Malaysia's Oil Giant Petronas Looks Abroad to Help Cut Production Costs
Petroliam Nasional Bhd., Malaysia's state-owned oil and gas company, is looking to expand output from more affordable assets abroad in an effort to cut production costs and rein in declining profits.
Petronas, as the company is known, is seeking to produce oil at a break-even level of $50 per barrel, from $60 to $70 in the past five years, said Mohd Jukris Abdul Wahab, the chief executive officer of Petronas' upstream business, which includes exploring, developing and extracting oil and gas.
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