Latest news with #OGMP
The Star
10 hours ago
- Business
- The Star
PETRONAS should adapt to new energy transition demands amid economic and geopolitical uncertainties
Petroliam Nasional Bhd (PETRONAS) president and group chief executive officer (CEO) Tan Sri Tengku Muhammad Taufik Tengku Aziz speaking at Energy Asia 2025 KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) must face new demands in the energy transition era to remain relevant amid current economic uncertainties and geopolitical tensions. Its president and group chief executive officer, Tan Sri Tengku Muhammad Taufik Tengku Aziz, said that in the short term, hydrocarbon production must be cleaner and lower in carbon intensity to reduce greenhouse gas emissions, in addition to addressing methane leaks according to standards. "Firstly, gold certification for oil and gas methane partnership (OGMP) 2.0 is a must. Secondly, we will avoid flaring or routine venting of gas, and so far, more than 20 of our assets have tackled this by practising zero routine flaring. "In the medium to long term, offerings such as carbon capture and storage (CCS) and specialty chemicals should be accelerated as soon as possible, and I believe this requires the right platform, and investments need to be made,' he told Bernama TV in an exclusive interview during the Energy Asia 2025 conference here yesterday. Tengku Muhammad Taufik highlighted that the national oil and gas company must undergo a transformation, where it is no longer optional but a necessity to prepare for a low-carbon energy system. "In the past, we were production-oriented; we produced, and people would buy. Now, we need to understand more; we will only produce what people are willing to buy. "Willing to buy in terms of capability and needs, so if it is just to supply energy in the form of liquefied natural gas (LNG) to traditional markets like Japan, perhaps now it is not enough,' he said. Tengku Muhammad Taufik said PETRONAS is focusing on high-value assets and implementing strategic portfolio optimisation, including increasing or reducing holdings to optimise capital allocation, improve returns, and strengthen focus to support sustainable growth. "Like any other energy player in the sector, optimising the portfolio is a mandatory activity and will always be practised. "If this implementation requires us to sell assets with possibly higher carbon emissions and replace them with new assets that can extend the production life from the upstream sector, we will do that,' he said. For the downstream sector, Tengku Muhammad Taufik said that if the divestment of assets causes margins to be affected, PETRONAS will replace them with assets that have more stable margins and are less exposed to uncertainties. "This is where entities like Gentari come in, profits might be less, but it is less exposed to uncertainties,' he said. Gentari is a clean energy solutions company, wholly owned by PETRONAS. - Bernama
Barnama
11 hours ago
- Business
- Barnama
Petronas Should Adapt To New Energy Transition Demands Amid Economic And Geopolitical Uncertainties
BUSINESS By Kamarul Ariffin Md Yasin & Siti Nurhana Shafirah Mat Nazir KUALA LUMPUR, June 19 (Bernama) -- Petroliam Nasional Bhd (Petronas) must face new demands in the energy transition era to remain relevant amid current economic uncertainties and geopolitical tensions. Its president and group chief executive officer, Tan Sri Tengku Muhammad Taufik Tengku Aziz, said that in the short term, hydrocarbon production must be cleaner and lower in carbon intensity to reduce greenhouse gas emissions, in addition to addressing methane leaks according to standards. 'Firstly, gold certification for oil and gas methane partnership (OGMP) 2.0 is a must. Secondly, we will avoid flaring or routine venting of gas, and so far, more than 20 of our assets have tackled this by practising zero routine flaring. 'In the medium to long term, offerings such as carbon capture and storage (CCS) and specialty chemicals should be accelerated as soon as possible, and I believe this requires the right platform, and investments need to be made,' he told Bernama TV in an exclusive interview during the Energy Asia 2025 conference here yesterday. Tengku Muhammad Taufik highlighted that the national oil and gas company must undergo a transformation, where it is no longer optional but a necessity to prepare for a low-carbon energy system. 'In the past, we were production-oriented; we produced, and people would buy. Now, we need to understand more; we will only produce what people are willing to buy. 'Willing to buy in terms of capability and needs, so if it is just to supply energy in the form of liquefied natural gas (LNG) to traditional markets like Japan, perhaps now it is not enough,' he said. Tengku Muhammad Taufik said Petronas is focusing on high-value assets and implementing strategic portfolio optimisation, including increasing or reducing holdings to optimise capital allocation, improve returns, and strengthen focus to support sustainable growth.
Yahoo
03-04-2025
- Business
- Yahoo
Diversified Energy Demonstrates Innovation, Collaboration, and Responsibility in 2024 Sustainability Report
Methane intensity improves by ~13%, a 56% reduction since 2020 Improved personal safety performance across the Company, including a 30% reduction in TRIR from 2023 Activities contributed $1 Billion to state GDPs for a third consecutive year BIRMINGHAM, Ala., April 03, 2025 (GLOBE NEWSWIRE) -- Diversified Energy Company PLC (LSE: DEC) (NYSE: DEC) ("Diversified," "DEC," or the "Company") is proud to release its sixth annual Sustainability Report, Winning Through Collaboration, highlighting the Company's sustainability actions and achievements in 2024. As the champion of the strategy of managing proved, developed, producing (PDP) assets, Diversified is the only publicly traded company dedicated to this approach, leveraging operational scale, vertical integration, and a proprietary technology platform to drive efficiency and long-term value. With Diversified's Smarter Asset Management approach to asset stewardship, combined with the inherent benefits of natural gas, the Company is well-positioned to meet modern energy challenges while delivering the reliable, lower-carbon energy needed to balance growing demand with innovation in energy supply. The report details Diversified's continued progress in advancing operational excellence, reducing environmental impacts, and enhancing employee safety. Key highlights include: Protecting Our Environment Reduced methane intensity by ~13% year-over-year to 0.7 MT CO2e per MMcfe; a 56% reduction as compared to 2020 baseline (1.6 MT CO2e per MMcfe) 459 pneumatic devices and pumps were eliminated or converted to non-emitting through the work of DEC's Pneumatics Task Force and individual field teams Conducted 152,000 voluntary emission detection surveys; maintaining a ~98% no-leak rate company-wide on surveyed assets Achieved a third consecutive year of Oil and Gas Methane Partnership 2.0 (OGMP) Gold Standard Supporting Our Employees Improved personal safety performance with a 30% reduction in TRIR while simultaneously realizing a 52% reduction in contractors with a high TRIR score Our 2024 motor vehicle incident rate was 0.34 incidents per miles driven, a 38% decrease from 2023 even as we increased our total number of miles driven by nearly 11% Introduced new employee physical and mental wellness programs Serving Our Communities Contributed over $1 billion of economic impact to state GDPs through employment and operations for a third consecutive year Strengthened community outreach efforts to include $2.1 million in community contributions, grants and support programs More than 25% of community outreach was distributed to socio-economically disadvantaged geographic regions Commenting on the report, CEO Rusty Hutson, Jr. said: 'Diversified Energy remains committed to delivering reliable, affordable, and sustainable energy. In 2024, our OneDEC culture flourished, empowering our employees to drive innovation, collaborate, and share knowledge, turning ideas into real solutions. Our Sustainability Report highlights our focus on responsible operations, from reducing emissions to safely retiring wells, all while supporting communities and local economies. As the publicly traded PDP Champion, executing the differentiated strategy focused on improving currently producing assets, we are proud to be the , providing critically needed energy while leading the way in sustainability.' View the 2024 Sustainability Report online at For further information, please contact: Diversified Energy Company PLC Doug Kris +1 973 856 2757 Senior Vice President, Investor Relations & Corporate Communications dkris@ Consulting U.S. & UK Financial Public Relations dec@ About Diversified Energy Company PLC Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder in to access your portfolio
