Petronas Sets Up Team for Renewables Push

Tuesday, November 27, 2018

Malaysian state-owned oil and gas firm Petroliam Nasional Berhad, or Petronas, has set up a new business within the group to make a push into renewable energy, the head of the new venture said on Tuesday.

Petronas has expressed interest over the last year to diversify into renewables amid low oil prices. In March, Chief Executive Wan Zulkiflee Wan Ariffin said Petronas will explore new business areas including new energy and that the company will assess opportunities in solar power.

Jay Mariyappan told an industry forum that the 'New Energy' team is in the early stages of looking at options in the renewable energy space.

Mariyappan's LinkedIn profile shows he started at Petronas in October. Before joining the Malaysian firm, he was managing director of Sindicatum Sustainable Resources, a Singapore-based clean energy developer.

Petronas is the latest oil and gas major to look into the renewables space. Top oil companies including Royal Dutch Shell , BP and Total are investing more in cleaner energy sources such as solar and wind power and electric vehicle technology.

Petronas is the sole manager of Malaysia's oil and gas reserves and is a significant contributor to government revenue.

Earlier this month, the International Renewable Energy Agency (IRENA) said Southeast Asia is a potential hotspot for renewable energy, yet the region has not met expectations because it lacks policy frameworks that would encourage investment.

Global renewable capacity, excluding hydro, has soared from under 100,000 megawatts (MW) in 2000 to more than 1 million MW in 2017, according to IRENA data.

Only a tiny portion of that has come in Southeast Asia, though more efforts have been made recently.

The Association of Southeast Asian Nations plans to generate 23 percent of its primary energy needs from renewables by 2025, up from just over 10 percent now.


(Reporting by A. Ananthalakshmi Editing by Manolo Serapio Jr.)

Categories: Energy Wind Power Renewable Energy Offshore Wind Renewables

Related Stories

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Propane’s Economic Edge for Ports During Trade Uncertainty

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore, SLB to Optimize FPSO Performance Using AI

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

MDL Secures Cable Laying Job in Asia Pacific

Floating Offshore Wind Test Center Planned for Japan

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Norwegian Oil Investment Will Peak in '25

Sapura Energy Rebrands to Vantris Energy

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com