Both Petronas and PTT are busy in Malaysian waters
Southeast Asian NOCs take different paths
Petronas, PTT and Pertamina are pursuing divergent strategies after coming to dominate the region’s upstream in recent years
The NOCs of Malaysia, Thailand and Indonesia are heading in different directions. Malaysia’s Petronas is seeing success in boosting output, particularly at home; Thailand’s PTT is seeking opportunities beyond the domestic market; and Indonesia’s Pertamina is striving to reverse the country’s declining production. Petronas expects the rebounding oil and gas sector will allow it to continue its “current trajectory”—“given modest recovery in demand underpinned by improvements of economic activities globally”. Similarly, PTT expects global oil and energy demand to continue to rebound, although Covid risk persists and the outlook for Iranian supply and potential impact of strategic petroleum rese
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
