Petronas Chief Executive Officer Tengku Muhammad Taufik, during the opening of the virtual ASEAN Energy Business Forum (AEBF) 2020, said that natural gas would remain the company’s primary source of cleaner fossil fuel. However, Petronas will expand into new energy sources such as solar, wind, and hydrogen to complement its global Liquified Natural Gas (LNG) portfolio. The company is now working with its international partner to develop zero-emission hydrogen fuel from bio-based products and carbon engineering.
Recently, Petronas announced plans to achieve net-zero carbon emission by 2050, making it the first state-owned energy company in Asia to set such a goal. According to Taufik, the target is part of the company’s intentions to be part of the solution towards a more sustainable future.
Petronas also vowed to cut its greenhouse gas emission to 49.5 million tons of carbon dioxide equivalent by 2024. Last year, It reduced greenhouse gas emissions by 1.2 million tons of carbon dioxide equivalent to 47.9 million tons. However, the company did not provide further details on how the target would affect its oil and gas operations.
