South-east Asian national oil companies (NOCs) and traditional upstream players are progressively focusing on cleaner and more environmentally friendly energy initiatives with investments set to exceed US$76 billion (RM353 billion) from 2023 to 2025, according to Rystad Energy. Petronas is all set to build the world’s largest dedicated carbon capture, utilisation and storage facility by 2025, actively pursuing partnerships with international entities to unlock regional project potential. Gentari, a wholly-owned subsidiary of Petronas, has also made substantial investments in solar capabilities, seeking to harness the nation’s considerable renewable energy potential. Between 2023 and 2026, Petronas will spend US$450 million on CCUS projects and US$330 million on hydrogen developments.

Source: Malay Mail