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Haldrica
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What we do · 01

Upstream

Exploring for and producing oil and gas offshore Malaysia.

Jack-up rig at sea beside a crane vessel lifting a steel structure, low sun

Overview

Our upstream business finds, develops and produces oil and natural gas from three operated hubs offshore Malaysia and partner-operated interests across Southeast Asia. Gas makes up 62 percent of output and supplies our LNG plant at Tanjung Api.

Upstream is the foundation of Haldrica. In FY2025 we produced an average of 412 thousand barrels of oil equivalent a day, 2.2 percent more than in 2024, at a unit production cost of US$6.40 per barrel of oil equivalent.

Our priority is to keep the gas hubs on plateau while lowering the emissions of every barrel we produce. Laut Dalam Phase 2, sanctioned in March 2026, extends the cluster's plateau beyond 2030 using existing platforms and pipelines, which keeps both cost and emissions intensity low.

We manage our resource base conservatively. At 31 December 2025, proved plus probable reserves stood at 1.9 billion barrels of oil equivalent, around 12.6 years of production at current rates.

Production, FY2025
412 kboe/d
Gas share of output
62%
2P reserves
1.9 bn boe
Unit production cost
US$6.40/boe

FY2025

Upstream in numbers

Revenue
RM 14.9 bn35.1% of group
EBITDA
RM 11.2 bn67% of group
Capital expenditure
RM 5.6 bn66% of group
Production, FY2025
412 kboe/d

Strategy

Our priorities

  1. Hold the gas hubs on plateau

    Infill wells and Laut Dalam Phase 2 keep supply to Tanjung Api steady through the decade.

  2. Lower emissions per barrel

    Electrification, flare gas recovery and leak detection on every operated platform.

  3. Replace what we produce

    Near-field exploration around existing hubs, where discoveries can be tied back quickly.

Operations

Our assets today

Operating status is updated by our operations team as it changes.

All operations
  • Online 3 assets
  • Maintenance 1 asset
  • Ramp-up 0 assets

  • Laut Dalam

    Online

    On plateau. Phase 2 sanctioned in March 2026, first gas expected in 2029.

    Type
    Offshore gas cluster
    Capacity
    186 kboe/d
    Location
    Offshore East Malaysia
    Interest
    70%, operator

    Updated 15 September 2026

  • Tukun Perak

    Online

    Three platforms and a central processing hub. Infill drilling campaign under way.

    Type
    Offshore gas and condensate
    Capacity
    98 kboe/d
    Location
    Offshore Peninsular Malaysia
    Interest
    60%, operator

    Updated 10 September 2026

  • Selat Hujan

    Maintenance

    Planned turnaround started 8 September 2026. Return to production expected in November 2026.

    Type
    Offshore oil
    Capacity
    64 kboe/d
    Location
    Offshore Peninsular Malaysia
    Interest
    100%, operator

    Updated 8 September 2026

  • Partner-operated interests

    Online

    Seven producing licences operated by partners.

    Type
    Non-operated oil and gas
    Capacity
    64 kboe/d
    Location
    Southeast Asia
    Interest
    15% to 40%

    Updated 31 August 2026

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