Latest news with #JukrisAbdulWahab
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Petronas future-proofs upstream portfolio with global push
Petronas executive vice-president and CEO of upstream, Jukris Abdul Wahab, said Malaysia will always be the company's core investment base. KUALA LUMPUR : Petronas aims to increase the share of revenue from its international upstream operations from 40% to over 60% within the next decade, says the firm's executive vice-president and CEO of upstream Jukris Abdul Wahab. 'This is not about pulling back from Malaysia. It will always be our core investment base. But we want a balanced and resilient portfolio that can withstand changes in the global energy landscape. 'The aspiration is to expand our international business from what we have today,' he told an editors' briefing yesterday. He said the expansion would focus on the company's 'heartland' markets, which include Suriname, Turkmenistan, Abu Dhabi and Vietnam, as well as unconventional oil and gas resources that can be quickly scaled up or down. While Malaysia remained a key investment destination, Jukris said a broader international spread would help the company adapt to different market and regulatory environments. 'We still see a lot of prospectivity in Malaysia. New geological plays are opening up, and we are attracting interest from major players,' he said. At the briefing, Jukris also said that Petronas was exploring more liquefied natural gas (LNG) projects in Canada, where it holds about 50 trillion cubic feet of gas reserves. This follows the first shipment from its LNG Canada Phase One venture in July. The company is also reviewing its upstream portfolio to ensure that assets meet set criteria for cost, emissions and value, he said, adding that it was prepared to take on more calculated risks to drive down costs. 'Portfolio reviews are common in this industry. The aim is to make sure our assets remain competitive and deliver long-term value. 'We can't expect zero risk in our operations. We have to be comfortable taking a little bit of risk,' he said. He said some technical standards used over the years came with added costs, and that the company was considering adopting 'fit-for-purpose' standards without compromising safety. However, he said that partnerships would remain important for sharing capital requirements and access to technology. 'You can't operate alone in this industry. The best value often comes when partners bring different operating philosophies, technology and market access,' he said.
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Petronas eyeing more projects in Canada
Petronas operates the North Montney Joint Venture upstream gas project and is a major equity partner in LNG Canada, a US$40 billion LNG facility. KUALA LUMPUR : Petronas is keen to expand its presence in Canada as the country is now one of its major liquefied natural gas (LNG) suppliers, says executive vice-president and CEO of upstream business Jukris Abdul Wahab. He said Petronas had about 50 trillion cubic feet (TCF) of gas in Canada while its LNG Canada project was only in Phase 1. He said the energy company had embarked on a series of LNG projects backed by this resource portfolio. 'With 50 TCF, we can support several more LNG projects as resource size is not an issue,' he told an editors' briefing today. Jukris also expressed hope for the Canadian government's support for the oil and gas firm's additional LNG projects. 'We are keen to expand our presence there and see Canada as one of our major LNG supply bases going forward,' he said. Petronas successfully shipped the first LNG cargo from its Canada facility in Kitimat, British Columbia, on July 8. Petronas operates the North Montney Joint Venture upstream gas project and is a major equity partner in LNG Canada, a US$40 billion LNG facility.
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Petronas reviewing upstream portfolio, operational and cost efficiencies
Petronas said its focus goes beyond production to include the entire value chain, from discovery and development to delivery. (Reuters pic) KUALA LUMPUR : Petronas is undertaking a strategic review of its upstream portfolio to strengthen its competitiveness and sustainability over the next decade, as the global oil and gas industry faces mounting geopolitical, technological, and policy-related pressures. Petronas upstream business executive vice-president and CEO Jukris Abdul Wahab emphasised the need for agility and foresight as the company navigates a fast-evolving energy landscape. 'We have to be cognisant of what is happening around us, namely geopolitics, jurisdictional changes, shifting policies, and global conflicts that influence energy markets. 'The future is going to be very complex and challenging. We need to ask ourselves how we want to position Petronas by 2035,' he said at an editors' briefing this morning. Jukris said Petronas had consistently delivered strong results over the past five decades, evolving from a fledgling national company into a respected international player. He said that while Petronas remained a national oil company, it behaved and competed like an international oil company (IOC), in terms of operational execution and commercial acumen. 'We have come a long way and can stand shoulder-to-shoulder with other IOCs. 'But to stay relevant, we must continue to review and reshape our portfolio, like other major players in the industry,' he said. Jukris also said the group's focus went beyond production to include the entire value chain, from discovery and development to delivery. 'The question is: how can we do this better, faster, and more competitively?' he added. Separately, Jukris said Petronas was reviewing its operational and cost efficiencies, namely maintenance, field operations and logistics management, in response to the low oil prices, a trend it expects to persist. 'We are reviewing both our operational and cost efficiencies (as) the way we have done things over the past 50 years may not necessarily keep us competitive in the years ahead,' he said. Jukris also said the US tariff environment had affected the global supply chain. 'It (the imposition of tariffs) affects the way we do business. The only thing that we can do is to respond internally and how we drive ourselves to become more cost efficient.' He also said Petronas was assessing the need to bring in partners to reduce risk exposure, particularly for assets that require high capital investments but deliver limited value.
