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
7 January 2026
No longer can the energy source be considered a sidekick to oil in the Middle East and neither should it step aside for less convincing alternatives
7 January 2026
The global race for critical minerals has become a defining feature of energy geopolitics, presenting the ASEAN region with both opportunity and risk
7 January 2026
As global energy systems evolve to meet shifting demand and transition pressures, maintaining reliable hydrocarbon supply remains essential to energy security
6 January 2026
Cash will be needed to boost production by 30% to meet region’s rapidly rising power demand, executives told the inaugural Middle East Gas Conference in December
