PETRONAS
Activity Outlook
2024 - 2026
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Dear Esteemed Partners,
We are pleased to present you the 2024–2026 edition of the PETRONAS Activity Outlook. The energy sector must rapidly transform amidst the shifting energy landscape and demand for cleaner energy solutions while balancing the energy trilemma of security, affordability and sustainability; taking into account the combined impact of geopolitical conflict, rising costs of living and the climate crisis that adds up to the already uncertain economic environment.
In August this year, the government announced the National Energy Transition Roadmap (NETR), which lays the groundwork for Malaysia to forge ahead in this transformative journey. PETRONAS continues to play a key role in the Oil and Gas, Services and Equipment (OGSE) industry, supporting the government’s efforts to bolster the country’s economic growth. We aim to champion the energy transition by prioritising energy security and providing cleaner energy solutions, while maximising the value of the country’s hydrocarbon resources.
The industry should be gearing towards adapting to the energy transition, such as shifting towards lower-carbon endeavours, pursuing net zero emissions, and exploring renewable energy sources. Through cross-industry experiences, insights and knowledge, we believe co-creation can upskill our capabilities and skills, which will chart new frontiers for the OGSE industry.
The government has also ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) at the end of 2022. According to the 'Cost-Benefit Analysis on the Potential Impacts of CPTPP on the Malaysian Economy and Key Economic Sectors' published by the Ministry of Investment, Trade and Industry (MITI) in March 2022, the trade openness from CPTPP will increase GDP by USD56.5 billion between 2021 and 2030 and Malaysia will continue to enjoy a trade surplus equivalent to 8.5 per cent of GDP in 2030. PETRONAS shall take the necessary steps to comply with CPTPP in our procurement activities, within the specific flexibilities accorded to Malaysia.
We would also like to emphasise the importance of all parties to uphold the highest level of corporate governance and maintain zero tolerance on bribery and corruption.
At the same time, PETRONAS will strive to ensure that safety is paramount and takes precedence as we navigate through the challenges and drive progress.
On behalf of PETRONAS, we extend our appreciation for the continued partnership from all parties. We hope the PETRONAS Activity Outlook 2024–2026 will provide valuable input to the industry in planning its activities.
Freida Amat
Vice President, Group Procurement
PETRONAS Activity Outlook
2024-2026
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We are pleased to share key messages from our Vice President, Group Procurement, as we highlight updates on the activity outlook for PETRONAS.
When Insight Meets Innovation
When Capability Meets Collaboration
When Potential Meets Performance
When Purpose Meets Vision
When Partnership Meets Progress
Vice President
Group Procurement, PETRONAS
The industry should be gearing towards adapting to the energy transition, such as shifting towards lower-carbon endeavours, pursuing net zero emissions, and exploring renewable energy sources. Through cross-industry experiences, insights, and knowledge, we believe co-creation can upskill our capabilities and skills, which will chart new frontiers for the OGSE industry.
on the energy security and touch on current market demands and industry aspirations.
Grappling with rising costs, players are tapping into technology to put a cap on prices of services from the oil and gas services sector. Investing in technology is key to safety and efficiency improvements. Sustainable operations, where every player in the oil and gas sector embraces and adopts measures to reduce emissions and cut waste, are paramount to showcase the industry’s decisive move to remain relevant as energy transition accelerates.
With peak oil demand fast approaching, the industry will eventually be relying on barrels that are produced at the lowest cost and lowest emission possible. As partners in the exploration and production of these barrels, we will be ahead of the game through fast technology deployment that keeps costs down, upskilling of talent in a faster-paced world and possessing an agile mindset to fight climate change.
seizing new business opportunities, diverse technological solutions and our continuous endeavours to attract, recruit and retain talent in line with our commitment to a low-carbon future.
The continued growth of Malaysia's upstream sector will hinge on the combined efforts of various industry stakeholders; Petroleum Arrangement Contractors (PACs), Oil and Gas Services and Equipment (OGSE), and business partners. To excel in this field, it is imperative for all facets of the ecosystem to work together and collaborate to improve in several key areas, including prioritising health and safety, and boosting our commitment to initiatives that will allow us to achieve sustainability, adopt technological innovations, and enhance workforce skills.
PETRONAS via Malaysia Petroleum Management (MPM) is always open to fostering more extensive collaborations and partnerships with all players of Upstream Malaysia. Together, we can achieve a secure, resilient, cost-effective, and lower-carbon future.
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Expanding the Downstream business into cleaner energy initiatives, we are venturing into biofuels, circular economy,
Liquefied Natural Gas (LNG) bunkering and next-gen fluids with PETRONAS Iona Range and the installation of Electric Vehicle (EV) charging facilities at PETRONAS stations. This aligns with our Net Zero Carbon Emissions 2050 (NZCE 2050) Pathway and the country's goal of achieving net zero emissions by 2050.
A collaboration to expand these market segments will only enhance resilience within PCG. Let’s join hands and explore collaborative opportunities across these segments to cultivate growth.
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At PETRONAS, we see technology as a strategic differentiator to help us stay ahead. Innovation Gateway @ PETRONAS (iG@P) is PETRONAS' pioneering initiative, leveraging technology to drive competitive advantage and innovation. It acts as a crucial bridge, connecting operational challenges to cutting-edge solutions.
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The Ministry of Investment, Trade and Industry (MITI) announced on 5 October 2022 that Malaysia has successfully ratified CPTPP on 30 September 2022. The CPTPP entered into force (EIF) effective 29 November 2022 (60 days after ratification).
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Attaining a future-ready talent pipeline requires rewiring the talent strategy ecosystem, including sourcing, retaining and elevating talent value propositions via upskilling and reskilling. Having a comprehensive line of sight on talent demand and supply within the industry ecosystem will ensure an industry-ready workforce. Facilitating the integration of the industry's existing fragmented initiatives will contribute towards a robust talent outlook.
The industry must have visibility to the dynamics of talent demand (what skills and roles are needed by the industry) and talent supply (the available pool of talents with needed skills and qualifications). This will enable the industry to analyse and respond timely to the current and future needs for specific skills and the availability of talents.
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As Malaysia’s oil and gas resources custodian, PETRONAS will support efforts to decarbonise economic development and deliver reliable energy that enables progressive growth.
It is committed to reduce emissions from its operations and diversify into new energy transition businesses that are cleaner, less carbon intensive and aligned with changing consumer and market preferences. These commitments are prescribed in the PETRONAS NZCE 2050 Pathway which stipulates emissions reduction from operations and growth ambitions for cleaner energy solutions, both of which present opportunities for investors and suppliers.
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As the custodian of Malaysia’s petroleum resources, PETRONAS’ Upstream business is focused on pursuing sustainable value-driven production growth, monetising oil and gas resources, strengthening core capabilities and building niche competencies.
The Gas business portfolio showcases our position as a one-stop centre for lower-carbon energy solutions, equipped with end-to-end value chain capabilities to ensure a reliable supply of natural gas and liquefied natural gas (LNG).
PETRONAS' Downstream business plays a strategic role in enhancing the value of petroleum resources through its multiple integrated operations, transforming it into high-quality and value-added products. The diverse activities include the refining, marketing of crude oil and petroleum products, the manufacturing and marketing of specialty chemicals and derivatives, as well as the supply of lower-carbon and sustainable solutions.
serving as leading indicators to many other supporting services. The interdependencies create multiplier effects across the value chain.
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Activity Outlook is provided for all types of rigs operating in Malaysia i.e. Jack-up Rigs (JURs), Tender Assisted Drilling Rigs (TADRs), Semi-Submersible Rigs and Drillships.
The Hydraulic Workover Units (HWUs) are utilised to perform workover for recompletion and plugged abandonment work and could function as an alternative to the rigs mentioned above.
The outlook for Engineering, Construction and Projects is best represented by activities related to development projects, i.e. offshore fabrication, supply of linepipes, oshore installation, hook-up and commissioning as well as decommissioning. Typical upstream project development comprises Engineering, Procurement, Construction, Installation, Hook-up and Commissioning (EPCIC) stages.
For the purpose of this report, the timeline for each project is segregated into four stages, i.e. (i) Engineering and (ii) Fabrication (iii) Installation and (iv) Hook-up and Commissioning. There may be an overlap of activities between the four stages, as depicted by the gradient. Also provided are indicators for facility type.
Offshore fabrication outlook is provided for fixed and floating structures, with actual or planned contract award date as the indicator of commencement of fabrication activity.
Floaters refer to non-fixed structures involved in processing and/or the storage of hydrocarbons, i.e. Floating Production Storage and Offloading (FPSO), Floating Storage and Offloading (FSO) and Mobile Offshore Production Units (MOPU).
Subsea structures are facilities located on the sea floor, as opposed to on the surface. Petroleum is extracted from the sea floor and then “tied-back” to an existing production platform using Subsea Umbilical, Riser and Flowline (SURF) facilities.
Offshore installation outlook for each project is provided by the type of installation barge required for the facility installation, i.e. heavy lift, floatover or pipelaying barge.
Hook-Up and Commissioning (HUC) ties in all components of the facilities including all function tests and start-up of facilities. Outlook is stated in man-hour units as the activities are labour intensive.
Decommissioning in the oil and gas industry represents the end of the facilities productive life of facilities, the process which comprises the removal and possible remediation of assets’ installation whilst avoiding environmental impact.
Offshore Maintenance, Construction and Modification (MCM) covers activities related to the repair and maintenance of existing topside facilities. Outlook is stated in man-hour units as the activities are labour intensive.
All requirements for 2024 have been contracted. Nevertheless, there are opportunities for Associated Services under the main contractors.
Underwater Services covers inspection, maintenance and repair activities performed for underwater structures such as platform jacket inspection, offshore pipeline inspection, debris survey and removal.
For the purpose of resources planning and optimisation, the outlook is represented by number of days for underwater activities execution.
Plant Turnaround is planned periodic shutdown of a process plant or process unit to carry out work (including but not limited to) for equipment maintenance, inspection, repairs, replacement, catalyst change out, etc. of the plants to ensure integrity and to achieve safe, reliable operation until the next planned shutdown.
Turnaround comprises main mechanical work, which constitutes the bulk of total activities (~60 percent). Other activities are discipline-specific; e.g., electrical, instrument, inspection and rotating equipment maintenance. Turnaround is labour intensive; hence activity outlook is stated in man-hour units.
This report was developed based on currently available information from internal and external sources. PETRONAS believes the expectations of its Management as reflected by such forward-looking statements are reasonable, based on information currently available to it. PETRONAS makes no representation on the accuracy or completeness of any information provided in this report and expressly disclaims any liability whatsoever arising from, or in reliance upon, the whole or any part of its contents. This report contains forward-looking statements with words such as "believe", "anticipate", "intend", "seek", "will", "plan", "could", "may", ”endeavour" and similar expressions used to represent our judgement and future expectations. These statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of the various important factors. To view the full Cautionary Statement, click here.
Integrated Downstream contracts, Integrated Upstream and Downstream contracts including the Upstream and Downstream individual contracts. Details of the contracts are based on data as of November 2023.
Contract |
Start |
2023 |
2024 |
2025 |
2026 |
2027 |
Pan Malaysia |
||||||
Completion New Technology |
2020 |
|
||||
Tubular Handling, Conductor Installation and Slot Recovery |
2022 |
|
||||
Well Testing and Tubing Conveyed Perforations (TCP) |
2022 |
|
||||
Drill Bits (Rock/PDC) and Hole Enlargement Tools |
2022 |
|
||||
Mudlogging |
2017 |
|
||||
Cementing |
2018 |
|
||||
Drilling Fluids |
2018 |
|
||||
Deepwater Subsea Wellhead Equipment, Tools and Services |
2019 |
|
||||
Directional Drilling (DD)/Measurement While |
2020 |
|
||||
Fishing Equipment and Services |
2020 |
|
||||
Liner Hanger |
2022 |
|
||||
Pan Malaysia for Well Completion |
2022 |
|
||||
Integrated Well Services (IWS) |
2020 |
|
||||
Seismic Acquisition |
2022 |
|
||||
Individual - Upstream |
||||||
Slickline |
2022 |
|
||||
Wellhead Maintenance Services |
2021 |
|
||||
Surface Controlled Subsurface Safety Valve System |
2022 |
|
||||
Geophysical, Geomatics, HSE and |
2021 |
|
||||
Drilling Tools, Well Test Tubular and Accessories Rental |
2022 |
|
||||
Surface Sand Management |
2019 |
|
||||
Gas Lift Valves (GLV) and Insert Strings Equipment, |
2023 |
|
||||
Sand Control |
2022 |
|
||||
Marine Site Investigation Survey |
2023 |
|
||||
Offshore Surveying and Positioning Services |
2023 |
|
||||
Metal Expandable Packer (MEP) for Annular Barrier Equipment |
2023 |
|
||||
Tender Asisted Drilling Rig |
2021 |
|
||||
Jack up Rig (Call Out basis) |
2022 |
|
||||
Intelligent Circulation While Drilling Tool (iCWD) |
2023 |
|
||||
Electric Wireline |
2021 |
|
||||
Core Analysis |
2022 |
|
||||
Coiled Tubing Unit |
2015 |
|
||||
Processing/Reprocessing |
2021 |
|
||||
|
Contracted project Replacement / New contract Contract Extension |
Contracted project
Replacement / New contract
Contract Extension
Contract |
Start |
2023 |
2024 |
2025 |
2026 |
2027 |
Pan Malaysia |
||||||
Engineering, Procurement and Construction (EPC) |
2018 |
|
||||
New - Pan Malaysia Contract for the Provision of |
2025 |
|
||||
Integrated Upstream and Downstream |
||||||
Major Engineering Services |
2019 |
|
||||
Minor/ FIP Engineering Services |
2023 |
|
||||
Minor Construction and Modification Works |
2019 |
|
||||
Individual - Upstream |
||||||
Marine Warranty Survey and Technical Services |
2023 |
|
||||
Integrated Hook-Up and Commissioning (HUC) |
2020 |
|
||||
New - Integrated Hook-Up and Commissioning (HUC) |
2020 |
|
||||
Provision Of Transportation And Installation (T&I) of Offshore Facilities |
2023 |
|
||||
|
Contracted project Replacement / New contract Contract Extension |
Contracted project
Replacement / New contract
Contract Extension
Contract |
Start |
2023 |
2024 |
2025 |
2026 |
2027 |
Pan Malaysia |
||||||
Inspection and Corrosion Monitoring Services (ICMS) |
2018 |
|
||||
Underwater Services |
2024 |
|
||||
Maintenance, Construction and Modification (PM-MCM) |
2018 |
|
||||
Pipeline In-line Inspection Services |
2022 |
|
||||
Integrated Upstream and Downstream |
||||||
Pressurised Welding Habitat Services |
2021 |
|
||||
Maintenance Services for Single Point Mooring (SPM) and |
2020 |
|
||||
Integrated Civil, Steel Strcture and Building Maintenance |
2020 |
|
||||
Online Leak Sealing Services |
2021 |
|
||||
Integrated Turnaround Main Mechanical and |
2021 |
|
||||
Atmospheric Storage Tank Maintenance Services |
2022 |
|
||||
Pipeline In-line Isolation Services |
2023 |
|
||||
Integrated Downstream |
||||||
Civil Maintenance Work for Process and Non-Process Area |
2020 |
|
||||
Fire and Gas Maintenance Services |
2020 |
|
||||
Support Services for TA, Shutdown, Catalyst Change |
2021 |
|
||||
Mechanical Pipelines Maintenance |
2019 |
|
||||
Individual - Upstream |
||||||
Maintenance, Construction and Modification (OnMCM) |
2018 |
|
||||
Marine Operations and Maintenance for Floating LNG |
2019 |
|
||||
Integrity and Fitness for Service (FFS) Assessment of Pipelines |
2019 |
|
||||
Maintenance, Construction and Modification (OFFMCM) |
2017 |
|
||||
Soil Investigation Services - Offshore (PCSB) |
2021 |
|
||||
Living Quaters (LQ) and Modularised Offshore Buildings |
2020 |
|
||||
Operational Pigging Services |
2021 |
|
||||
Alternative Blasting and Painting |
2021 |
|
||||
Remotely Operated Vehicle (ROV) |
2021 |
|
||||
Single Point Mooring (SPM) Refurbishment Work |
2022 |
|
||||
|
Contracted project Replacement / New contract Contract Extension |
Contracted project
Replacement / New contract
Contract Extension
Contract |
Start |
2023 |
2024 |
2025 |
2026 |
Pan Malaysia |
|||||
Offshore Support Vessels for PAC's Production Operations |
2018 |
|
|||
Offshore Support Vessel (OSV) Services for Drilling |
2019 |
|
|||
Integrated Upstream |
|||||
Intra-Plant Transportation and Related Services |
2017 |
|
|||
Individual - Upstream |
|||||
Vessel Tracking System (VTS) |
2019 |
|
|||
Marine Services and Marine Related Activities |
2022 |
|
|||
Offshore Support Vessel and Rig Tank Cleaning Services |
2021 |
|
|||
|
Contracted project Replacement / New contract Contract Extension |
Contracted project
Replacement / New contract
Contract Extension
Contract |
Start |
2023 |
2024 |
2025 |
2026 |
2027 |
Integrated Upstream |
||||||
Chemical Treatment and Chemical Cleaning Services |
2023 |
|
||||
Supply of Production Chemicals |
2017 |
|
||||
Supply of Integrity Chemicals |
2023 |
|
||||
Individual Upstream |
||||||
Supply And Delivery Of Triethylene Glycol (TEG) and |
2023 |
|
||||
Supply and Delivery of Base Oil for PACs |
2018 |
|
||||
Individual Upstream & Downstream |
||||||
Supply and Delivery of PETRONAS Lubricants |
2017 |
|
||||
Individual Downstream |
||||||
Supply of Chloroalkali |
2024 |
|
||||
Supply of Sulphuric Acid |
2018 |
|
||||
Supply of Ceramic Balls |
2022 |
|
||||
Supply and Delivery of Activated Carbon |
2023 |
|
||||
Umbrella Contract for the Provision of Precious Metal |
2023 |
|
||||
WTSP for Boiler and Cooling Water |
2017 |
|
||||
Catalyst and Adsorbent Change Out |
2023 |
|
||||
|
Contracted project Contract Extension |
Contracted project
Contract Extension
Contract |
Start |
2023 |
2024 |
2025 |
2026 |
2027 |
Pan Malaysia |
||||||
Mechanical Rotating Equipment Services and Parts |
2019 |
|
||||
Supply and Delivery of Gas Turbine |
2023 |
|
||||
Centrifugal and Reciprocating Type Gas Compressors |
2019 |
|
||||
Supply and Delivery of API 610 Process Pump |
2021 |
|
||||
Supply and Delivery of Oil Country Tubular Goods |
2023 |
|
||||
Supply and Delivery High Strength Structural Carbon Steel Plates |
2021 |
|
||||
Coating Services for Linepipes & Bends |
2022 |
|
||||
Supply and Delivery of Switchgear (Up to 52KV) |
2021 |
|
||||
Supply and Delivery of Transformer |
2021 |
|
||||
Supply and Delivery of Induction Motor |
2021 |
|
||||
General Electrical Equipment Services |
2020 |
|
||||
Supply of Distributed Control System (DCS) |
2021 |
|
||||
Bently Nevada Maintenance & Support |
2020 |
|
||||
Supply and Delivery of Control Valve |
2022 |
|
||||
Integrated Upstream and Downstream |
||||||
Maintenance and Services of HV/LV Motor and Alternator |
2023 |
|
||||
Transmitter and Manifold |
2021 |
|
||||
Master Service Agreement for Mercury and Pyrophoric |
|
|||||
Maintenance and Services of Heat Ventilation and Air |
2023 |
|
||||
Supply and Delivery of Pressure Relief Valve (PRV) |
2019 |
|
||||
Supply and Delivery of Swagelock |
2022 |
|
||||
Integrated Downstream |
||||||
Digital Inventory Management System |
2023 |
|
||||
Maintenance for Switchgear and Transformer |
2021 |
|
||||
Individual - Upstream |
||||||
Detronics Site Support and Services |
2022 |
|
||||
Supply and Delivery of Oil Country Tubular Goods (OCTG) |
2023 |
|
||||
Coating Services for Linepipes and Bends for PCSB |
2022 |
|
||||
Master Service Agreement for Lifting Equipment for PCSB |
2023 |
|
||||
Master Service Agreement for Lifting Equipment for PCSB |
2022 |
|
||||
Master Service Agreement for Lifting Equipment for PCSB |
2022 |
|
||||
Heat Exchanger, Pressure Vessel and Utility Tank Maintenance |
2023 |
|
||||
Individual - Downstream |
||||||
Mobile Crane and Other Lifting Equipment for PCG and PGB |
2023 |
|
||||
Contract |
Start |
2023 |
2024 |
2025 |
2026 |
2027 |
Pan Malaysia |
||||||
Comprehensive Integrated Medical Services |
2023 |
|
||||
Integrated Upstream and Downstream |
||||||
Flame Resistant Coverall and Headscarf |
2019 |
|
||||
Environmental Monitoring and Analysis |
2023 |
|
||||
Manpower Supply Services |
2019 |
|
||||
Third-Party Professional and Support Services |
2021 |
|
||||
Talent Acquisition Services |
2020 |
|
||||
Immigration Services |
2020 |
|
||||
Global Mobility Services |
2020 |
|
||||
Environmental Impact Assessment |
2023 |
|
||||
Media Advertising Services |
2023 |
|
||||
Travel Management Services |
2020 |
|
||||
Digital Communication Agency Services |
2022 |
|
||||
Integrated Creative Advertising (ICA) |
2023 |
|
||||
Brand Measurement |
2022 |
|
||||
Brand Services |
2022 |
|
||||
Chemical Exposure Monitoring |
2024 |
|
||||
General and Local Exhaust Ventilation Monitoring - 2029 |
2024 |
|
||||
Scheduled Waste - Disposal (Peninsular and East Malaysia) |
2023 |
|
||||
Scheduled Waste - 3R (Peninsular and East Malaysia) |
2023 |
|
||||
Integrated Downstream |
||||||
Pest Control Management (Peninsular and East Malaysia) |
2021 |
|
||||
Manpower Supply Turnaround Centralised Services (TACS) |
2021 |
|
||||
Individual - Upstream |
||||||
H2S Safety Equipment and Services |
2019 |
|
||||
Quality Assurance/Quality Control and Inspection Services |
2019 |
|
||||
Technical Support Services |
2019 |
|
||||
Pest Control Management |
2021 |
|
||||
Offshore Catering (PCSB, PFLNG SATU and DUA) |
2021 |
|
||||
Individual - Downstream |
||||||
Janitorial Services for Downstream OPUs (Peninsular) |
2022 |
|
||||
Janitorial Services for Downstream OPUs (Sarawak) |
2022 |
|
||||
|
Contracted project Replacement / New contract Contract Extension |
Contracted project
Replacement / New contract
Contract Extension
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