Petronas Plans to Carry Out 300 Improvement Plans Throughout 2024-2026

<p>&nbsp;Petroliam Nasional Bhd (Petronas) plans to implement approximately 300 Facility Improvement Plans (FIP) per year over the next three years. This initiative aims to optimize production efficiency to ensure the sustainability of oil and gas supply.</p><p><br /></p><p>These are the guidelines set by the state-owned oil company for the entire period from 2024 to 2026.</p><p><br /></p><p>The FIP includes start-up projects, gas production turbine replacement activities, essential maintenance work to overcome congestion, maximize plant capacity and control onshore gas flaring activities.</p><p><br /></p><p>Petronas will also carry out upgrading activities in about 150 assets to restore the area to a safer and more stable condition for the environment. Meanwhile, assets that are no longer in use will be reviewed for more potential revaluation or adaptation in the future.</p><p><br /></p><p>In 2024, Petronas predicts 99 wells will be drilled under the development, appraisal and exploration program. They also forecast a significant increase in plug and abandon activities in 2024 to meet the Malaysian Petroleum Management's commitments.</p><p><br /></p><p><br /></p><p>There are more than 25 wells expected to be drilled annually in Peninsular Malaysia and Sarawak and water wells in Sabah over the next three years to support the country's exploration growth.</p><p><br /></p><p>They also stated that the company's future is more focused on the long-term target of maintaining and increasing Malaysia's oil and gas production to two million barrels per day by 2025 and beyond.</p><p><br /></p><p>In the next three years, Petronas predicts that more than 45 mining projects are expected to be implemented, four central processing platforms, three onshore facilities and approximately 1,130 KM of pipelines will be installed.</p><p><br /></p><p>According to Freida Amat, Petronas Group's Vice President of Procurement, the industry needs to prepare to adapt to the energy transition, business transition with a low carbon footprint, net emissions targets and explore renewable energy sources.</p><p><br /></p><p>He said again, based on experience, views and knowledge in the industry. They believe that cooperation in co-creation can improve the company's skills and abilities. Indirectly, this will open up new opportunities for the oil, gas and energy services (OGSE) industry.</p>