In the national oil company’s annual activity outlook from 2021 to 2023, president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz (file pic) said the effects of the pandemic are difficult to estimate, while their impact cannot be overstated as the industry continues to face the dual impact of demand destruction, combined with an oil price rout due to the supply glut. PETALING JAYA: Petroliam Nasional Bhd (Petronas) expects the outlook for the oil and gas (O&G) industry to remain challenging, due to emerging fresh waves in the number of Covid-19 cases and prevailing uncertainties over the production cuts in 2021 by the Organisation of the petroleum exporting countries. In the national oil company’s annual activity outlook from 2021 to 2023, president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz (pic) said the effects of the pandemic are difficult to estimate, while their impact cannot be overstated as the industry continues to face the dual impact of demand destruction, combined with an oil price rout due to the supply glut. “Therefore, we believe the industry is now contending with a Great Reset. This is an undeniable and unavoidable imperative, requiring immediate reforms along the whole value chain. Collectively, as an industry, we must step up from doing business as usual and compel innovation at all levels that implement new ways of working with focused execution at pace.” Against this backdrop, Tengku Muhammad Taufik Petronas has undertaken purposeful measures to strengthen its resilience and steer the organisation towards a path to recovery. “We are committed to being relentless in our pursuit of becoming a more cost-efficient producer. “At the same time, we have little choice but to continue taking steps to further de-risk our investments, focusing on areas of our business that will both deliver quicker cash returns and are less volatile, as well as to embark into more innovative solutions while pivoting our portfolio.” He said this will all be centred around evolving into a stronger, more customer-centric workforce, committed towards the pursuit of its growth strategies. Going forward, the national oil company said a steady outlook is expected for drilling rigs. “Petronas is encouraging players to enhance drilling rigs’ capability and offerings towards better drilling efficiency, in achieving lower drilling cost per foot while minimising work hazards.” The national oil company added that a steady outlook is also expected for fabrication of fixed structures and subsea facilities, as it continues monetising its O&G resources for cash generation while meeting gas customers’ demand. “Modest outlook is expected for heavier structures as cost competitiveness drives development projects to opt for wellhead platform tie-ins to existing nearby facilities. “A modest outlook is also expected for floaters, as technology advancements present favourable options for monetisation of remote fields.” Tengku Muhammad Taufik said the national oil company is taking measured steps that demonstrate Petronas’ stronger commitment to sustainability, as it takes cognisance of the acceleration of the global energy transition, heightened by stakeholder expectations and its vast opportunities. “Built on Petronas’ desire to drive a fundamental shift in the way energy is produced, we announced our aspiration to achieve net zero carbon emissions by 2050 as part of our holistic approach to sustainability that balances environment, social and governance considerations across our value chain. “With this target, Petronas intends to continue intensifying efforts towards reducing Scope 1 and Scope 2 greenhouse gas emissions from our assets through continuous improvements in operational excellence and by deploying innovative operations and technologies.”Together with these efforts, he said, Petronas would also pursue new avenues of revenue creation via investments in nature-based solutions, as well as establish greater accessibility to cleaner energy solutions. “As an industry that is vulnerable to cyclical swings, I believe that we should never waste a crisis. The challenges we face today must be seen as an opportunity to shift towards greater digitalisation and for companies to make the switch in providing greater technology-driven solutions. “Digital tools present valuable opportunities to realise significant improvements in planning, operational efficiencies and optimisation of resources, all of which are critical elements in order to remain resilient amid ever-intensifying global competition.” Tengku Muhammad Taufik said companies within the industry must continue to drive the next wave of operational effectiveness through technology, such as automation and robotics to unlock value and deliver sustainable solutions for our industry.
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