{
  "id": 5069720,
  "title": "Sektor O&G mesti anggap ketidaktentuan ‘norma baharu’, kata CEO Petronas",
  "url": "https://urgent.news/2026/09/02/sektor-o-g-mesti-anggap-ketidaktentuan-norma-baharu-kata-ceo-petronas-5069720",
  "topic": "world",
  "section": "World",
  "published": "2026-09-02T10:11:53.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today",
    "url": "https://www.freemalaysiatoday.com/category/bahasa/tempatan/2026/09/02/sektor-o-g-mesti-anggap-ketidaktentuan-norma-baharu-kata-ceo-petronas"
  },
  "original_language": "en",
  "account": "CEO of Petronas Group, Tengku Muhammad Taufik Aziz, argued at the opening of Oil and Gas Asia (OGA) 2026 conference that the energy market must accept market volatility as a new norm, rather than seeing large disruptions as isolated crises. In his address, Tengku Taufik cautioned that Petronas does not anticipate global oil and gas production and trade to return to normal before 2027. He emphasized that the closure of production in the Gulf could cause daily losses of 5.5 million to 6 million barrels in July, while the Hormuz Strait route continues to face severe disruptions as of last August. Tengku Taufik urged the market to view market fluctuations as a daily reality, citing past shocks in 2008, 2014, and 2020 as evidence of the persistent nature of volatility. Despite the various disruptions, the long-term demand for energy remains robust, particularly in the Asia region. The demand for natural gas across the Asia-Pacific region is expected to increase by about 4% this year, contributing nearly half of the entire growth in global gas demand. Meanwhile, the demand for oil in Southeast Asia has risen to around five million barrels per day, as onshore production continues to decline and reliance on imports increases. Tengku Taufik stressed that energy security is becoming a key pillar in operational models, going beyond just crisis management. He also highlighted that hydrocarbons will continue to play a vital role in the global energy mix, even as the energy transition progresses. \"Hydrocarbons are not an old-fashioned system, they are not a system waiting to die,\" he stressed, emphasizing their importance in transport, industry, and the provision of resources needed to support the transition itself. Tengku Taufik also stated that Petronas plans to maintain Malaysia's O&G output at two million barrels equivalent to two million barrels per day until 2028. This target, he said, will be supported by continued investment in exploration, deep-water development, and enhanced recovery methods at existing Petronas production fields. Additionally, Petronas' vendor development program has benefited 173 local vendors and facilitated the issuance of nearly RM9 billion in contracts since 1993.",
  "summary": "Pengeluaran dan corak dagangan tidak dijangka kembali normal sebelum 2027, kata Tengku Muhammad Taufik Aziz.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}