The government of Malaysia might sell stakes in national oil and gas company Petronas to State governments where the company’s oil and gas fields are located, like Sabah and Sarawak (Borneo Island). It would give State governments a voice in the running of the company. The objective is to raise fund to reduce the federal government debt, which reached 52% of GDP in 2018, according to the IMF.
In October 2019, the Malaysian government announced it was considering listing the exploration and production branch of Petronas on the Malaysian stock exchange (Bursa Malaysia). The entire company might be listed too at a later stage. The government has already introduced some shares of Petronas on the Bursa Malaysia, including its petrochemical subsidiary Petronas Chemicals.
Petronas is involved in exploration-production activities mainly through its subsidiary Petronas Carigali. Petronas' global assets produced around 950,000 bbl/d of crude oil and condensates in 2018 through overseas exploration activities in more than 20 countries.