Sektor O&G mesti anggap ketidaktentuan ‘norma baharu’, kata CEO Petronas
Pengeluaran dan corak dagangan tidak dijangka kembali normal sebelum 2027, kata Tengku Muhammad Taufik Aziz.
CEO Petronas Tengku Muhammad Taufik Aziz has stated that the oil and gas sector must accept market volatility as a new norm, rather than viewing major disruptions as a rare crisis. Speaking at the opening ceremony of Oil and Gas Asia (OGA) 2026, Tengku Muhammad Taufik said Petronas does not expect the global oil production and trading pattern to return to normal before 2027.
According to him, production shutdowns at the Sea are estimated to reduce daily output by 5.5 million to 6 million barrels in July, while the Strait of Hormuz continues to face severe disruptions as of last August.
He advised the industry to treat market fluctuations as a daily reality, citing past shocks in 2008, 2014, and 2020 as evidence that volatility has become a constant feature of the market, not just isolated incidents. Despite the various disruptions, Tengku Muhammad Taufik said long-term energy demand remains strong, especially in the Asia-Pacific region.
He also noted that demand for natural gas in the Asia-Pacific region is expected to increase by around 4% this year, contributing nearly half of the total growth in global gas demand. Meanwhile, the demand for oil in Southeast Asia has risen to about five million barrels per day as offshore production continues to decline and reliance on domestic supply increases.
Tengku Muhammad Taufik stressed that energy security is becoming a top priority in operational models, not just a response to crises. He added that hydrocarbons will continue to play a crucial role in the global energy mix, even as the energy transition accelerates. "Hydrocarbons are not a retrograde system, not a system waiting for the next tomorrow," he emphasized, stressing their importance in the transportation sector, industrial activities, and providing the necessary infrastructure to support the transition itself.
Petronas expects to maintain its O&G production in Malaysia at two million barrels equivalent per day until 2028, he said, supported by continued investment in exploration, deep-water development, and enhanced recovery methods in existing Petronas fields. Additionally, the company's vendor development program has benefited 173 local vendors and facilitated a contract worth around RM9 billion since 1993.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
