Petronas is drawing up a masterplan on its potential growth areas, in line with the Economic Transformation Programme’s (ETP) emphasis on oil and gas sector.
It is estimated that RM217.6bil will be needed from now until 2020 for the oil and gas and energy industry to continue contributing significantly to gross national income as envisioned under the ETP.
Petronas president and chief executive officer Datuk Shamsul Azhar Abbas said moving forward, the group aimed to focus on its domestic operations.
“We are rebalancing our portfolio. We hope to rationalise and spend more on development than exploration and bring that into the domestic side,” he said at the group’s first-quarter results briefing yesterday.
He added that the group was on the lookout for more acquisitions in the development and production areas.
On whether Petronas was selling its 14.9% stake in Cairn India Ltd, Shamsul said the group had yet to make a decision. Cairn India explores and produces crude oil and natural gas in India.
Petronas will also continue to focus on its other overseas assets like the four oilfields in Iraq it is developing alongside other oil players and another in Venezuela.
