KUALA LUMPUR: Malaysian state energy firm Petroliam Nasional Bhd (Petronas) is allocating RM26 billion ($6.6 billion) for upstream expenditure in 2018, up slightly from last year, upstream chief executive Mohd Anuar Taib said.
The upstream budget for this year, however, is still only about half of the 48.7 billion ringgit Petronas spent on upstream activities in 2015.
"We want the capital discipline. The challenge we have seen in the past is that when everybody starts going for activities at the same time, then the whole supply chain is stretched. That adds to the costs," Anuar said.
Reuters reported in February last year that Petronas was looking to sell a stake of as much as 49 percent in block SK316.
Thailand'sPTT Exploration and Production had said earlier on Wednesday it was in the second round of bidding for a stake in the SK316 gas block