Petronas advancing offshore exploration and carbon storage initiatives

Petronas has provided various project updates in its latest profits overview. During 2025, the company delivered first hydrocarbons from 26 projects, 28 final investment decisions (FIDs) and 12 exploration discoveries in Malaysia and overseas.

Offshore Malaysia, the Lebah Emas discovery revealed new hydrocarbon-bearing intervals. The FID for the Kelidang Cluster Development signaled the go-ahead for Brunei’s first ultradeepwater gas project.

In addition, Petronas completed activity on the Mutiara Cluster and SB505 3D seismic project, which it said represented a breakthrough in opening the frontier potential of the Sandakan Basin.

Moreover, the company entered a key principles agreement for the technical studies and FEED for the Duyong offshore carbon storage site and secured Malaysia’s first offshore assessment carbon capture and storage (CCS) permit from the MyCCUS Agency. It gives the company exclusive rights to conduct comprehensive offshore geological assessments over the Duyong Field.

Finally, Petronas gained operatorship of three new production sharing contracts offshore Malaysia: SB306A, SB306B and SB412.