Malaysia’s Petronas accelerates decarbonation pressure, but oil trade still important

Highlights

Amplification recovery paves the way for renewable energy expansion

The company’s first CCS project, planned to be completed by 2025

Oil production output does not appear to be high at least until 2025-2030

Malaysia’s state-owned energy company Petronas is stepping up its efforts to invest in renewable energy solutions to achieve greenhouse gas emissions as it moves away from its traditional activities. For 2021-23.

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However, an integrated oil and gas company with international operations will not neglect its refining and overseas operations over the next decade, as post-epidemic, mid-range markets and marketing strategies offer greater sales and export opportunities. He told S&P Global Platts.

He said Petronas is pushing to increase natural gas as a pure fuel by building capacity in renewable energy for the safety and sustainability of the supply.

The acquisition of Amplus Energy Solutions, a supplier and developer of Solar Solutions throughout India, is one step in that direction.

He also provided a vehicle to explore other Southeast Asian countries for sea and wind power generation in 2024 to generate 3 GW renewable energy, Petronas said.

With more than 10 years of experience in coastal and offshore processing facilities, Petronas has been implementing the first complete carbon capture, use and offset project through Coastal Carbon Forming and Sequencing, or CCS implementation, and technologies for offshore processing plants. It is growing. CO2 and convert it to petrochemical products, he said.

The company’s first CCS project was launched in When completed in 2025, it will be the world’s largest coastal CCS project to date.

Separately, the company In its most recent quarterly report on August 27, it stated that there was a strong desire to integrate LGN into the Gulf of Malacca. The marine industry has already undergone nine LGN assembly operations in the region as it focuses on sustainable shipping.

On August 18, the company unveiled its first carbon-neutral LGG. He completed the delivery of electricity to Shikoku. He said at the time that the carbon credits used by Petronas to deliver were certified in accordance with the established carbon standards program.

Liquid fuels for the next decade

Despite the rapid increase in international investment in clean energy, Petronas said it expects oil and gas to keep up with about 50% of the world’s energy demand over the next 10 years.

Liquid fuel remains the main source of energy for at least a dozen or two Asian transport sectors. By the end of the Covenant-19, major oil refineries across Asia, including Petronas, SK Innovation, S-Oil, ENEOS, PTT and CPC Taiwan, are looking forward to a strong revival of automotive, marine and especially jet fuel sales.

Tourism contributes significantly to the consumption of transportation in Southeast Asia. Following the launch of the new refurbished and petrochemical integrated development, or RAPID, facility, Petronas’s expansion capacity and improved mid-distribution productivity have been improved. Sources and marketing strategies said.

Petronas has been reluctant to offer specific oil products for the next few years, but marketing and marketing sources say the company’s net output is likely to increase by at least 2025-2030.

Malaysia

Outside Southeast Asia, Petronas wants to expand and explore further sales opportunities in India, the world’s third-largest energy and petroleum consumer, according to company sources.

Petronas entered India’s retail oil and gas business earlier this year in partnership with the Indian Oil Corporation or IOO.

In July, IOC Chairman Madrika Vidya said the 50:50 joint venture between the IOC and Petronas-India Petronas Private Limited (IPL) would focus on retail fuels, such as diesel and petroleum, as well as urban gas. Distribution.

Flowing movements

A.D. By March 2020, there were up to 23 drilling rigs in use, according to Petronas.

Ridge counts have been declining since May as a result of lower global oil prices and renewed investment in the COVID-19 pandemic. However, he said the company will have a stable outlook for all types of ridges for the next three years.

Petronas, meanwhile, said its gross domestic product (GDP) in the first half of 2021 was 2.345 million barrels per day, higher than 2.255 million barrels in H1 2020, mainly due to high gas production. Increased interest.

In H1 2021, there were six search discoveries – four in Saraak and Sabah in Malaysia, one in Indonesia in East Java and one in Baruni.

Among other plans, he completed two major greenhouse gas emissions projects on the Sarawak coast in June.

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