Petronas Plans Intensified Upstream Program as Oil and Gas Prices Advance

Malaysia’s state-owned Petroliam Nasional Berhad (Petronas) plans to step up upstream spending on exploration, deepwater developments, and enhanced oil recovery between 2026 and 2028 to keep domestic oil and gas production around 2 million boepd, according to its latest activity outlook. The strategy highlights a renewed focus on national energy security and longer-term reserve replacement at a time when tighter supply expectations have underpinned global benchmarks such as Oil – Brent Crude, Oil – US Crude, and Natural Gas. Petronas’ program suggests sustained regional upstream activity in Southeast Asia, which could influence medium-term supply dynamics and investment flows across the broader energy complex.

Over the past month, Oil – US Crude has gained about 10.76%, while Oil – Brent Crude is up roughly 11.35%, moves that reflect ongoing concerns around supply, OPEC+ policy, and resilient demand; both are flashing a short-term bullish bias with a 1-day technical signal of Buy and Buy, respectively. Natural Gas has outperformed with a roughly 22.33% rise over the last month, a move often linked to seasonality and storage expectations, and its 1-day technical reading also indicates a Buy stance, suggesting momentum remains supportive in the near term. Investors can explore more updates, prices, and analysis across global markets at Commodities.