In its transition towards a low-carbon economy, Malaysian energy player Petronas advocates for natural gas and liquefied natural gas as a low-carbon and cleaner fuel. This allows the national oil company to strike a balance between providing energy in a secure, affordable and sustainable manner while contributing to economic growth and a better quality of life.
In accelerating its energy transition, Petronas became a member of the Methane Guiding Principles partnership, joining other industry and non-industry organizations from all over the world. Since joining MGP, Petronas has played a key role in expediting the progress toward achieving MGP expectations, particularly through collaborative efforts with members operating in Malaysia.
On October 7, the inaugural Virtual Methane Roundtable was held with almost 70 participants logging in from all over the world, representing Petronas, Shell, ExxonMobil and Repsol. The participants used this opportunity to share their respective methane management practices and detailed gaps and challenges faced in meeting MGP requirements in Malaysia.
Riding on the momentum, a second session was held just a month later in November, facilitated by Mr. K.C. Michaels from the International Energy Agency. From this session, three areas of collaboration were deliberated, namely in the development of a standard for methane emission measurements and reporting, techno-commercial guidance to support the business case of managing methane emissions, and enhancement of capabilities.
This partnership is the kind of collaboration that is required of any successful initiative, particularly as more organizations and countries are joining forces in declaring net zero emissions by 2050. For Petronas, the partnership bodes well with its recent declaration of Net Zero Carbon Emission by 2050. The declaration has placed Petronas amongst the 300 companies globally to commit to net zero emissions by 2050.