KUALA LUMPUR – Petronas Carigali Sdn Bhd, a wholly owned subsidiary of Petroliam Nasional Bhd (Petronas), has signed multiple agreements covering selected producing upstream assets in Peninsular Malaysia and Sarawak.
The agreements form part of Petronas’ broader strategy to optimise its portfolio responsibly, with a focus on sustainable development of upstream assets that support Malaysia’s long-term energy security and industry growth.
“These partnerships reflect the company’s responsibility to steward the nation’s resources prudently while ensuring continued value creation for the country and its stakeholders,” said Petronas chief operating officer and executive vice-president Mohd Jukris Abdul Wahab, said in a statement.
He added: “As these assets mature, it is important that they continue to be supported by the right partnerships to sustain value creation responsibly and over the long term. This includes creating opportunities for state participation, while bringing in partners with complementary capabilities and relevant operating experience.”
Mohd Jukris, who also serves as chief executive officer of Upstream, said the approach would attract continued investment, strengthen local industry capabilities and safeguard Malaysia’s energy security, while ensuring the assets remain productive.
Under the agreements, EnQuest Petroleum Production Malaysia Ltd will take on operatorship and participating interests (PI) in the Balingian PSC, SK8 PSC, and D35 PSC, while participating as a non-operating partner in the PM6/12 PSC.
A significant element of the arrangement is the involvement of Terengganu’s TI Exploration and Production Sdn Bhd (TI EP), which will hold a non-operated PI in the PM6/12 PSC. TI EP is a joint venture between TI Petroleum Sdn Bhd, a wholly owned subsidiary of Terengganu Inc, and Ping Petroleum Ltd, an independent company specialising in late-life oil and gas assets, particularly brownfield redevelopment projects in the North Sea.
Petronas said the partnerships exemplify its commitment to increasing state participation in Malaysia’s upstream sector, enabling state-linked entities to build expertise and take an active role in the development of the nation’s petroleum resources.
By combining Petronas’ domestic resource knowledge with the specialised experience of its partners, the company expects these arrangements to sustain production, maximise resource recovery and strengthen the resilience of Malaysia’s upstream ecosystem.
They also facilitate operational learning, technical knowledge transfer, and capability enhancement within the local oil and gas industry. – June 11, 2026