Petronas is looking to expand in Brazil, Russia, India, China, and South Africa, according to sources.
The Malaysian Business Times quoted an unnamed source who said Petronas was targeting the five countries which have a combined nominal gross domestic product of more than $16 billion.
“Brazil, Russia, South Africa, and China have huge land base and there are a lot of opportunities for exploration and production works in these markets,” the source said.
“But the first hurdle Petronas has to go through is the political and country risk. That is what Petronas is concerned about.”
The source also told the Malaysian paper that Petronas was looking to balance is portfolio from its current 30% oil and 70% gas, to a more even 50/50 split.