to Japan from its newly operational LNG facility in Kitimat.
Petronas has a 25% stake in the Kitimat LNG plant in British Columbia on Canada’s west coast.
(Reporting by Danial Azhar and Ashley Tang; Editing by David Stanway)
