O&G to remain a significant portion of energy mix


Petroliam Nasional Bhd (Petronas) executive vice-president and chief executive officer, upstream Adif Zulkifli (pic)said as an industry tasked with catering to the growing energy demand, it was critical for the national oil company to continue to deliver energy that was affordable, secure and sustainable.

KUALA LUMPUR: Oil and gas (O&G) will continue to make up a significant portion of the energy mix, although at a declining trend of 47% by 2040 from about 54% in 2018 due to the growth of renewable energy.

Petroliam Nasional Bhd (Petronas) executive vice-president and chief executive officer, upstream Adif Zulkifli said as an industry tasked with catering to the growing energy demand, it was critical for the national oil company to continue to deliver energy that was affordable, secure and sustainable.

“This is where the challenge lies. We need to do it safely, at the lowest cost possible to ensure we are resilient and additionally, at low carbon which means that we need to ensure that we need to drive carbon emissions levels down from current levels, ” he said in his keynote address at the inaugural Re-Imagining Malaysia Assets (Reset) 2021.

Adif said a shift in mindset and embracing new technology as well as digitalisation would drive the oil and gas industry to survive, remain relevant and competitive.

“What we have done before will not work in the future. Technology and digitalisation which for so long has been advocated as an agent of change for the future must be embraced and implemented now, ” he said.

Petronas has started to reimagine a future where operations could be done remotely.

“In 2020, our first remote operations platform was piloted at the Resak field, offshore Terengganu. We anticipate it to reduce up to 30% of operation expenditure, ” he said. — Bernama

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