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PETALING JAYA: Oil and gas experts say the new discoveries off Miri are encouraging, but the future of the local industry would still be uncertain without greater investments in exploration efforts.

They said the exit of global oil giants from Malaysia amid growing pressure for them to lower their carbon footprint has also affected the country’s position as a major oil producer.

One expert also pointed to a lack of leadership and direction in the national oil company, Petronas, for offshore oil explorations.

Economist and senior fellow at the Institute for Democracy and Economic Affairs (IDEAS) Renato Lima de Oliveira said Malaysia may need to venture further into deep offshore operations instead of relying on shallow water resources.

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