Razak was quoted by energy reporting website Rigzone as saying Petronas discovered oil off the coast of Pahang state, a first for the company since it was formed in 1975.
Petronas, along with Sweden's Lundin Petroleum made the discovery in the offshore Bertram field.
"With addition of these reserves, the Bertam field now contains recoverable oil reserves of 64 million barrels," Rigzone quoted the prime minister's website as saying.
The minister said crude oil production there could be as high as 20,000 barrels per day once work begins in late 2014.
Lundin serves as the operator of the field, which is about 100 miles off the coast in 249 feet of water.