Petros gears for more profits, jobs. Now nation's No. 3 player after Petronas and Shell within just seven years
Published on: Sat, Jul 19, 2025
By: Sherell Jeffrey Text Size: Joseph said the Kuching project would begin with LNG-to-power infrastructure followed by industrial park development and culminate in high-value manufacturing including low-carbon hydrogen for steel production and ammonia for fertilisers. KUCHING: Sarawak through Petroleum Sarawak Berhad (Petros) is bent on creating more jobs and making sure bigger profits stay in the State by moving towards downstream processing instead of just pumping out raw oil and gas and selling them. 'For decades, Sarawak mostly just dug up raw materials and shipped them out … extract, export, repeat,' said Petros Senior Vice President of Growth Datuk Joseph Podtung.
Advertisement 'There was not much processing of these materials or strong supporting businesses around them, which meant no ripple effect of economic benefits,' he said. The result, he said, has been shortened value chains, limited spin-offs and few high-income careers. 'Instead of continuing this approach, Petros is changing from simply producing large amounts of raw gas to focusing on creating products from it,' he said, citing turning natural gas into methanol, hydrogen and ammonia before advancing to more sophisticated manufacturing. 'We are not saying no to Liquefied Natural Gas (LNG). In fact LNG is important because it brings hard currency. It keeps our hub full. It makes Sarawak globally relevant. 'But, if we continue to export, we miss a far greater opportunity in industries, jobs and innovations that will eventually be created through domestic development that allow value chains to be created,' he said. 'Sarawak holds 60 per cent of Malaysia's total natural gas reserves and operates the cleanest electricity grid in the region at just 0.19 kg CO2 per kWh, primarily from hydroelectric power,' he said. 'Sarawak has all the inherent ingredients to unlock the low-carbon economy in this region. It is not just resource-rich, it is development-ready,' he added. He said the Sarawak Gas Roadmap, launched in 2021, is a 10-year strategic plan by the Sarawak Government led by Petros and centres on four development hubs across the State. 'In Miri, the first onshore gas drilling project in over 30 years is underway and a new 500-megawatt power plant is expected to be commissioned by 2027. 'Samalaju will benefit from a 65km pipeline from Bintulu due for completion by year-end, while Bintulu's petrochemical hub has already begun operations with a methanol plant,' he said. Additionally, he said Petros is planning a low-carbon industrial hub through a three-wave approach. 'Currently, Kuching lacks pipeline gas infrastructure, relying instead on diesel and imported LPG. 'Can you imagine, in the capital of an energy-rich State, Kuching has no pipeline gas. 'Without action now, Kuching may not be able to shape the low-carbon economy in Sarawak and beyond,' he said. He said the Kuching project would begin with LNG-to-power infrastructure followed by industrial park development and culminate in high-value manufacturing including low-carbon hydrogen for steel production and ammonia for fertilisers. He pointed out that Petros has secured two anchor partners – China Jiangsu International and Sumitomo Corporation – selected from over 300 candidates. 'These two anchor partners have vast experience in developing industrial parks, not only domestically but internationally. Together, we are not building a facility, we are building an ecosystem.' He said the economic impact is substantial, pointing out that at full scale, the Sarawak Gas Roadmap is expected to deliver RM300 billion in investment, generate RM120 billion in annual output, comparable to the projected Johor-Singapore Special Economic Zone and create 180,000 jobs. 'This is about leverage, turning our resources into hydrogen, methanol and ammonia, into high-value manufacturing that produces advanced materials and low-carbon products. 'In doing so, we keep the economic value of energy circulating within our own economy, not just extracting, but multiplying,' he said. He pointed out that Petros, which was established in 2017, is now Malaysia's third-largest oil producer after Petronas and Shell and has already invested RM15 billion in the roadmap across various projects. 'Sarawak is not speculating. We are executing. We have the ingredients, the roadmap and momentum. Our strategy is about moving from volume to value and from resource to resilience,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
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Daily Express
13 hours ago
- Daily Express
Shell LiveWire fuels five Sabahans' dreams
Published on: Saturday, July 19, 2025 Published on: Sat, Jul 19, 2025 By: Sherell Jeffrey Text Size: Byron Chester vibing to the visual Five innovative businesses were recently named winners of the Shell LiveWire Malaysia 2025 Sabah challenge. From aluminium can tabs to burger franchises, from denim scraps to 3D animation, these entrepreneurs are writing Sabah's next chapter, one innovative idea at a time and with Shell Malaysia's backing, their stories are just beginning. "What stands out most in our LiveWire programme is how Sabah entrepreneurs are using their skills and innovation to create change towards strengthening their communities and opening up new pathways for employment and growth," said Sabah Shell Petroleum Company Ltd General Manager Wong Kim Mun. Advertisement "LiveWire is more than just a business platform. It is a catalyst for community-driven progress,' he said. Leading the charge are Rafa F&B Enterprise's Faizam Ramlee and Abdurrahman Mohd Zulkifli, whose BOGOBRO brand is inspiring how young people enter the business world. What began as just an idea back in 2021 has turned into a small franchise run by young people and it is making a difference in people's lives, one burger at a time. "Rafa F&B Enterprise helps underserved and B40 youths in Sabah by offering them a ready-to-run burger stall package, complete with training, branding, equipment and access to funding support," they said. Their approach is about more than just flipping burgers, they are helping young people who might not have many other chances to get their own business off the ground. "We work with local farmers to get fresh ingredients, which helps support the local economy," they said. Live2Learn Ideas' Calvin Patrick Mojinun and Cheryl Joanne Chan Fan Nyuk are literally turning trash into treasure. Since 2022, they have been collecting those little tabs from aluminium cans and turning them into handmade bags, accessories and decorative items that are inspired by Sabah's culture. "What makes our work different is that we started adding Sabah's ethnic designs in 2024, especially the traditional linangkit pattern, into our creations," they said. Their work shows that taking care of the environment and keeping culture alive can work hand in hand by taking thrown-away materials and turning them into beautiful items. Their business started out as just a personal hobby that grew into something much bigger, showing how being creative can help solve environmental problems while featuring local traditions. Syeronella Poksiu and Darrel Khar Lai Ho have found their calling in giving discarded denim a second chance through Nella Odelia. What began as a simple sewing hobby in 2016 turned into a full-fledged denim upcycling business in 2024. Their work weaves Sabah's cultural designs into every piece, keeping local traditions alive through eco-friendly fashion. The name itself has a special meaning, "Nella" comes from Syeronella's name and "Odelia" means "I will thank God", showing how grateful she is for this whole journey. "Every product we make is one-of-a-kind and tells a story about giving things new life, being creative and bringing the community together," said Syeronella. Their mission goes way more than just making pretty bags and accessories from old jeans. They are actively working to cut down on textile waste while giving local women tailors more opportunities and teaching people about sustainability. While others focus on consumer products, WAIG Consultancy Sdn Bhd's Ping Jie Teo and Wilfred Lau have been quietly building the foundation for Sabah's development since 2018. As hydraulic and coastal modelling specialists, their company provides impact assessments and site inspections that help shape Sabah's infrastructure projects. "We help clients in their planning and design process," said Ping Jie Teo. Their work promotes sustainable design and helps clients with practical and eco-friendly solutions. The biggest venture probably comes from Crates Studio's Ade Aliff Jobin and Byron Chester Dee Rayner. Their indie creative production studio, officially registered in 2023, brings Hollywood-quality animation to Sabah with their flagship project "Scrapville'. "Our goal is to become the top local entertainment studio in Sabah, creating content that matters through visuals and storytelling," they said. Their 3D animated series is about two young inventors trying to survive in a world after disaster, but it is really about inspiring young people to get excited about science, technology, engineering and math (STEM) and caring for the environment. "Digital content consumption is at an all-time high, especially among youths and there is a growing demand for original, locally inspired Intellectual Properties,' they said. 'At the same time, concerns about the decline in STEM interest and environmental awareness among students are more pressing than ever. "The idea for Scrapville began in 2014, but due to limited resources and capabilities, we were not able to pilot it properly," they said. After nearly ten years in education, they finally had the network and resources to make their dream a reality. More Than Just Money Shell LiveWire has been helping Sabah entrepreneurs since 2015, then expanded to Sarawak in 2016 and Peninsular Malaysia in 2022. The program's goal is to inspire young business owners to come up with new ideas and create business solutions that tackle today's social and economic challenges. The Shell LiveWire victory means more than just the RM10,000 startup fund. These five enterprises now have access to a year of business coaching to refine their business plans and transform them into successful ventures. Even more exciting, they will get access to the worldwide LiveWire network, where they can share ideas with business owners from around the globe and possibly compete in the annual Shell Global Top Ten Innovators Awards. The judging panel made up of Institut Keusahawanan Negara Chief Executive Officer Viviantie Sarjuni, Daily Express Senior Editor Leonard Alaza and Shell Mobility Malaysia Borneo District Manager Zainudin Sulaiman had the tough job of picking winners from a strong group of contestants. The Stories Behind These Rising Entrepreneurs What pushes someone to start their own business? For these five entrepreneurs, it comes down to a combination of personal experience, wanting to help society and a desire to make a difference in their communities. The story of Rafa F&B sounds like a classic tale of determination and helping others. The founders started with the most basic setup you can imagine, selling food on the street under a simple tent with barely enough money to buy ingredients. But their journey took a turn when they joined their first micro-franchise programme through TEKUN, traveling across Malaysia to learn how successful business systems really work. "We realised many youths in Sabah, especially from B40 communities, have the passion but not the platform or support to start a business," they said. This realisation led to the creation of BOGOBRO, their own small franchise system that is designed to be affordable, with guidance and connections to funding opportunities. For them, it is not just about making money but about giving others the same chances that changed their own lives. For Syeronella, the idea came from the most unexpected places. Her upcycling business started when she was scrolling through Instagram and saw fashion creators in the West turning old clothes into trendy new pieces. The lightbulb moment came when she realised Malaysia was also embracing more sustainable lifestyles. "I thought, why not take the initiative and try it here in our own way?" she said. Her story shows how trends from around the world can be adapted to fit local situations, creating businesses that are both good for the environment and the local culture. For Ping Jie Teo, inspiration came from working for international companies on overseas projects in Sabah. Instead of remaining comfortable in employment, he saw an opportunity to challenge himself and contribute more directly to local development. "I was lucky to learn from them and also have local developers and consultants trust me enough to get started," he said. His decision to take the leap shows how work experience can become the foundation for business ventures that help the local community. The creative team at Crates Studio found their purpose in tackling a worrying trend, young people losing interest in technical skills and STEM education. Growing up inspired by animation giants like Pixar, DreamWorks and Studio Ghibli, they decided to create their own local content with Malaysian roots. "There is often a stigma that technical skills are less cool and we wanted to challenge that perception through storytelling," they said. Their project, Scrapville, uses entertainment to show how invention, creativity and problem-solving can be both exciting and valuable, proving that businesses can educate while they entertain. Live2Learn Ideas is perhaps the most personal journey of all. What started as Calvin's creative hobby evolved into a mission to turn waste into wearable art while celebrating Sabah's heritage. But there is another layer to his story that makes it touching. As a full-time father, Calvin found crafting with his daughter became a way to bond while nurturing creativity. His business allows him to be present during his child's early years while building something that promotes sustainability, local culture and empowerment through art. What connects all these entrepreneurs is their commitment to helping others succeed. Their stories prove that the best businesses often start with a simple question "How can we help solve problems we have experienced or seen?" Their journeys remind us that great ideas can come from anywhere, a tough personal experience, scrolling through social media, things you notice at work, childhood dreams or wanting to spend more time with family. The key is spotting that idea and doing something about it, no matter how small that first step might seem. For the team behind BOGOBRO, it was the power of social media and entrepreneur networks that first introduced them to Shell LiveWire. "We heard success stories from past participants and we were inspired by how the programme helped young entrepreneurs grow their businesses,' they said. Similarly, Syeronella, who turns discarded clothing into beautiful cultural pieces, discovered the opportunity through her husband's attendance at a local event. "A few days before the application deadline, he received a follow-up email encouraging him to register. "He then shared the information with me and that decision brought me to where I am today,' she said. For others, like Ping Jie Teo and the creative minds at Crates Studio, research and local networking events opened doors they never knew existed. The common thread? Sabah's tight-knit entrepreneurial community, where information flows freely and success stories inspire others to take the leap. More Than Just Business Training What sets Shell LiveWire apart is not just the training, it is the complete transformation it brings to entrepreneurs and their businesses. BOGOBRO's founders describe it as a game-changer that gave them structure, guidance and the confidence to grow. They learned to refine their business model and prepare for funding opportunities, moving past just selling burgers to creating a movement. For Syeronella, the programme offered perspective. "It helped me see the bigger picture, not just focusing on products, but also understanding how to create impact through sustainability, culture and community empowerment,' she said. Her upcycled fashion business now shows how creativity can drive both profit and purpose. The team at Crates Studio, working on their animated series Scrapville found their mindset completely shifted. "Shell LiveWire helped us understand that entrepreneurship can also be a force for social good," they said. "The programme opened up new opportunities, connections and gave us the confidence to pursue larger goals,' they added. When Challenges Become Stepping Stones Every entrepreneur faces obstacles, but these five businesses turned their biggest challenges into their greatest strengths. BOGOBRO started with just RM70 and no business background. "We sold food under a canopy with just enough money to buy ingredients. "It was tough, but we did not give up. We learned by doing, listening to customer feedback and slowly built trust,' they said. Syeronella faced challenges in changing mindsets. "Many still see secondhand or recycled items as low value. "To overcome this, I focused on creating high-quality, beautifully designed products that highlight the cultural richness of Sabah,' she said. Her strategy worked. Customers began appreciating the meaning and craftsmanship behind each piece. For Ping Jie Teo, the challenge was communication. "Introducing ourselves to clients not in our field was one of our greatest challenges. "We had to make examples in simpler terms for them to understand and the Shell LiveWire coaching helped me master this skill,' he said. Big Dreams These entrepreneurs are not just thinking small they are dreaming big. Rafa F&B Enterprise plans to scale to 100 active stalls across Sabah by 2026, focusing on empowering B40 and underserved youths through their micro-franchise model. "We want BOGOBRO to become a national symbol of youth entrepreneurship and eventually expand across the world," they said. Syeronella envisions expanding across Malaysia and internationally through online platforms and partnerships with the tourism sector. She also plans to set up a social workspace that trains more women in upcycled crafts while preserving local heritage. Crates Studio is taking their animated series to film festivals and streaming platforms, while Live2Learn Ideas plans to expand their artisan team and develop educational programs for youths. Each business is not just focused on making money but building something that will last. Wisdom from the Frontlines When asked about the biggest lessons from their business journey, these business owners offer wisdom that applies far beyond just the business world. BOGOBRO's founders said success does not come from having everything, it comes from starting with what you have and making the most of it. Syeronella learned that purpose is just as important as profit. She discovered that staying true to missions like empowering women, promoting sustainability and preserving culture is what gives business real meaning. Crates Studio's biggest insight? Understanding your 'Why' and learning how to communicate that clearly. They realised that business is not just about trading products, it is about trading values. The most powerful message from these business owners is really simple: just start. "Do not wait for the perfect time or perfect plan," said BOGOBRO. "Just take the first step with what you have,' they said. Syeronella's advice is equally inspiring, "If you have an idea and the passion to pursue it, do not wait. 'Take the leap and seize the opportunity. Do not stay in your comfort zone, step out, take the risk and have faith,' she said. "Start with what you have. Do not wait for the perfect idea or the perfect time. Stay true to your purpose, be willing to learn and never underestimate the value of your unique perspective,' said Live2Learn Ideas, summing it up perfectly. Building a Better Tomorrow The Shell LiveWire programme has been the driving force behind many of these changes, quietly helping Malaysia's next generation of business leaders since 2015. By providing mentorship, training and funding opportunities, Shell Malaysia is not just supporting individual entrepreneurs, they are investing in communities and helping build a more sustainable, innovative Malaysia. For every success story we celebrate today, there are countless more dreams waiting to take flight. The programme continues to seek out passionate individuals across Malaysia who have the vision to turn problems into solutions and ideas into impact. To the aspiring entrepreneurs reading this: your moment could be next. The tools, support and community you need are within reach. All it takes is the courage to take that first step and the determination to keep moving forward. Because in the end, these are not just business success stories, they are proof that Malaysia's entrepreneurial spirit is strong and growing, ready to change the world, one innovative idea at a time. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
15 hours ago
- Daily Express
Petros gears for more profits, jobs. Now nation's No. 3 player after Petronas and Shell within just seven years
Published on: Saturday, July 19, 2025 Published on: Sat, Jul 19, 2025 By: Sherell Jeffrey Text Size: Joseph said the Kuching project would begin with LNG-to-power infrastructure followed by industrial park development and culminate in high-value manufacturing including low-carbon hydrogen for steel production and ammonia for fertilisers. KUCHING: Sarawak through Petroleum Sarawak Berhad (Petros) is bent on creating more jobs and making sure bigger profits stay in the State by moving towards downstream processing instead of just pumping out raw oil and gas and selling them. 'For decades, Sarawak mostly just dug up raw materials and shipped them out … extract, export, repeat,' said Petros Senior Vice President of Growth Datuk Joseph Podtung. Advertisement 'There was not much processing of these materials or strong supporting businesses around them, which meant no ripple effect of economic benefits,' he said. The result, he said, has been shortened value chains, limited spin-offs and few high-income careers. 'Instead of continuing this approach, Petros is changing from simply producing large amounts of raw gas to focusing on creating products from it,' he said, citing turning natural gas into methanol, hydrogen and ammonia before advancing to more sophisticated manufacturing. 'We are not saying no to Liquefied Natural Gas (LNG). In fact LNG is important because it brings hard currency. It keeps our hub full. It makes Sarawak globally relevant. 'But, if we continue to export, we miss a far greater opportunity in industries, jobs and innovations that will eventually be created through domestic development that allow value chains to be created,' he said. 'Sarawak holds 60 per cent of Malaysia's total natural gas reserves and operates the cleanest electricity grid in the region at just 0.19 kg CO2 per kWh, primarily from hydroelectric power,' he said. 'Sarawak has all the inherent ingredients to unlock the low-carbon economy in this region. It is not just resource-rich, it is development-ready,' he added. He said the Sarawak Gas Roadmap, launched in 2021, is a 10-year strategic plan by the Sarawak Government led by Petros and centres on four development hubs across the State. 'In Miri, the first onshore gas drilling project in over 30 years is underway and a new 500-megawatt power plant is expected to be commissioned by 2027. 'Samalaju will benefit from a 65km pipeline from Bintulu due for completion by year-end, while Bintulu's petrochemical hub has already begun operations with a methanol plant,' he said. Additionally, he said Petros is planning a low-carbon industrial hub through a three-wave approach. 'Currently, Kuching lacks pipeline gas infrastructure, relying instead on diesel and imported LPG. 'Can you imagine, in the capital of an energy-rich State, Kuching has no pipeline gas. 'Without action now, Kuching may not be able to shape the low-carbon economy in Sarawak and beyond,' he said. He said the Kuching project would begin with LNG-to-power infrastructure followed by industrial park development and culminate in high-value manufacturing including low-carbon hydrogen for steel production and ammonia for fertilisers. He pointed out that Petros has secured two anchor partners – China Jiangsu International and Sumitomo Corporation – selected from over 300 candidates. 'These two anchor partners have vast experience in developing industrial parks, not only domestically but internationally. Together, we are not building a facility, we are building an ecosystem.' He said the economic impact is substantial, pointing out that at full scale, the Sarawak Gas Roadmap is expected to deliver RM300 billion in investment, generate RM120 billion in annual output, comparable to the projected Johor-Singapore Special Economic Zone and create 180,000 jobs. 'This is about leverage, turning our resources into hydrogen, methanol and ammonia, into high-value manufacturing that produces advanced materials and low-carbon products. 'In doing so, we keep the economic value of energy circulating within our own economy, not just extracting, but multiplying,' he said. He pointed out that Petros, which was established in 2017, is now Malaysia's third-largest oil producer after Petronas and Shell and has already invested RM15 billion in the roadmap across various projects. 'Sarawak is not speculating. We are executing. We have the ingredients, the roadmap and momentum. Our strategy is about moving from volume to value and from resource to resilience,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
a day ago
- New Straits Times
Sabah emerges as Malaysia's strategic frontier for upstream O&G investment
KUALA LUMPUR: Amid intensifying global energy uncertainty, Sabah is fast emerging as a compelling destination for upstream oil and gas (O&G) investments. The state offers international players a stable, underexplored and increasingly investor-friendly environment, industry analysts said. The shift reflects broader regional realignments in upstream energy strategy, as geopolitical instability in traditional oil-producing regions pushes investors toward safer, high-potential frontiers especially in Southeast Asia, they added. Economist Samirul Ariff Othman, an adjunct lecturer at Universiti Teknologi Petronas, told FMT that Sabah had recently been attracting more international oil companies. This was spurred by instability in the Middle East and Malaysia's comparatively stable investment climate. "Presently, Sabah leads in near-term FDI flows, followed by Sarawak," he said. "The 2025 Iran-Israel skirmish and heightened Red Sea tensions have made freight insurance, security costs and supply stability in the Middle-East and North America increasingly uncertain. "Investors are looking for lower-risk (and) high-potential alternatives, and Southeast Asia fits that profile," the portal quoted him as saying. Sabah's Rising Profile in Deepwater Exploration According to Samirul, Sabah's underexplored deepwater blocks particularly Blocks SB409 and SB310 are drawing renewed attention, alongside the redevelopment of the Kota Belud field, which is expected to ramp up activity in the second half of 2025. Industry players have taken notice. ConocoPhillips' recent pivot away from Sarawak toward Sabah underscores growing confidence in the latter's upstream potential. While Sarawak continues to command significant attention due to its advanced LNG infrastructure and active gas blocks such as SK318 and SK408, analysts warn that lingering regulatory ambiguities are clouding investor sentiment. "The friction between Petronas and Sarawak's state oil company, Petros, has created uncertainty around fiscal terms and licensing processes," said Samirul. In May, federal and state authorities announced a framework granting Petros the role of gas aggregator in Sarawak. However, legal disputes and unclear operational boundaries between the two entities remain unresolved. Tricia Yeoh, associate professor at University of Nottingham Malaysia, told the portal that Prime Minister Datuk Seri Anwar Ibrahim's announcement of broad agreement reached in February this year with Sarawak Premier Tan Sri Abang Johari Openg had failed to clear the air sufficiently. "Neither statement addresses Sarawak's claim (to resources) over 200 nautical miles of territorial waters, so that remains at large," she said, referring to Anwar's speech in the Dewan Rakyat on Feb 17 and a media release issued by Abang Johari the following day. Regulatory clarity is still lacking, Yeoh said, adding that ongoing lawsuits, such as the RM8 million bank guarantee dispute, continue to cast a shadow. Malaysia's PSC Framework Still Competitive Samirul acknowledged that Malaysia's production-sharing contracts (PSCs) remain among the most attractive in the region, especially when compared to Indonesia and Vietnam. Under current terms, contractors pay five per cent royalty each to federal and state governments, after recovering 70 per cent of costs. However, he warned that delays in PSC approvals, combined with high royalty burdens for marginal fields, could dull Malaysia's competitiveness. "The fundamentals are strong but speed and predictability are everything in today's investment climate," he said. Yeoh echoed the sentiment, calling on Putrajaya to clarify the conditions under which states like Sabah and Sarawak may receive PSC carve-outs. "Dragging this issue for another year or 10 would severely damage Malaysia's upstream outlook," she cautioned. "As I have stated previously, there needs to be a joint Petronas-Petros committee (comprising lawyers, financial and technical representatives and members of the federal and state governments) that works out these details." Yeoh added that the joint committee should be given the space to deliberate in private until a consensus is reached after which the outcome should be made public. "The nation can then move forward constructively," she said. Stronger Petronas Future Despite local challenges, Petronas continues to bolster its global standing through strategic upstream partnerships with international oil majors such as Eni, TotalEnergies, Idemitsu and ConocoPhillips both within Malaysia and in regional plays like Indonesia. Joint ventures help Petronas hedge geopolitical and cost-related risks while gaining access to advanced technologies, particularly in deepwater exploration and carbon management, said Samirul. "With global upstream costs rising due to inflation, supply chain bottlenecks, and deeper offshore exploration needs, joint ventures are a rational de-risking strategy," he said. Samirul explained that shared equity spreads exploration costs, reduces capital exposure and allows partners to pool advanced technologies. These partnerships also allow Petronas to gain technical know-how from international oil majors experienced in carbon management and digital exploration and production, which supports its energy transition goals, he added.
