Petronas eyes 3% production growth a year till 2017

Petronas, which celebrates its 40th anniversary this year, is evolving from a national oil company into an international NOC, with operations spanning 55 countries and a broad portfolio across the entire upstream value chain.

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), now the world’s sixth most-profitable Fortune 500 company in the oil and gas space, is targeting to grow its production of hydrocarbons by between 3% and 3.5% a year until 2017-2018, according to executive vice-president of exploration and production Datuk Wee Yiaw Hin.

Petronas’ exploration and production arm also aimed to maintain a reserve replenishment ratio (RRR) of one at all times and grow net operating profit after tax by 10% each year, he said.