KUALA LUMPUR: Petronas is undertaking a strategic review of its upstream portfolio to strengthen its competitiveness and sustainability over the next decade, as the global oil and gas (O&G) industry is facing mounting geopolitical, technological, and policy-related pressures.
During an Editors' Briefing today, Petronas Upstream Business executive vice-president and chief executive officer, Mohd Jukris Abdul Wahab, emphasised the need for agility and foresight as the company navigates a fast-evolving energy landscape.
"We have to be cognisant of what is happening around us, namely geopolitics, jurisdictional changes, shifting policies, and global conflicts that influence energy markets.
"The future is going to be very complex and challenging. We need to ask ourselves how we want to position Petronas by 2035,” he said.
Mohd Jukris highlighted that Petronas has consistently delivered strong results over the past five decades, evolving from a fledgling national company into a respected international player.
He noted that while Petronas remains a national oil company, it behaves and competes like an international oil company (IOC), both in terms of operational execution and commercial acumen.
"We have come a long way and can stand shoulder-to-shoulder with other IOCs.
"But to stay relevant, we must continue to review and reshape our portfolio, like other major players in the industry,” he said.
Key to this strategy is capital efficiency, technological deployment, and maximising operational effectiveness, all while staying aligned with national aspirations and maintaining value creation for stakeholders.
The company is also closely monitoring emerging trends such as artificial intelligence (AI), workforce evolution, and sustainable development to shape its future investments.
Mohd Jukris said the group’s focus goes beyond production to include the entire value chain - from discovery and development to delivery.
"The question is how can we do this better, faster, and more competitively,” he added.
As Petronas plans its future trajectory, the upstream division is expected to play a crucial role in building resilience and unlocking long-term value across its global portfolio. - Bernama
