Petronas plans to be carbon neutral by 2050
Petronas backs faster exploration
The Malaysian NOC will continue with oil and gas exploration despite the energy transition, says CEO Tengku Muhammad Taufik
“We will still explore,” Petronas CEO Tengku Muhammad Taufik told the Energy Intelligence Forum 2021. But the needs of the energy transition—including the NOC’s own pledge to be carbon neutral by 2050—means upstream projects will “have to reach maturation faster... and can be monetised early”. As an explorer, Petronas has to be “more efficient, more cost-effective, cleaner and faster,” Taufik says. Despite the strength of the crude market, Petronas is still applying a “$40/bl test” to assess the viability of potential projects, although Taufik says the company is now looking at $55-60/bl “in the near term”. The Petronas CEO also gave a vigorous defence of gas as a transition fuel, emphasisin
Also in this section
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
