Latest news with #Petronas'
New Straits Times
10 hours ago
- Business
- New Straits Times
Establish a National Maritime Blueprint for geopolitical resilience and Blue Economy growth
The recent India-Pakistan hostilities are another international occurrence that may trigger supply chain setbacks while countries are concurrently struggling with the US reciprocal tariffs. With the ongoing South China Sea issues ranging from big powers' rivalry and assertive behaviour that may disrupt maritime trade, Malaysia must carefully navigate geopolitical repercussions and dampen the geo-economic shock. This strategic pressure is amplified by Malaysia's deep maritime dependence. Located between the South China Sea and the Straits of Malacca, its economic heartbeat heavily depends on the ocean. The Academy of Sciences Malaysia estimated that in 2020, Malaysia's blue economy contributed 21.3 per cent of Malaysia's GDP. By 2030, it is forecasted to increase significantly, potentially reaching 31.5 per cent of GDP and totalling around RM1.4 trillion. Malaysia's maritime interests are substantial, built upon Petronas' offshore oil and gas operations which contribute around 20 per cent of national GDP, alongside a RM16 billion fishing industry, and maritime trade comprising 98 per cent of its international commerce. These sectors also sustain the livelihoods of countless Malaysian citizens across all states. Any disruption, whether internal or external, threatens both national prosperity and individual well-being. The risks and threats in the maritime domain remain contentious and, more often than not, loom large, potentially impeding Malaysia's maritime economy. Concurrently, Malaysia faces challenges on multiple fronts in defending its national interest: internal leakages and corruption, domestic differences including growing calls for greater autonomy in Sabah and Sarawak, evolving transnational threats, persistent maritime disputes, and the intensifying geopolitical rivalry. In recent decades, the South China Sea has evolved into a critical security flashpoint where Malaysia maintains legitimate claims under the United Nations Convention on the Law of the Sea (UNCLOS). An alarming increase in dangerous incidents throughout the region demands our attention. Though Malaysia has experienced fewer confrontations than our regional neighbours, concerning episodes, including the 2020 West Capella standoff, PLA's aircraft incursions into Malaysian airspace, and persistent harassment of vessels operating within our Exclusive Economic Zone, serve as key reminders that enhanced maritime governance and security are not optional but essential. Malaysia stepped up efforts in safeguarding its national interests in 2020 by launching the inaugural Defence White Paper (DWP) to strengthen its national defence and lay the foundation for the nation's security strategy. Crucially, the DWP projected Malaysia as a 'maritime nation,' signalling a strategic vision that places the maritime domain at the core of its national interests. As the DWP undergoes its mid-term review approaching 2025, it's clear that while it provides overarching guidance on protecting sovereignty and sovereign rights, the focus is not on the granularities of maritime governance itself. Therefore, complementing the DWP with specific, actionable policies is imperative. Malaysia needs dedicated measures to realise the potential of its 2030 blue economy goals, shielded from the contentious maritime environment. Therefore, a coherent national maritime blueprint is the necessary instrument to achieve this. Encouragingly, under the administration of Prime Minister Datuk Seri Anwar Ibrahim, the discourse on maritime governance and security has gained notable traction. Discussions in parliament and public statements have increasingly touched upon protecting territorial integrity, harnessing the blue economy, and modernising maritime assets. Furthermore, the National Security Council's (NSC) ongoing development of a new national security policy is eminently important and timely. Yet, discourse and broad policy must translate into coordinated actions. Now is the opportune moment for Malaysia, in its quest as a maritime nation and racing against escalating geopolitical tensions, to formulate a dedicated national maritime blueprint. The increasing uncertainty in global politics, which directly impacts Malaysia's vast interests in the maritime sphere, especially the South China Sea, makes such preparedness paramount. A foundation that prescribes more effective coordination between key agencies with maritime interests at the federal and state levels will allow Malaysia to project a united front, and in turn, eliminate any loopholes that render a siloed culture. This is necessary to allow the country to better navigate global uncertainty that seeks to jeopardise national progress regardless of whether its origin is internal, bilateral, or multilateral. A national maritime blueprint can provide a guideline for seamless coordination of actions between federal and state agencies in protecting national borders This blueprint must be a living strategic document that assesses Malaysia's maritime capabilities across defense, economic, and developmental dimensions, crafting a cohesive strategy to navigate geopolitical uncertainties. It must encompass a clear vision and objectives, placing Malaysia's long-term ambition as a maritime nation at the forefront. Success depends on embracing a "Whole of Government, Whole of Society" (WoGoS) approach that aligns national priorities above all, not driven by any single entity or state, but rather shaped through an engagement of all stakeholders. The WoGoS approach must form the cornerstone of both planning and implementing Malaysia's maritime blueprint. This framework ensures that all relevant perspectives, from security agencies to economic interests to environmental concerns, formulate a coherent national strategy. The blueprint can establish foundational governance structures and coordination mechanisms that could eventually evolve into a governing formality. Such a framework would also drive asset modernisation through transparent processes where non-military stakeholders provide essential oversight, ensuring that procurement decisions serve national interests. The maritime blueprint must be conceived as a long-term strategic instrument for safeguarding Malaysia's maritime interests against evolving threats. Its success hinges on meaningful engagement with key constituencies: nurturing maritime awareness among the youth that will inherit far more complex challenges; securing support from MPs who shape policy frameworks; and addressing the specific concerns of coastal communities whose livelihoods depend directly on our waters. A comprehensive national maritime blueprint represents a historic opportunity for the current administration to establish a long-lasting legacy to contend with contemporary challenges. By articulating a clear vision for Malaysia as a maritime nation and embedding this identity in key guiding policy documents, the government can ensure that Malaysia's maritime interests remain protected for generations to come, regardless of shifting geopolitical headwinds.
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Energy Park brings energy transition to life at Energy Asia 2025
It enhances the Energy Asia 2025 Conference by providing a practical, solutions-oriented setting that emphasises implementation and collaborative efforts by NURUL NAJMIN ABU BAKAR, AUFA MARDHIAH & AKMAR ANNUAR AT THE heart of Energy Asia 2025, the Energy Park exhibitions presented an interactive space aimed at supporting Asia's move to a low-carbon future. Held at the ground floor of the Kuala Lumpur Convention Centre, it brought together companies, policymakers, investors and innovators to showcase technology, share ideas and form partnerships. The space was organised around seven thematic pillars: Climate and sustainability, managing emissions, artificial intelligence (AI), Internet of Things (IoT) and cybersecurity, clean energy and low-carbon fuels, innovation and circularity, mobility and talent development. The Energy Park was divided into four main areas, namely the Atrium, Kapsul, Country Pavilions and Partner Exhibitions. The Atrium featured talks and panel sessions with industry leaders on topics like energy security, green financing and decarbonisation. Kapsul was a pitch stage where start-ups and tech innovators present their ideas to potential investors while Country Pavilions showcase each nation's clean energy efforts and joint projects, highlighting their role in the energy transition. Over 50 industry partners exhibited in the Partner Exhibition, with showcases covered carbon capture, hydrogen, digital grid technologies and alternative fuels. The Energy Park complemented the Energy Asia 2025 Conference by offering a more hands-on, solutions-driven environment focused on deployment and collaboration. Petronas' Innovative Pathway to a Renewable Future with CEFORE A Pavilion of Power, Purpose As host of the biennial event, the Petronas Pavilion was divided into several key zones that highlighted efforts in energy innovation, business growth and sustainability. One section focused on new energy, showcasing the group's venture into cleaner and renewable energy (RE) sources. Petroliam Nasional Bhd (Petronas) Group Strategic Communications Communications Management Creative Service manager Zarak M Zain shared that other sections highlighted the company's new business initiatives, while a dedicated area is committed to community and environmental wellbeing. The Petronas Upstream section showcased its engineers and outlined the group's strategy for exploration and production, including its carbon capture and storage (CCS) model. For those interested in learning more about CCS, the team on-site was available to provide further insights. A distinctive feature of the booth was the Gas & Maritime zone, which showcased the company's expertise in natural gas and maritime logistics. In addition, the booth highlighted initiatives in education and talent development, featured Petronas Motorsports, and presented its clean energy subsidiary, Gentari. 'This pavilion resembles an energy superstore — a futuristic hub that stores and showcases various forms of energy. At first glance, it may even remind you of a computer system with its sleek, modern design. 'Yet, despite its contemporary appearance, it still reflects elements of our cultural identity. It strikes a balance between innovation and tradition,' Zarak told The Malaysian Reserve (TMR). Kuala Lumpur 16 Jun 2025 — Petronas Floating LNG Dua show at Energy Park at the launch of Energy Asia 2025 at Kuala Lumpur S&P Global Brings Data to Drilling Decisions S&P Global participated in Energy Asia 2025 with a focus on its upstream oil and gas (O&G) expertise, offering data and analytics across multiple sectors including energy, commodities, mobility and financial markets. Its primary emphasis at the event was showcasing tools designed to support upstream O&G developments. At the exhibition, S&P Global presented Questor, a proprietary cost estimation tool designed for upstream O&G projects. 'If an operator is planning to develop a new well or platform, Questor helps them estimate the associated costs,' cost analyst Marwan Nubli Ahmaz Zaki told TMR. He said the software is already in use by several operators in Malaysia, including Petronas and Hibiscus Petroleum Bhd, and is also deployed across Thailand and other international markets. Questor is just one part of S&P Global's broader suite of offerings. Beyond cost estimation, the company provides tools for exploration and production (E&P) data and maintains experts specialising in the downstream sector. The software has also evolved to address energy transition needs. 'Questor now includes modules for carbon capture, utilisation and storage (CCUS), and we provide a CCUS Cost Estimator to help operators understand the cost of setting up such facilities,' Marwan Nubli said. Moreover, the platform has begun to incorporate offshore wind and solar project data, supporting clean energy planning. Additionally, S&P Global's platforms offer region-specific data on carbon intensity. Marwan Nubli said visitors' responses have been encouraging, with many engaging the team on topics ranging from upstream software to downstream market intelligence. 'There's been strong interest, especially in our crude oil price assessments, which are typically handled by our downstream division,' he said. These price assessments are available on Platts Connect, S&P Global's web-based platform offering real-time pricing across oil, shipping, metals and more. Aramco showcases a miniature concept hydrogen fuelling station for cars and buses at its booth, highlighting advancements in clean transportation technologies Aramco Powers Up with AI, innovation Another main highlight at the Energy Park was Saudi Aramco. At this edition, the booth highlighted Aramco's growing focus on AI, digitalisation and sustainability. Its public relations representative Richel Gayapa said a key asset showcased was its proprietary digital engine, which leverages over 90 years of data. This engine forms the backbone of its upstream intelligence and innovation. 'We have built an internal 'metabrain' that integrates historical operational data from across Aramco. 'This massive data ecosystem enables us to roll out advanced AI solutions across our exploration and production (E&P) operations, significantly enhancing efficiency and predictive capabilities,' Gayapa told TMR. As part of its AI and data strategy, the group is working with partners such as Vividia and Pascal to develop a centralised data hub in Saudi Arabia. The initiative aligns with national efforts to elevate local technological capabilities and support emerging ventures. Aramco Ventures plays a pivotal role in driving innovation across the energy and technology sectors. The group actively funds and incubates start-ups not only in Saudi Arabia but also around the world, with a current portfolio comprising more than 100 companies. In total, Aramco Ventures has allocated US$7 billion (RM29.82 billion) to initiatives focused on sustainability, digitalisation and industrial transformation. A visitor explores cutting-edge solutions through Microsoft's HoloLens 2, blending the digital and physical worlds Of this amount, US$500 million has been directed toward Saudi-based start-ups through a dedicated local innovation programme. Larger-scale global investments are managed through the Industrial and Sustainability Fund, which has grown from its initial allocation of US$500 million to US$1.5 billion. In addition, the group's Prosperity7 Fund, launched in 2019 with US$1 billion to support transformative technologies such as AI and robotics, has since expanded to US$2 billion. Aramco Ventures also maintains a strong presence in key innovation hubs, including the US and Norway, where dedicated teams oversee investments and support the integration of advanced technologies into Aramco's global operations. Several solutions developed through the group's portfolio, particularly in the area of sustainability, are already being commercialised and deployed. Beyond investment, Aramco is actively contributing to capacity-building programmes in both Malaysia and the US, focusing on Science, Technology, Engineering and Mathematics (STEM) education and sustainable transportation initiatives. 'These efforts complement our broader commitments under the Saudi Green Initiative, which includes large-scale tree planting and environmental restoration across the kingdom,' said Gayapa. In terms of carbon solutions, Aramco showcased two breakthrough technologies at the exhibition. One of these is the Photonic Membrane Reformer, a modular system that captures carbon dioxide on-site and converts it into hydrogen and other byproducts. The other is a Direct Air Capture (DAC) module currently being piloted in Dhahran, which removes CO2 directly from ambient air, solidifies it and enables its reuse either as low-carbon fuel or for underground sequestration. These technologies reflect Aramco's ongoing commitment to reducing its carbon footprint while contributing to a more sustainable global energy future. AZEC Makes its Mark in Malaysia The Asia Zero Emission Community (AZEC) participated in this year's exhibition, underscoring its regional relevance and highlighting the importance of cross-border partnerships in advancing clean energy goals. Public relations representative Aki Takei expressed his gratitude for the opportunity to join the prestigious biennial event, saying it strengthened regional cooperation on clean energy and carbon neutrality. 'Since the event was hosted in Malaysia, we were able to connect directly with people we don't usually have access to — government officials, energy CEOs and major industry players. It was a great platform for us to showcase what we have been working on,' he said. The platform was launched in 2023 and currently involves 11 countries, including Japan, Australia and nine ASEAN nations. The initiative aims to foster regional collaboration in advancing carbon neutrality and clean energy solutions. 'We hope that by participating in Energy Asia, more people across the region will become aware of AZEC's role and objectives. This is still a relatively new platform and raising awareness is our first step towards expanding its reach and functionality,' Takei added. While AZEC has yet to establish a local office in Malaysia, Japanese companies under the initiative are already actively collaborating with Malaysian counterparts and government bodies on carbon neutrality efforts. TotalEnergies Signals New Chapter in Malaysia Another key exhibitor was TotalEnergies, a global integrated energy company that expanded its footprint in South-East Asia by acquiring SapuraOMV's upstream assets in 2024. At the event, the company underscored its global strategic priorities — emphasising its commitment to sustainability, the development of cleaner energy solutions and the strengthening of regional partnerships. The company is now marking six months of operations in Malaysia under its new identity. Its return to the event for the second time reaffirmed its active exploration and production (E&P) presence in the region. 'We are expanding, and this platform gives us a great opportunity to connect and share our journey with a wider audience,' said the company's representative. The company not only focuses on its local activities but also collaborates with other TotalEnergies branches across the region, especially in Malaysia and Indonesia. Its work in the region reflects the broader global operations of TotalEnergies, ranging from upstream O&G activities to carbon CCS and CO2 trading. Gentari's pavilion resembles an energy superstore — a futuristic hub that stores and showcases various forms of energy Mubadala Energy Steps Up in South-East Asia One of the emerging players in Malaysia's energy landscape is Mubadala Energy, a subsidiary of Mubadala Investment Co — Abu Dhabi's government-linked investment arm. Established in Malaysia in 2010, the company is celebrating its 15th anniversary this year. Currently, Mubadala Energy operates the Pegaga gas-producing field, which delivered its first gas two years ago, making it a relatively new operation in the country. Within South-East Asia, it manages just two assets — one in Malaysia and one in Indonesia — while the rest of its global portfolio consists mainly of non-operated assets. This year marks Mubadala Energy's second participation in Energy Asia, where it returned as a Visionary Sponsor, one of the event's largest sponsors. Public relations executive Kai Pieng said the company is looking to expand its footprint in Central and South-East Asia, particularly Indonesia, where it made two major gas discoveries in 2023 — one of which ranked among the largest globally last year. At Energy Asia, the company participated in panel sessions covering its growth plans, digital changes in offshore operations and job opportunities in the energy sector. Mubadala Energy CEO Mansoor Mohamed Al Hamed also participated in key discussions on Asia's role in the energy transition and the future of gas as a transitional fuel. Pieng noted that 98% of its workforce in Malaysia comprises local talent — a percentage it has consistently maintained over the past six years. 'All offshore crew members are from Terengganu, while almost all staff at the Kuala Lumpur office are Malaysians, with only one or two individuals originating from Abu Dhabi,' she said. Mubadala Energy further affirmed its commitment to nurturing and supporting local talent at all levels of its operations. Visitors Inspired by Tech, Transition Visitors to Energy Asia 2025's Energy Park found the exhibition both informative and inspiring, even those outside the traditional energy sector. Syafiq Abdul Laziz, whose company specialises in inspection services, said the experience offered valuable insight into the industry's rapid evolution. 'There is real advancement in technology here, especially with innovations like AI. It was very impressive,' he told TMR. For him, the highlight of the event was witnessing Mercedes-AMG PETRONAS Formula One Team CEO and Team Principal Toto Wolff participate in one of the panel sessions. 'It shows how the energy and motorsport worlds are aligning around sustainability,' he added. Syafiq also applauded the strong momentum Malaysia is demonstrating in its energy transition, pointing to Gentari's display of electric vehicles and its leadership in green mobility as a sign that there is a strong shift towards renewables. Another visitor, Kelly Kho, described AZEC as a standout exhibitor. 'The company showcased hydrogen-powered vehicles, and it looks like it is working to bring hydrogen car technology into the Malaysian market,' she said. Kho found the collaboration between AZEC and Petronas a significant development, given the latter's regional influence in the energy segment. 'That made the exhibit really stand out for me. Compared to previous editions, I feel this year's exhibition has surpassed expectations. It is great to see new innovations highlighted each year,' she said. Visitors have the opportunity to view the Mercedes-AMG Petronas Formula One Team's cars on display, drawing attention and excitement throughout the exhibition For both visitors, the event proved to be not only engaging but also an eye-opening experience that deepened their understanding of the evolving energy landscape. Kho said her awareness of the country's clean energy direction has increased significantly after attending the event, estimating that it has grown by at least 50%. As Energy Asia 2025 concluded, the event marked a strong finish with 14 memoranda of understanding (MOUs) and the launch of several key initiatives across technology, geography and business models. Among the highlights was a cooperation agreement and farm-out deals between Petronas and TotalEnergies, which will strengthen upstream activities in Malaysia. Petronas also signed a joint venture (JV) framework agreement with Eni SpA to explore a regional upstream partnership. In addition, its Malaysia Petroleum Management (MPM) awarded the Temaris Cluster small field asset to Seascape Energy Asia (One) Sdn Bhd, supporting domestic O&G development. A new LNG sale and purchase deal between Petronas LNG Ltd and Commonwealth LNG will help diversify gas supply from the US, while a separate MOU with Japan's Jera will deepen collaboration across the gas value chain. Supporting the energy transition, Petronas launched several initiatives, including the Blue Carbon Collective, in partnership with Mercedes-AMG Petronas Formula One Team, University of São Paulo and Universiti Putra Malaysia, to advance mangrove-based carbon capture research. The Petronas Energy Transition Academy (P-ETA) was also introduced to prepare workers for low-carbon roles. Meanwhile, a new JV company, Jules Nautica Sdn Bhd, was formed by Petronas CCS Ventures, MISC Bhd and Mitsui OSK Lines to operate ships for transporting liquefied carbon dioxide (LCO2) as part of CCS efforts. The event attracted over 13,000 visitors and 4,000 attendees from 61 countries, uniting representatives from 38 industries, 52 partners, 27 collaborators and 46 exhibitors under one roof. Energy Park featured 105 sessions, led by 124 prominent speakers from around the world. Although this year's edition has concluded, the conversations and collaborations it sparked are just beginning to take shape. The momentum carries forward, with the next edition of Energy Asia scheduled for June 2-4, 2027, promising new opportunities for innovation and partnership. This article first appeared in The Malaysian Reserve weekly print edition
Yahoo
5 days ago
- Business
- Yahoo
HAL & Petronas to Deploy Next-Gen Tech to Accelerate Exploration
Halliburton Company HAL has announced a strategic collaboration with Petronas Carigali to deploy cutting-edge technologies for subsurface modeling and reservoir management. At the core of this partnership is the adoption of Halliburton Landmark's DecisionSpace 365 Geosciences Suite and Unified Ensemble Modeling solutions. These tools are expected to revolutionize how exploration and development teams operate by streamlining workflows and reducing time to first oil. The deployment introduces scalable, live-earth modeling and probabilistic ensemble forecasting, marking a significant shift from traditional grid-based methods. These technologies enable Petronas' exploration and asset teams to collaborate in real time and achieve an accurate reserve estimation and quicker scenario analysis through ensemble modeling. These capabilities, supported by AI and machine learning, promise to enhance decision-making and maximize asset value. The scalable earth modeling also helps to preserve geological accuracy across all levels, from regional basins to specific fields, ensuring seamless data and model continuity from exploration through development. This integrated approach streamlines project progression via the Front-End Loading process. With the Unified Ensemble Modeling solution, asset teams can automatically create multiple probabilistic geological scenarios. This method aims to boost forecasting accuracy, speed up scenario evaluation and strengthen decision-making confidence. Halliburton's Geosciences Suite is the AI-driven next-generation technology that optimizes returns and replaces reserves. This is known for leveraging advanced technology and seamlessly integrating cross-domain workflows to enhance subsurface understanding and deliver critical insights that support maximizing asset value. Some of its advantages include better collaboration and productivity, mitigating errors and data gaps, seamless integration and negation of repetition and redundancy. Unified Ensemble Modeling is the technology that manages risk and uncertainty at every step. It helps to optimize reservoir management decisions based on repeatable and conditioned ensembles of models. This collaboration builds on a thorough benchmarking of Petronas' practices across both greenfield and mature assets. The shift to unified modeling is in line with Petronas' broader objective to ensure seamless continuity from exploration through production. Houston, TX-based Halliburton is one of the largest oilfield service providers in the world, offering a variety of equipment, maintenance, and engineering and construction services to the energy, industrial and government sectors. Currently, HAL has a Zacks Rank #4 (Sell). Investors interested in the energy sector might look at some better-ranked stocks like Global Partners LP GLP, Subsea 7 S.A. SUBCY and Gibson Energy Inc. GBNXF. While Global Partners and Subsea 7 currently sport a Zacks Rank #1 (Strong Buy) each, Gibson Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. GLP owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for Global Partners' 2025 earnings indicates 17.84% year-over-year growth. Subsea 7 operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Zacks Consensus Estimate for Subsea 7's 2025 earnings indicates 95.52% year-over-year growth. Calgary, Alberta-based Gibson Energy is an oil infrastructure company with its principal businesses consisting of the storage, optimization, processing and gathering of crude oil and refined products. The Zacks Consensus Estimate for GBNXF's 2025 earnings indicates 36.76% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Halliburton Company (HAL) : Free Stock Analysis Report Global Partners LP (GLP) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report Gibson Energy Inc. (GBNXF) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Borneo Post
19-06-2025
- Business
- Borneo Post
Pioneering AI venture to deliver breakthrough performance across upstream value chain
(From left) Petronas vice president of exploration Ahmad Faisal Bakar, Beiciep-Franlab chairman of the management board Thierry Le Maux, Petronas Carigali chief executive officer Hazli Sham Kassim, AFED Digital chief executive officer Mohammad Khazaidi Kamaruddin and AFED Digital executive director Afiq Hanafi Ramli during the JDA signing earlier this week. KUALA LUMPUR (June 19): Petronas Carigali Sdn Bhd have announced a groundbreaking strategic partnership for its upstream business with Beicip-Franlab, a leading geoscience and reservoir technology company, and AFED Digital, a specialist in advanced AI and digital solutions. Together, they entered into a joint development agreement (JDA) via TriCipta AI, a pioneering venture aimed at accelerating hydrocarbon discovery, reducing uncertainties, and maximising recovery sustainably across Petronas Carigali's operations. The partnership, which was signed during Energy Asia, will initially focus on delivering high-impact and tangible AI solutions to directly address key challenges in exploration, development, and production. Built on a long-term vision of collaborative success, the strategic partnership reflects Petronas' drive towards operational excellence and future readiness across its value chain. Petronas executive vice president and chief executive officer of upstream, Mohd Jukris Abdul Wahab said, 'This partnership reflects Petronas' firm commitment to collaborate for a future-ready Upstream digital and technology ecosystem. By integrating advanced AI and data-driven solutions across the value chain, PETRONAS is reinforcing our position as a resilient and adaptive upstream player.' This strategic move underscores Petronas' enduring drive for innovation and growth through partnerships, to deliver advantaged barrels in meeting sustainable energy needs. artificial intelligence corporate news Petronas
New Straits Times
18-06-2025
- Business
- New Straits Times
Petronas secures Block 66 in Suriname deepwater expansion
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has expanded its deepwater presence in Suriname with the signing of a production sharing contract (PSC) for Block 66, further strengthening its position in the resource-rich Suriname-Guyana basin. In a statement, the national oil and gas company said its subsidiary, Petronas Suriname E&P B.V., entered into the agreement with Staatsolie Maatschappij Suriname N.V. and its wholly owned subsidiary, Paradise Oil Company N.V. Under the deal, Petronas holds an 80 per cent operating interest in Block 66, while Paradise Oil Company retains the remaining 20 per cent. Block 66 spans about 3,390 square kilometres and lies adjacent to Block 52 in Suriname's deepwater offshore area, where Petronas has previously recorded multiple exploration and appraisal successes. Building on this strong foundation, Petronas is optimistic that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area. The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with Petronas' existing operations in Suriname. Petronas vice president of international assets of upstream Mohd Redhani Abdul Rahman said the acquisition marks a pivotal step in Petronas' expansion into the prolific Suriname-Guyana hydrocarbon basin. "This aligns with our strategy to unlock high-value, high-potential assets and deliver long-term value through global partnerships and deepwater innovation. "With its prime location and significant resource potential, Block 66 complements Petronas' existing deepwater portfolio," he said. Petronas said the agreement also reflects its commitment to responsible energy development, with built-in provisions supporting domestic workforce participation, as well as social investment in a sustainable way, ensuring alignment with Suriname's national development goals. This latest addition brings Petronas' offshore interest in Suriname to six blocks, strengthening its position in the country following four discoveries to date.
