Latest news with #PetroliamNasionalBhd
The Star
19 hours ago
- Business
- The Star
PETRONAS should adapt to new energy transition demands amid economic and geopolitical uncertainties
Petroliam Nasional Bhd (PETRONAS) president and group chief executive officer (CEO) Tan Sri Tengku Muhammad Taufik Tengku Aziz speaking at Energy Asia 2025 KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) must face new demands in the energy transition era to remain relevant amid current economic uncertainties and geopolitical tensions. Its president and group chief executive officer, Tan Sri Tengku Muhammad Taufik Tengku Aziz, said that in the short term, hydrocarbon production must be cleaner and lower in carbon intensity to reduce greenhouse gas emissions, in addition to addressing methane leaks according to standards. "Firstly, gold certification for oil and gas methane partnership (OGMP) 2.0 is a must. Secondly, we will avoid flaring or routine venting of gas, and so far, more than 20 of our assets have tackled this by practising zero routine flaring. "In the medium to long term, offerings such as carbon capture and storage (CCS) and specialty chemicals should be accelerated as soon as possible, and I believe this requires the right platform, and investments need to be made,' he told Bernama TV in an exclusive interview during the Energy Asia 2025 conference here yesterday. Tengku Muhammad Taufik highlighted that the national oil and gas company must undergo a transformation, where it is no longer optional but a necessity to prepare for a low-carbon energy system. "In the past, we were production-oriented; we produced, and people would buy. Now, we need to understand more; we will only produce what people are willing to buy. "Willing to buy in terms of capability and needs, so if it is just to supply energy in the form of liquefied natural gas (LNG) to traditional markets like Japan, perhaps now it is not enough,' he said. Tengku Muhammad Taufik said PETRONAS is focusing on high-value assets and implementing strategic portfolio optimisation, including increasing or reducing holdings to optimise capital allocation, improve returns, and strengthen focus to support sustainable growth. "Like any other energy player in the sector, optimising the portfolio is a mandatory activity and will always be practised. "If this implementation requires us to sell assets with possibly higher carbon emissions and replace them with new assets that can extend the production life from the upstream sector, we will do that,' he said. For the downstream sector, Tengku Muhammad Taufik said that if the divestment of assets causes margins to be affected, PETRONAS will replace them with assets that have more stable margins and are less exposed to uncertainties. "This is where entities like Gentari come in, profits might be less, but it is less exposed to uncertainties,' he said. Gentari is a clean energy solutions company, wholly owned by PETRONAS. - Bernama
Barnama
20 hours ago
- Business
- Barnama
Petronas Should Adapt To New Energy Transition Demands Amid Economic And Geopolitical Uncertainties
BUSINESS By Kamarul Ariffin Md Yasin & Siti Nurhana Shafirah Mat Nazir KUALA LUMPUR, June 19 (Bernama) -- Petroliam Nasional Bhd (Petronas) must face new demands in the energy transition era to remain relevant amid current economic uncertainties and geopolitical tensions. Its president and group chief executive officer, Tan Sri Tengku Muhammad Taufik Tengku Aziz, said that in the short term, hydrocarbon production must be cleaner and lower in carbon intensity to reduce greenhouse gas emissions, in addition to addressing methane leaks according to standards. 'Firstly, gold certification for oil and gas methane partnership (OGMP) 2.0 is a must. Secondly, we will avoid flaring or routine venting of gas, and so far, more than 20 of our assets have tackled this by practising zero routine flaring. 'In the medium to long term, offerings such as carbon capture and storage (CCS) and specialty chemicals should be accelerated as soon as possible, and I believe this requires the right platform, and investments need to be made,' he told Bernama TV in an exclusive interview during the Energy Asia 2025 conference here yesterday. Tengku Muhammad Taufik highlighted that the national oil and gas company must undergo a transformation, where it is no longer optional but a necessity to prepare for a low-carbon energy system. 'In the past, we were production-oriented; we produced, and people would buy. Now, we need to understand more; we will only produce what people are willing to buy. 'Willing to buy in terms of capability and needs, so if it is just to supply energy in the form of liquefied natural gas (LNG) to traditional markets like Japan, perhaps now it is not enough,' he said. Tengku Muhammad Taufik said Petronas is focusing on high-value assets and implementing strategic portfolio optimisation, including increasing or reducing holdings to optimise capital allocation, improve returns, and strengthen focus to support sustainable growth.
Borneo Post
a day ago
- Business
- Borneo Post
Petronas, Kogas sign MOU to drive global energy innovation and sustainability
Photo shows the MOU between Petronas and Kogas, represented by Shamsairi (left), Petronas executive vice president and chief executive officer of gas and maritime, Datuk Adif Zulkifli (middle) and Oh. KUALA LUMPUR (June 19): Petroliam Nasional Bhd (Petronas) and Korea Gas Corporation (Kogas) have strengthened their long-standing partnership with the signing of a memorandum of understanding (MOU) aimed at driving innovation and sustainability within the global energy sector. The MoU not only reinforces Petronas' commitment as a long-term Liquefied Natural Gas (LNG) supplier to Kogas, but also in advancing cleaner energy solutions through opportunities in carbon capture and storage (CCS), renewable energy and hydrogen development to address pressing climate challenges. Vice president of LNG marketing and trading, Shamsairi Mohd Ibrahim said, 'This continued collaboration with Kogas signifies a key milestone in our longstanding partnership and reaffirms our shared commitment in advancing innovative and sustainable energy solutions.' A pivotal advancement in the longstanding partnership established since 1991, Petronas looks forward to driving progress across the energy value chain with Kogas, leveraging their combined expertise to deliver cleaner, more reliable energy to global markets in shaping a low-carbon future. Kogas senior vice president of hydrogen and new business unit, Oh Kwon Taek, also added: 'We hope that today's signing of this MOU will serve as a meaningful milestone, enabling our two companies to combine complementary strengths. 'As we move forward together, we are confident that this partnership will not only contribute to the development of both companies but also play a vital role in promoting sustainable energy solutions.' CCS corporate news oil and gas Petronas renewable energy
New Straits Times
a day ago
- Business
- New Straits Times
Petronas expands digital infrastructure to boost Malaysia's E&P investment
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), through Malaysia Petroleum Management (MPM), yesterday formalised memoranda of understanding (MoUs) at Energy Asia 2025. These MoUs reflect Petronas' commitment to global collaboration and forward-looking innovation to enhance Malaysia's positioning as a high-value, agile and investment friendly upstream environment. The MoUs involve collaborations with Amazon Web Services, SLB, Halliburton, Microsoft, Accenture, Iraya Energies, Rystad Energy Advisory Asia Pacific and S&P Global Commodity Insights. These partnerships mark a significant step in Malaysia's upstream digital transformation journey, designed to accelerate investor's decision-making through advanced technologies focusing on Agentic artificial intelligence and high-performance computing. Senior Vice President of MPM, Datuk Ir Bacho Pilong, said, "At Petronas, we believe that by embracing digital intelligence and strategic partnerships, we are enhancing Malaysia's Exploration and Production (E&P) competitiveness, creating an investment environment anchored on pace, data-reliability and transparency. We are elevating our web-based E&P data platform, Petronas myPROdata to support future Malaysia Bid Rounds." He added, "These partnerships are also about reshaping the way we work, unlocking new value through technology, enabling better investment decisions and strengthening Malaysia's appeal to global energy players." Petronas remains committed to ensuring an optimal and sustainable energy supply, with MPM playing a pivotal role in managing petroleum arrangements and providing stewardship for upstream petroleum activities in Malaysia.
New Straits Times
a day ago
- Business
- New Straits Times
Petronas secures Block 66 in Suriname deepwater expansion
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has expanded its deepwater presence in Suriname with the signing of a production sharing contract (PSC) for Block 66, further strengthening its position in the resource-rich Suriname-Guyana basin. In a statement, the national oil and gas company said its subsidiary, Petronas Suriname E&P B.V., entered into the agreement with Staatsolie Maatschappij Suriname N.V. and its wholly owned subsidiary, Paradise Oil Company N.V. Under the deal, Petronas holds an 80 per cent operating interest in Block 66, while Paradise Oil Company retains the remaining 20 per cent. Block 66 spans about 3,390 square kilometres and lies adjacent to Block 52 in Suriname's deepwater offshore area, where Petronas has previously recorded multiple exploration and appraisal successes. Building on this strong foundation, Petronas is optimistic that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area. The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with Petronas' existing operations in Suriname. Petronas vice president of international assets of upstream Mohd Redhani Abdul Rahman said the acquisition marks a pivotal step in Petronas' expansion into the prolific Suriname-Guyana hydrocarbon basin. "This aligns with our strategy to unlock high-value, high-potential assets and deliver long-term value through global partnerships and deepwater innovation. "With its prime location and significant resource potential, Block 66 complements Petronas' existing deepwater portfolio," he said. Petronas said the agreement also reflects its commitment to responsible energy development, with built-in provisions supporting domestic workforce participation, as well as social investment in a sustainable way, ensuring alignment with Suriname's national development goals. This latest addition brings Petronas' offshore interest in Suriname to six blocks, strengthening its position in the country following four discoveries to date.
