Malaysia’s Petronas is widely hailed as the poster boy of regional — and often global — national oil and gas companies, having built a successful business both domestically and overseas, with upstream operations in more than 20 countries.

However, like many of its industry peers, Petronas has had a challenging year as commodity prices slumped on the back of weaker demand brought about by the coronavirus pandemic.

The company posted a 21 billion ringgit ($5.06 billion) second quarter net loss while 2020 first half revenues were down 23% year-on-year.