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aws全区号(www.2km.me)_Firms navigate into renewables in the face of energy transition

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New challenge: A man fishes near docked oil drilling platforms in Port Aransas, Texas. With the trend to a greener future coming back in the spotlight, companies have had to try to reinvent themselves in some way or another. — AP

OIL and gas (O&G) companies continue to restrategise and reposition their operations following the continued talks toward a greener energy future.

This long-talked-about transition to green energy appears to be gaining momentum of late and has become more prevalent after it was widely publicised that the odd weather phenomenon is due to climate change in the past one to two years.

With this trend to a greener future coming back in the spotlight, companies, especially those in the O&G industry, have had to try to reinvent themselves in some way or another in the face of the energy transition.

Over the week, upstream O&G service provider Sapura Energy Bhd says some of the main challenges it has been facing is the shift in capital expenditure (capex) away from O&G to green energy.

Group chief executive officer Datuk Mohd Anuar Taib (pic below) says international oil majors have increased their capex in renewable energy and this has come at an expense to O&G contractors such as Sapura Energy.Datuk Mohd Anuar Taib

“This adds to the future uncertainties of the business. We are working towards addressing these future uncertainties,” he says.

Sapura Energy explains further in its 2021 annual report that it is embracing the energy transition by focusing on gas as the transition fuel, and building a presence in the renewable energy space.

The group also says it has taken deliberate steps to embrace the energy transition to cleaner fuel and renewable sources, by giving priority to gas development in its exploration and production portfolio and major projects.

Sapura Energy adds that it is focusing on offshore wind to begin its journey into the renewable energy space.

The group notes that a portion of its tender book, or 6% of its total bid book, is in renewables and it has five project bids currently in progress in this segment.

Another company pursuing investments into renewables is Dialog Group Bhd. Its first venture into this space was in August when it signed a memorandum of understanding (MoU) with Diyou Fibre (M) Sdn Bhd.

The MoU proposes a joint venture in which Dialog will hold a 51% stake to build, own and operate a food grade recycled polyethylene terephthalate (PET) pellet production facility.

This is a downstream venture and will see it uses recycled PET flakes as raw materials to produce food grade recycled PET pellets that would then be sold to food and beverage customers.

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