PETRONAS to collaborate more with service providers

The national oil firm is committed to its long-term target of sustaining and growing Malaysia’s oil and gas production.

KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) has released its 2024-2026 Activity Outlook, outlining forecast activities which call for greater collaboration with the oil and gas service and equipment (OGSE) providers to ensure energy demand is met while ramping up its clean energy initiatives.

Within the next three years, the national oil firm is committed to its long-term target of sustaining and growing Malaysia’s oil and gas production in anticipation of opening opportunities for the OGSE providers across exploration, development, production, and decommissioning activities.

It also will carry out an average of about 300 facilities-improvement plans annually for the next three years to maximise production efficiency and sustainability in oil and gas supply.

PETRONAS said these include rejuvenation projects, gas turbine and gas generator change-out activities as well as other major maintenance work which is crucial in eliminating bottlenecks, maximising hub capacity and curbing flaring activities at new onshore facilities.

It added that decommissioning activities would also be carried out for some 150 mature assets to restore surrounding areas to a safe and environmentally stable condition, while disused assets will be assessed for potential reuse or repurposing.

PETRONAS’ downstream business is on track to increasingly expand into cleaner-energy initiatives, venturing into biofuels with the ongoing development of a greenfield biorefinery and co-processing plant set to begin in 2026.

This is alongside the expansion of liquefied natural gas bunkering and the PETRONAS Iona range, which is a dedicated range of automotive-fluid solutions for electric vehicles and other thermal-management applications across diverse sectors.

The company said the industry should be geared towards adapting to the energy transition, such as shifting towards lower-carbon endeavours, pursuing net-zero emissions, and exploring renewable energy sources. — Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Bursa Carbon Exchange holds country's first nature-based carbon credit auction
Affin Bank inks MoU to bolster SME growth in Sarawak
Capital A's passenger volume rises 11% in 2Q
SCIB secures RM162mil contract for civil servant housing programme in Perak
Ringgit strengthens further vs US$, touching 4.66
Bursa Malaysia stages mild pullback, CI down 0.37%
Nestle Malaysia posts lower 1H sales on cautious consumer spending
Aneka Jaringan returns to the black in 3Q
Betamek registers higher net profit of RM4.88mil in 1Q
IGB REIT records net profit of RM81.55mil, distributable income of 2.56/unit

Others Also Read