Kuala Lumpur (VNA) – Malaysia’s state-owned PetroliamNasional Bhd (Petronas) has released its 2024-2026 Activity Outlook, outliningforecast activities which call for greater collaboration with oil and gasservice and equipment (OGSE) providers to ensure energy demand is met whileramping up its clean energy initiatives.
Within the next three years, the firm iscommitted to its long-term target of sustaining and growing Malaysia’s oil andgas production in anticipation of opening opportunities for the OGSE providersacross exploration, development, production, and decommissioning activities.
Petronas Vice President of group procurement FreidaAmat emphasised that the industry needs to gear towards adapting to theenergy transition.
She revealed that through cross-industry experiences,insights and knowledge, the co-creation can upskill capabilities and skills, whichwill chart new frontiers for the OGSE industry.
Freida said that in an attempt to maximise productionefficiency and sustainability of oil and gas supply, the group will carry outan average of about 300 facilities improvement plans (FIPs) annually. Theseinclude rejuvenation projects, gas turbine and gas generator change-outactivities as well as other major maintenance works that are crucial ineliminating bottlenecks, maximising hub capacity and curbing flaring activitiesat new onshore facilities.
Meanwhile, Petronas said the decommissioning activities will also be carriedout for some 150 matured assets to restore the area to a safe andenvironmentally stable condition while disused assets will be assessed forpotential reuse or repurposing.
The group said the downstream business is increasinglyexpanding into cleaner energy initiatives, venturing into biofuels with theongoing development of a greenfield biorefinery and co-processing plant set tobegin in 2026.
Its petrochemical arm isalso making inroads into the specialty chemicals market segment and is activelydriving the circular economy through the construction of Asia's largestadvanced chemical recycling plant that converts end-of-life plastics intopyrolysis oil to be used as chemical feedstock for sustainable plasticproduction./.
