Supply availability not key concern for energy suppliers: Petronas

KUALA LUMPUR (Aug 21, 2013): The availability of supply will not be the main challenge for energy suppliers in the oil and gas industry in the future due to the encouraging new discoveries sprucing up in multiple locations around the world.

Petroliam Nasional Bhd (Petronas) president and group CEO Tan Sri Shamsul Abbas said monetisation of these resources, however, would be the main concern by the industry players.

"As resources are found in more technically challenging fields and complex geological locations, bigger investment are required to source them up to the wellhead," he said in his speech at the Offshore Technology Conference (OTC) Asia Industry Reception here today.

His speech was read on his behalf by Petronas executive vice-president of exploration and production, Datuk Wee Yiaw Hin.

To be hosted by Petronas, OTC Asia 2014 will showcase state-of-the-art technology for offshore drilling, exploration, production and environmental protection.

The four-day conference, beginning March 25, 2014, is expected to attract 15,000 trade visitors and conference delegates including engineers, scientists and managers from all fields in the offshore exploration and production industries worldwide.

Shamsul said the timing to host OTC Asia is right, as the region is preparing to meet the voracious energy appetite of consumers particularly in the region.

"In the next five years alone, Asian economies are projected to grow at 7.6% compared with the average global growth of around 4.4%.

"Correspondingly, energy demand is expected to come from within this region more than anywhere else in the world," he added. – Bernama