PETRONAS Announces Industry Activity Outlook for 2023 to 2025

PETRONAS Announces Industry Activity Outlook for 2023 to 2025

In order to keep the industry informed of its next plans, PETRONAS has produced its Activity Outlook for 2023-2025, which offers insights on industry trends, demand outlook, and expected activities for the next three years.

PETRONAS anticipates that the energy market will remain unstable, necessitating the need for industry players to be quick to adapt to the shifting energy landscape and embrace innovation as well as fresh approaches to a future with fewer carbon emissions.

The outlook for drilling rigs, well services, and underwater services at PETRONAS is still favorable because these operations are necessary to preserve the integrity of offshore facilities. Given the consistent number of projects requiring wellhead platforms, the prognosis for subsea facilities, line-pipe supplies, and heavy lift barges remains stable.

PETRONAS Vice President of Group Procurement, Freida Amat said on the importance of collaboration across industries as the energy industry moves towards facilitating a just energy transition.

“PETRONAS is committed to working together with our partners as the industry accelerates its efforts to decarbonize operations as part of a wider energy transition. The transition into clean energy needs to happen now, to meet the changing energy landscape projected by 2050, which calls for greater collaborations amongst industries towards creating efficient solutions for better cost management, heightened customer centricity, value-creation and innovative solutions. This is crucial to avoid missing the window of opportunity to navigate the energy transition successfully.”

The National Energy Policy 2022–2040 (DTN) vision and strategies are also discussed in the report. These strategies include maximizing the mix of power generation, accounting for rapid technological advancement, putting in place physical and regulatory enablers to accommodate power system advancement, and improving interconnectivity between national, regional, and international grid systems.

In the report, PETRONAS also shares insights that will have a positive impact on the industry. Among the highlights:

PETRONAS’ Net Zero Carbon Emissions by 2050 (NZCE 2050) strategy to advance its dedication towards reaching net zero future objectives involves decarbonizing its core business and establishing Gentari Sdn Bhd, an autonomous entity focused on supplying renewable energy solutions.

As nations reopen their economy, business activity is thought to be recovering, which is causing demand to soar. Although acknowledging the increased role it plays in achieving lower-carbon aspirations, PETRONAS continues to invest in growth projects. To sustain their competitive advantage, OGSE participants must be committed to maximizing asset and cost efficiency.

PETRONAS urges proactive measures to lessen climate change’s effects, which has elevated to the top of the priority list. Businesses, especially OGSE players, must adopt a new attitude if they want to better internalize sustainability and incorporate environmental, social, and governance (ESG) factors into decision-making.

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