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KUALA LUMPUR (Dec 31): Petroliam Nasional Bhd (Petronas) Group Chairman and CEO Tengku Muhammad Taufik Tengku Aziz said today that the outlook for the oil and gas (O&G) industry remains challenging due to the new emerging waves in the number of Covid- 19 cases of pandemics and prevailing uncertainties about the OPEC + crude oil production cuts in 2021.
Tengku Muhammad Taufik said in the latest Petronas Activity Outlook report, released today, that the effects of the pandemic are difficult to estimate, while the impact of OPEC + decisions cannot be underestimated as the Industry continues to face the double impact of the destruction of combined demand. with a fall in the price of oil due to excess supply.
“Therefore, we believe that the industry is now facing a major restart. This is an undeniable and unavoidable imperative, which requires immediate reforms throughout the entire value chain.
“Collectively, as an industry, we must stop doing business as usual and drive innovation at all levels, implementing new ways of working with rhythm-focused execution,” said Tengku Muhammad Taufik.
In this context, he said that Petronas has taken decisive steps to strengthen its resilience and put the organization on a path of recovery.
He said Petronas is committed to being relentless in its quest to become a more profitable producer.
“At the same time, we have no choice but to continue taking steps to further reduce the risk of our investments, focusing on areas of our business that will generate faster cash returns and are less volatile, as well as to embark on more innovative solutions. while we pivot our portfolio.
“All of this will focus on evolving into a stronger, more customer-focused workforce committed to pursuing our growth strategies,” he said.
According to Tengku Muhammad Taufik, Petronas intends to continue to intensify efforts to reduce greenhouse gas emissions from its assets through continuous improvements in operational excellence and through the deployment of innovative operations and technologies.
Along with these efforts, the group will also seek new avenues of revenue creation through investments in nature-based solutions, as well as establish greater accessibility to cleaner energy solutions, he said.
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