The key to the sustainability of the oil and gas industry lies in players moving into untapped and uncharted avenues for collaboration, across industries to find solutions that effectively harness oil and gas resources to meet the growing demand for sustainable clean energy.
Speaking at the recent Abu Dhabi International Exhibition & Conference (ADIPEC) 2018, PETRONAS President and Group CEO, Tan Sri Wan Zulkiflee Wan Ariffin said that greater demand for sustainable living at the global and consumer level, as well as rapid advancements in digital technology have immensely changed the environment the industry operates in.
“It is critical to find energy solutions that reach out to non-traditional partners as well as traditional partnerships that explore unconventional solutions which help reduce costs, gain efficiency and hedge risks. It is also equally important to facilitate shifts in mindset that would provide the impetus for creativity and innovation to find solutions that are needed to move forward,” he said.
PETRONAS’ involvement in motorsports as technical partner to the MERCEDES AMG PETRONAS Formula One™ Team is one of the company’s drive towards non-traditional partnerships where it provides a platform to build technical expertise, expand quality product range, as well as develop capability and talent. Its partnerships with the Fast Moving Consumer Goods (FMCG) industry is also another cross-industry collaboration that explores non-traditional solutions specifically for PETRONAS’ retail business.
In addressing industry concerns, PETRONAS has been looking beyond conventional ways of partnerships through further collaboration with stakeholders within its integrated value chain.
“PETRONAS’ active participation in the ASEAN Council on Petroleum (ASCOPE) for instance, is a platform to enhance the regional cooperation for technology and knowledge transfer in pushing forward the gas advocacy agenda. We are also exploring initiatives such as decommissioning and abandonment within the region with other NOCs such as PTT and Pertamina – another example of existing partners seeking novel solutions.”
“The adoption of digital technology such as automation and data analytics by the oil and gas industry have resulted in increased efficiencies, improved business performance, cost-savings and reduced impact to the environment,” he said.