Kuala Lumpur (VNA) – Malaysia’s state-owned Petroliam Nasional Bhd (Petronas) has released its 2024-2026 Activity Outlook, outlining forecast activities which call for greater collaboration with oil and gas service and equipment (OGSE) providers to ensure energy demand is met while ramping up its clean energy initiatives.
Within the next three years, the firm is committed to its long-term target of sustaining and growing Malaysia’s oil and gas production in anticipation of opening opportunities for the OGSE providers across exploration, development, production, and decommissioning activities.
Petronas Vice President of group procurement Freida Amat emphasised that the industry needs to gear towards adapting to the energy transition.
She revealed that through cross-industry experiences, insights and knowledge, the co-creation can upskill capabilities and skills, which will chart new frontiers for the OGSE industry.
Freida said that in an attempt to maximise production efficiency and sustainability of oil and gas supply, the group will carry out an average of about 300 facilities improvement plans (FIPs) annually. These include rejuvenation projects, gas turbine and gas generator change-out activities as well as other major maintenance works that are crucial in eliminating bottlenecks, maximising hub capacity and curbing flaring activities at new onshore facilities.
Meanwhile, Petronas said the decommissioning activities will also be carried out for some 150 matured assets to restore the area to a safe and environmentally stable condition while disused assets will be assessed for potential reuse or repurposing.
The group said the downstream business is increasingly expanding into cleaner energy initiatives, venturing into biofuels with the ongoing development of a greenfield biorefinery and co-processing plant set to begin in 2026.
Its petrochemical arm is also making inroads into the specialty chemicals market segment and is actively driving the circular economy through the construction of Asia's largest advanced chemical recycling plant that converts end-of-life plastics into pyrolysis oil to be used as chemical feedstock for sustainable plastic production./.
