W
ell-endowed with oil and gas reserves, Malaysia is a significant
global oil and natural gas producer: it is the second largest oil and
natural gasproducer inSoutheastAsia, the second largestexporterof
liquefied natural gas globally, and is strategically located amid
important routes for seaborneenergy trade.
Petroleumexploration inMalaysia startedat thebeginningof the20th
century in Sarawak, when the discovery of oil in Miri changed the
economic landscape of the country forever. In 1975, Malaysia’s
national oil and gas company, Petroliam Nasional Berhad
(PETRONAS)wasappointedascustodianof petroleum resourcesand
became actively engaged in the exploration, development and
productionof crudeoil andnatural gas. Thismilestone laiddown the
groundwork for the direct participation of local players in the
development of thecountry's oil andgas industry.
Today, Petronas is an integrated international oil and gas company
with business interests in 31 countries. It has operations in a broad
spectrumof theoilandgasvaluechain, likeexploration,development,
productionandsalesandoperates inpartnershipwithvarious international
oil companies. In 2012, Fortune ranked Petronas as the 68th largest
corporationand the12thmostprofitable in theworld. Thismeasureof
achievement reflects not only the capabilities of the firm but also
testifies to the rolePETRONAShasplayed in transferring theknowledge
andcapabilities of theoil andgas industry intoMalaysiancompanies.
INDUSTRYOVERVIEW
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