Key Takeaways from PETRONAS Activity Outlook 2025 - 2027:

1️⃣ Industry Trends & Economic Outlook
📌 Global GDP growth is expected to moderate at 3.3% by 2025.
📌 Oil prices are forecasted to remain between USD 70-80 per barrel, but geopolitical risks could drive volatility.
📌 Gas demand will be influenced by weather fluctuations, with LNG supply from the US and Qatar increasing by 2025-2026.
📌 Refining margins are expected to be weak due to sluggish economic conditions.
📌 Renewable energy investments continue to grow, with solar and wind surpassing 30% of global electricity generation.

2️⃣ PETRONAS’ Strategic Focus
📌 Net Zero Carbon Emissions (NZCE) by 2050, focusing on:
🖋️ Decarbonizing operations (carbon capture & storage).
🖋️ Electrification of assets & improving energy efficiency.
🖋️ Expanding clean energy solutions through its subsidiary, Gentari.

3️⃣ Upstream Activities
📌 Growing resources and meeting production targets with 69 development wells planned in 2025.
📌 Key projects like Kasawari, Rosmari, and Marjoram are critical for energy security.
📌 Decommissioning activities include the abandonment of 153 wells & 37 offshore facilities over three years.
📌 PETRONAS aims to position Malaysia as a regional hub for Carbon Capture & Storage (CCS).

4️⃣ Downstream & Gas Activities
📌 Expansion in gas supply, maritime solutions, and petrochemical products.
📌 Plans for refinery modernization and increased bio-based fuel production.
📌 Infrastructure expansion, including new Central Processing Platforms (CPPs) and onshore facilities.

5️⃣ Skilled Manpower Challenges & Solutions
📌 Shortage of skilled workers (mechanical fitters, scaffolders, welders) affecting project execution.
📌 Turnaround & Shutdown Activities: ~50 scheduled from 2025-2027, requiring up to 25,000 workers at peak.
📌 PETRONAS’ initiatives to develop local talent:
🖋️ Vendor Development Programme (VDP)
🖋️ Vocational Institution Sponsorship & Training Assistance (VISTA)
🖋️ PETRONAS Supplier Support Programme (PSSP) (collaborating with financial institutions for funding).

6️⃣ Collaboration with Industry & Government
📌 Strengthening the OGSE (Oil & Gas Services & Equipment) sector through innovation, financial resilience & sustainability.
📌 Financing support for suppliers via Vendor Financing Programme (VFP) and Special OGSE (SOS) Financing Programme.