PETRONAS Calls for Greater Collaboration for a Just, Responsible Energy Transition in Asia

Source: www.gulfoilandgas.com 3/23/2022, Location: Asia

PETRONAS has called for greater collaboration among industry leaders, technology experts, service providers and stakeholders in the energy ecosystem to pave the way for a just and responsible energy transition, especially in Asia.

In his opening remarks at the Offshore Technology Conference Asia 2022 (OTC Asia 2022) here yesterday, PETRONAS President and Group CEO Datuk Tengku Muhammad Taufik said as the world’s manufacturing base and home to a thriving petrochemical industry, Asia will eventually face significant headwinds as it seeks to decarbonise and transform the backbone of its economies.

“While the region is showing positive signs in embracing the energy transition, we must recognise that Asia is not made up of homogenous economies at a uniform level of maturity. Each sovereign nation is contending with its own unique national economic and energy aspirations."

“In developing economies in Asia, energy security and affordability take precedence,” he added.

Datuk Tengku Taufik noted that despite the ever-accelerating pace of the global energy transition, Asia’s transition pathway deserves its own realistic and practical solutions.

The responsibility to shift towards a lower-carbon future should not lie entirely on the shoulders of the energy industry alone. Focused and concerted efforts from all constituents, he added, would be able to drive action towards setting the pace for the future of energy that will see the industry address energy transition in a just and responsible manner.

“PETRONAS and the Malaysian Government share a common voice in calling for greater action from developed countries to support the efforts of developing countries to build clean, climate-resilient futures."

“For the local OGSE sector, PETRONAS’ initiatives to elevate and improve the resilience and robustness of the ecosystem will continue. It is imperative for the industry to be innovative and remain cost competitive at par with global players in the course of doing business, to ensure projects and production remain feasible despite the cyclical swings in oil prices."

“Through increased technological partnerships that tap into cross-industry experiences, insights and knowledge, I believe that the industry will continue to progress in what must be recognised as the golden age of engineering for the energy industry,” he said.

PETRONAS is the principal sponsor of the OTC Asia 2022, in partnership with Shell and PTTEP.

With the theme ‘Excellence in Asia; Setting the Pace for Future Energy’, the conference aims to highlight how the region continues to thrive as a centre of excellence in driving efficiency through cost management, application of robust strategies and scaling up of emerging technologies to future-proof the industry as it transitions into a lower carbon world.

More than 8,000 participants, sponsors, and exhibitors from over 45 countries are taking part in the hybrid conference, which runs until 25 March 2022.


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