KUALA LUMPUR: Petronas unveiled its Activity Outlook for 2024-2026, detailing anticipated activities that emphasise partnering with Oil and Gas Service and Equipment (OGSE) providers to address energy demand and propel clean energy initiatives forward.
In the coming three years, they are committed to maintaining and expanding Malaysia’s oil and gas production, creating prospects for OGSE providers involved in exploration, development, production, and decommissioning activities.
Acknowledging the necessity of providing affordable and sustainable energy for economic advancement, PETRONAS aims to increase oil production efficiently and with minimal emissions. By anticipating activities, challenges, and opportunities, a more robust OGSE ecosystem can collectively address this energy trilemma.
Petronas Vice President of Group Procurement Freida Amat emphasised the industry’s need to adapt to the energy transition.
“Through cross-industry collaboration, I believe co-creation can enhance capabilities and skills, charting new frontiers for the OGSE industry.
“The National Energy Transition Roadmap (NETR) has set the foundation for Malaysia’s transformative journey, with Petronas playing a key role in supporting the governments efforts to bolster economic growth,” she said.
She added that to enhance production efficiency and sustainability, around 300 Facilities Improvement Plans (FIPs) will be implemented annually, covering rejuvenation projects, gas turbine and generator change-outs, and other essential maintenance. These efforts aim to eliminate bottlenecks, maximise hub capacity, and reduce flaring activities.
“Decommissioning activities for approximately 150 matured assets will ensure environmental stability, with disused assets evaluated for potential reuse or repurposing.
“In the downstream sector, Petronas is expanding into cleaner energy initiatives, delving into biofuels with a greenfield biorefinery and co-processing plant set to start in 2026.
“LNG bunkering expansion and the Petronas Iona range, offering automotive fluid solutions for electric vehicles (EVs) and thermal management applications, are also in progress,” she said.
Meanwhile Petronaspetrochemical arm is making strides in the specialty chemicals market, actively driving the circular economy with Asias largest advanced chemical recycling plant. This facility converts end-of-life plastics into pyrolysis oil for sustainable plastic production.
