PETRONAS Releases 2023-2025 Industry Activity Outlook

KUALA LUMPUR, 19 December 2022 – PETRONAS has released its Activity Outlook for 2023-2025, providing insights on industry trends, demand outlook and forecasted activities for the next three years to keep the industry abreast with its upcoming plans.

PETRONAS expects the uncertainty in the energy market to continue and this necessitates industry players to be agile in responding to the changing in the energy landscape and embrace innovation as well as new solutions toward a lower-carbon future.

PETRONAS’ outlook remains positive for drilling rigs, well services activities and underwater services due to the repair and maintenance activities required to maintain the integrity of offshore facilities. The outlook for subsea facilities, supply of line-pipes, and heavy lift barges remains steady given the steady amount of projects requiring wellhead platforms.

PETRONAS Vice President of Group Procurement, Freida Amat said on the importance of collaboration across industries as the energy industry moves towards facilitating a just energy transition.

“PETRONAS is committed to working together with our partners as the industry accelerates its efforts to decarbonise operations as part of a wider energy transition. The transition into clean energy needs to happen now, to meet the changing energy landscape projected by 2050, which calls for greater collaborations amongst industries towards creating efficient solutions for better cost management, heightened customer centricity, value-creation and innovative solutions. This is crucial to avoid missing the window of opportunity to navigate the energy transition successfully.”

The report also touches on The National Energy Policy 2022-2040 (DTN) vision and strategies to spur greater renewable energy penetration will include optimising the power generation mix, factoring in rapid technology progress, implementing physical and regulatory enablers to accommodate power system advancement as well as enhancing regional and international grid system interconnectivity.

In the report, PETRONAS also shares insights that will have a positive impact on the industry. Among the highlights:

• PETRONAS’ Net Zero Carbon Emissions by 2050 (NZCE 2050) pathway to advance its commitment towards achieving net zero future ambitions, which includes decarbonisation of its core portfolio and the establishment of Gentari Sdn Bhd, an independent entity focused on providing clean energy solutions.

• Business activities are seen to recover as countries reopen their economies, contributing to a surge in demand. PETRONAS continues to invest in growth projects while recognising the larger role it plays in achieving lower-carbon aspiration. Commitment in maximizing asset and cost efficiency is imperative for OGSE players to maintain their competitive advantage.

• PETRONAS’ call for proactive efforts to reduce the impact of climate change, which has become a top priority. A mindset shift is very crucial for businesses, especially OGSE players, to have better internalisation of sustainability and adopt Environmental, Social and Governance (ESG) considerations in decision-making.

To download the digital copy of the PETRONAS Activity Outlook 2023-2025, scan the QR code below: