00:00Ladies and gentlemen, we meet at a moment of both promise and uncertainty around the world.
00:13Energy demand continues to grow.
00:17The latest data from International Energy Agency shows that global energy demand grew by 2% in 2024,
00:25higher than the usual annual average of 1.3% seen between 2013 and 2023.
00:34This growth was led by the power sector.
00:39Demand for electricity rising at 4.3% due to higher demand for cooling,
00:45rising consumption by industry and the growth of data centres.
00:50Despite the growing energy demand, volatility remains the constant in our business.
00:55Markets are shaped by shifting geopolitics, fragile supply chains and the accelerating impact of climate change.
01:04What may look like calm on the surface often hides turbulence beneath.
01:10A single disruption in one region can ripple across global energy markets.
01:14At the same time, extreme weather events remind us that the consequences of climate change are immediate, costly and demand urgent action.
01:27These realities call not for hesitation, but for resilience.
01:32Nowhere is this more urgent than here in Asia.
01:35Today, Asia Pacific is the largest region on the planet, where 60% of the global population, or 4.8 billion, live.
01:47This number is expected to rise to 5.2 billion in 2050.
01:53Alongside its dynamism, Asia is also a region of diversity,
01:58while major cities advance rapidly with digitalisation and new industries.
02:02There are still communities that continue to face challenges in securing reliable and affordable energy.
02:12Case in point, over 350 million people in Asia Pacific have limited access to electricity,
02:20while 150 million have no access at all.
02:24Addressing these gaps is critical if we are to ensure that progress is inclusive and sustainable for all.
02:31Energy demand in this region is rising rapidly.
02:38But renewables are not yet fully amid this growth.
02:43For the possible future, conventional energy sources will continue to play a significant role in the mix.
02:50This is the paradox of Asia.
02:54To sustain our momentum, we need energy that is cleaner, yet also secure and affordable.
03:01At Petronas, we do not see any security and energy transition as competing priorities.
03:09They are interdependent, and one cannot succeed without the other.
03:13This is why we continue to emphasize the enduring role of natural gas.
03:19It provides the stability and flexibility that this region requires,
03:24while at the same time, complementing the growth of renewables.
03:28As this region pursues digitalization, artificial intelligence, and new industries,
03:36gas delivers the reliable baseload power that ensures stability when renewables are not available.
03:45With the application of zero routine flaring and venting, electrification, and carbon capture and storage,
03:51we can decarbonize its use while scaling up renewables.
03:58But achieving resilience requires more than just recognizing the role of oil and gas.
04:04It requires an energy ecosystem that can withstand shocks and adapt to change.
04:11For the OGSE industry gathered here today, this means real opportunities.
04:16From engineering and services that enhance oil and gas infrastructure,
04:21to solutions that reduce emissions, your capabilities are central to building resilience.
04:29The sector's innovation will enable oil and gas to be deployed as a reliable partner to renewables.
04:37Petronas recognizes the importance of a strong OGSE industry,
04:41and we always find ways to increase partnership in strengthening the ecosystem.
04:46Through our vendor development program, and VDPX,
04:51more than 170 SMEs have been nurtured,
04:55with 20 successfully expanding internationally.
04:59Our supplier support program, launched last year,
05:03has already enrolled over 400 vendors to build sustainability capabilities.
05:08Since 2018, our vendor financing program has channeled more than $2.2 billion to suppliers,
05:17with over RM300 in 2024 alone.
05:23For smaller vendors, the special OGSE financing program has provided
05:28$73.4 million to 47 applicants since 2022,
05:35with $31.9 million distributed to 20 applicants last year.
05:43We are equally focused on developing talent and people.
05:46Together with Malaysia Petroleum Resources Corporation and the Malaysian Oil and Gas Energy Services Council,
05:54we are leading the industry talent framework.
05:58The initiative aims to map talent demand and supply in the OGSE sector.
06:05The results will be published this year under the National OGSE Industry Blueprint.
06:09Along this, Petronas is also working with the Human Resources Development Corporation
06:16and the Construction Industry Development Board, CIDB,
06:20through program Latihan Madani,
06:22to upskill and equip local graduates with the skills needed to succeed in the oil and gas sector.
06:28These efforts are guided by a single objective to ensure that the whole supply chain remains strong,
06:39competitive and ready to thrive in the face of growing energy demand and a lower carbon future.
06:46In order to progress and shape tomorrow,
06:50we must foster deeper collaboration across the energy ecosystem,
06:53drive sustainability across the value chain,
06:58strengthen resilience through operational excellence and invest in talent.
07:04As such, this gathering is indeed timely.
07:08Let us use this platform to turn shared ambition into concrete actions
07:12that will strengthen resilience,
07:15accelerate sustainability and shape a stronger future for Asia and beyond.
07:20All right, there you have it, ladies and gentlemen.
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