Latest news with #Petronas'
Borneo Post
a day ago
- Business
- Borneo Post
Pioneering AI venture to deliver breakthrough performance across upstream value chain
(From left) Petronas vice president of exploration Ahmad Faisal Bakar, Beiciep-Franlab chairman of the management board Thierry Le Maux, Petronas Carigali chief executive officer Hazli Sham Kassim, AFED Digital chief executive officer Mohammad Khazaidi Kamaruddin and AFED Digital executive director Afiq Hanafi Ramli during the JDA signing earlier this week. KUALA LUMPUR (June 19): Petronas Carigali Sdn Bhd have announced a groundbreaking strategic partnership for its upstream business with Beicip-Franlab, a leading geoscience and reservoir technology company, and AFED Digital, a specialist in advanced AI and digital solutions. Together, they entered into a joint development agreement (JDA) via TriCipta AI, a pioneering venture aimed at accelerating hydrocarbon discovery, reducing uncertainties, and maximising recovery sustainably across Petronas Carigali's operations. The partnership, which was signed during Energy Asia, will initially focus on delivering high-impact and tangible AI solutions to directly address key challenges in exploration, development, and production. Built on a long-term vision of collaborative success, the strategic partnership reflects Petronas' drive towards operational excellence and future readiness across its value chain. Petronas executive vice president and chief executive officer of upstream, Mohd Jukris Abdul Wahab said, 'This partnership reflects Petronas' firm commitment to collaborate for a future-ready Upstream digital and technology ecosystem. By integrating advanced AI and data-driven solutions across the value chain, PETRONAS is reinforcing our position as a resilient and adaptive upstream player.' This strategic move underscores Petronas' enduring drive for innovation and growth through partnerships, to deliver advantaged barrels in meeting sustainable energy needs. artificial intelligence corporate news Petronas
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.
The Sun
2 days ago
- Business
- The Sun
Petronas expands deepwater portfolio in Suriname with PSC for Block 66
PETALING JAYA: Petroliam Nasional Bhd (Petronas), through wholly owned subsidiary Petronas Suriname E&P BV, has signed a production sharing contract (PSC) for Block 66, located in the deepwater region offshore Suriname. The agreement was signed with Staatsolie Maatschappij Suriname NV and Paradise Oil Company NV, a wholly owned subsidiary of Staatsolie. Under the PSC, Petronas holds the operatorship with 80% participating interest, while POC holds the remaining 20%. Spanning about 3,390 sq km, Block 66 lies directly adjacent to Block 52, where Petronas has recorded a series of 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. In a statement yesterday, Petronas said 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. The signing ceremony took place during the Suriname Energy Oil and Gas Summit and Exhibition with Petronas represented by vice-president of international assets of upstream, Mohd Redhani Abdul Rahman. Staatsolie Maatschappij Suriname was represented by managing director Annand Jagesar and Paradise Oil Company by director Rekha Bissumbhar. Mohd Redhani said, 'This acquisition marks a pivotal step in Petronas' expansion into the prolific Suriname-Guyana hydrocarbon basin, aligning 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. 'We look forward to advancing our partnership with Staatsolie to unlock new energy opportunities together,' he added. The agreement also reflects Petronas' 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.
Borneo Post
2 days ago
- Business
- Borneo Post
Petronas expands deepwater portfolio in Suriname with block 66 PSC
Spanning approximately 3,390 square kilometres, Block 66 lies directly adjacent to Block 52 in the deepwater region offshore Suriname, where Petronas has recorded a series of exploration and appraisal successes. –Bernama photo KUALA LUMPUR (June 18): Petroliam Nasional Bhd (Petronas), through its wholly-owned subsidiary Petronas Suriname E&P BV (PSEPBV), has signed a production sharing contract (PSC) for Block 66, located in the deepwater region offshore Suriname. The agreement was signed with Staatsolie Maatschappij Suriname NV and Paradise Oil Company NV (POC), a wholly-owned subsidiary of Staatsolie. Under the PSC, Petronas holds the operatorship with 80 per cent participating interest, while POC holds the remaining 20 per cent. Spanning approximately 3,390 square kilometres, Block 66 lies directly adjacent to Block 52 in the deepwater region offshore Suriname, where Petronas has recorded a series of exploration and appraisal successes. Building on this strong foundation, the oil and gas firm 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. The signing ceremony took place during the Suriname Energy Oil and Gas Summit and Exhibition with Petronas represented by its vice president of international assets of upstream, Mohd Redhani Abdul Rahman. Meanwhile, Staatsolie Maatschappij Suriname NV was represented by its managing director Annand Jagesar, and POC by its director Rekha Bissumbhar. Mohd Redhani said, 'This acquisition marks a pivotal step in Petronas' expansion into the prolific Suriname-Guyana hydrocarbon basin, aligning 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. We look forward to advancing our partnership with Staatsolie to unlock new energy opportunities together,' he added. The agreement also reflects Petronas' 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. oil and gas Petronas Petronas Suriname E&P BV
New Straits Times
3 days ago
- Business
- New Straits Times
Petronas ramps up carbon storage efforts to anchor Malaysia's low-emissions future
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is ramping up its carbon capture and storage (CCS) efforts, positioning the technology as both a key enabler of Malaysia's climate ambitions and a new economic frontier for attracting low-carbon investments and regional emitters. Carbon management senior general manager Emry Hisham Yusoff said Petronas is developing multiple offshore storage sites and related infrastructure to transform Malaysia into a leading CCS hub for Southeast Asia. Beyond addressing emissions from its own operations, he said Petronas sees CCS as a commercial solution to support decarbonisation across industries such as steel, cement and petrochemicals. He added that CCS is central to the national oil company's long-term sustainability strategy and is being developed as a new line of business. "CCS is not just about emissions reduction. It is a new service line and a commercial venture for us," he said at the Energy Asia 2025 media dialogue session here today. "With the right infrastructure, Malaysia can attract low-carbon product manufacturers, such as blue ammonia and blue hydrogen producers, to set up operations here," he added. Emry also highlighted that Malaysia's depleted oil and gas fields offer suitable geological formations for long-term CO2 storage, giving the country a strategic edge in regional decarbonisation. "Petronas reduced its emissions from 59 million tonnes in 2019 to 46 million tonnes in 2023, with a target to cut at least 25 per cent of equity emissions by 2030 across both operated and non-operated assets. "However, the pace of implementation depends on the readiness of industrial partners to align their timelines with Petronas' infrastructure rollouts," he said. Petronas estimates that its investments in CCS projects will range between RM4.5 billion and RM5 billion, underscoring its commitment to building the necessary ecosystem for permanent CO2 storage. Speaking at the same session, Petronas CCS carbon management division general manager Nor A'in Md Salleh said the company is focusing on the entire CCS value chain, including capture, transportation, onshore terminals and permanent offshore storage. "We have identified five to seven potential CCS sites at different stages of development. Two are located in Peninsular Malaysia, including one within the Malaysia-China Kuantan Industrial Park, and one is in Sarawak," she said. Among these, she added, the M1 site is the most advanced and will serve as the storage location for CO2 captured from the Kasawari gas field, a major natural gas development linked to Petronas' liquefied natural gas (LNG) portfolio. Petronas is also constructing a dedicated onshore liquefied CO2 terminal in Kuantan to facilitate transportation and storage operations. Partner selection for this terminal is ongoing. The CCS programme is closely tied to the company's LNG business, as Petronas is piloting CO2 capture directly from its LNG production facilities. Emry said the commercial viability of decarbonised LNG remains limited in the absence of carbon pricing or market premiums. "When we capture CO2 from our own LNG facilities, it becomes a cost to us – but there is no differentiated price for low-carbon LNG in the market. That makes it difficult to compete with others who are not pursuing decarbonisation," he said. Looking ahead, Petronas is optimistic that frameworks such as Singapore's transition finance taxonomy, which now classifies CCS as a green activity, will improve access to sustainable financing. "We have long said climate change knows no borders. Just because we store CO2 here does not mean Malaysia is the only beneficiary. We can enable emissions reduction across the region while securing our own energy future," said Emry. Petronas is working closely with global partners such as TotalEnergies, Mitsui & Co, and a Japanese consortium comprising JGC Holdings and K Line, which are engaging emitters from Japan to collaborate on CCS storage in Malaysia. This, Emry said, reflects strong cross-border interest and validates Malaysia's potential as a regional CCS destination. In line with this, Petronas is also engaging with industrial emitters in Korea and Singapore that are seeking access to storage options in Malaysia to meet their respective national decarbonisation targets. As part of its broader push towards net-zero carbon emissions by 2050, the company aims to launch CCS as a commercial service by late 2029 or early 2030. "This is not just about Petronas. It is about building a broader ecosystem that enables real climate action – locally and regionally," Emry added.
