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Evolutionary approach is needed to reach net-zero emission, says Petronas CEO

by SHAFIQQUL ALIFF / pic MUHD AMIN NAHARUL

THERE is no clear pathway to reach net-zero emissions rather an evolutionary approach of continuous improvement is needed for the oil and gas (O&G) industry player rather than business-as-usual, says Petroliam Nasional Bhd president and group CEO Datuk Tengku Muhammad Taufik Tengku Aziz (second from left).

The industry must continue to tap the full potential of technologies at its disposal to offer the solution needed to meet the world’s growing demand for energy while facing the challenge of the pandemic combined with the complexity of energy transition, he added.

“Achieving this will require energy to be produced in a more progressive, collaborative and delivering continuous improvements in operational excellence.

“This includes more progressive energy usage, reducing emissions, shrinking our carbon footprint as well as delivering continuous improvement in terms of our operations,” he said at the Oil and Gas Asia 2022, the Malaysia Oil and Gas Services Exhibition and Conference and Petrochemicals Sustainability Conference.

The series of energy majors are keeping the focus on sustainability, growth opportunities and innovative technologies to support the global-wide energy transition in response to market volatility and climate change which took place from Sept 13 to Sept 15 at the Kuala Lumpur Convention Centre.

Muhammad Taufik added that it was crucial for Asia in general, and primarily countries such as Malaysia, to formulate its own realistic and practical transition pathway which must be responsibly orchestrated.

“The rapid changes that the countries were facing had emphasised the importance of being prepared to respond with agile strategies and a willingness to embrace innovation, as well as new solutions to face this new normal.

“As we continue to build our strength and resilience for the current challenges and beyond, we must now navigate the immediate future with explicit understanding but sustainability over and above safety to operate,” Muhammad Taufik added.

Meanwhile, Malaysia Petrochemical Association president Akbar Md Thayoob said industry players are starting to pivot and seek opportunities to shift to low carbon and green development and embrace carbon neutrality as they move forward into the future. 

“The biggest challenge now is to develop ways that will allow us to pursue all the above options cost-effectively and with less capital intensity,” he said.

Akbar said the conference will focus on the three themes of decarbonisation of operations, circular economy practices, and as on the enabler supporting the energy transition and the net-zero ambition as they deliberate on future-ready petrochemicals.

He said MPA is committed to working with its members to support the overall sustainability aspirations of Malaysia and the region to this end.

“The conference will be the first in what they hope to be a series of subsequent biennial conferences providing a platform for all MPA members and beyond to engage with key stakeholders and assist them in navigating their climate-related transitions.

“We hope to help Malaysia achieve the target of becoming a carbon neutral nation by 2050 and reduce greenhouse gas emissions by 45% in 2030.

“The next decade will be the most decisive period in achieving our net-zero carbon emission target while the players in the petrochemicals value chain ready themselves towards the energy and feedstock shifts,” Akhbar added.

Zukri

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