President and Group CEO Datuk Tengku Muhammad Taufik said, “Japan has been our trusted and valued partner since the days of our first LNG exports in the early 1980s, and this partnership has expanded to include new areas of collaboration in the clean energy space.”
The collaboration is timely in view of Malaysia’s recently launched National Energy Policy (NEP) which outlines long-term development plans for the country to simultaneously meet its energy needs while transitioning to a low carbon future.
Taufik added, “Guided by the NEP and our internal goals, in fulfilling its purpose as a progressive energy and solutions partner, Petronas will continue to pursue synergistic collaborations in support of Malaysia’s energy agenda and the Group’s own aspirations for continued growth in this space.”
In November 2020, Petronas declared its aspiration of Net Zero Carbon Emissions by 2050, a commitment towards sustainability that balances Environment, Social and Governance (ESG). Petronas Hydrogen was established under ‘Gas and New Energy’ business, to go beyond hydrocarbon sources and become an end-to-end solution provider of hydrogen.
Plans for large-scale green hydrogen production in Malaysia have had a renewed drive as five companies sign an agreement to secure the supply of hydropower.
POSCO Holdings, Samsung Engineering, Lotte Chemical, Malaysian Sarawak Economic Development Corporation Energy, and Malaysian Sarawak Energy for Green Hydrogen Business, revealed the five firms would cooperate on Sarawak’s green hydrogen business.
Under the MoU, the parties have agreed to conduct joint research for a stable power supply under the H2biscus project, which is anticipated to use a minimum of 900MW of power.
Petronas recently announced that the North Malay Basin (NMB) Phase 3 project in Block PM302, located 290km off Malaysia, has achieved its first gas production.
Block PM302 is operated by Hess Corporation’s subsidiary, Hess Exploration and Production Malaysia B.V. (Hess) with a 50 per cent participating interest, in partnership with Petronas Carigali Sdn Bhd, which owns the remaining 50%.
The NMB Phase 3 project was sanctioned in 2019 and is part of a multi-phase development. It includes the installation of the new Bergading-B Wellhead Platform that adds another 100mn cfd of gas supply from Block PM302, bringing the total production to 400mn cfd.
A gas discovery from its Cengkih-1 exploration well in Block SK 320 in the Central Luconia Province has also been announced, about 220km off the coast of Bintulu, Sarawak.
The Cengkih-1 exploration well was successfully drilled to a total depth of 1,680m in August 2022, hitting more than 110m gas column in Miocene Cycle IV/V pinnacle carbonate reservoirs, firming up more gas resources within Block SK320.