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Transitioning to Renewables: A New Frontier for Oil & Gas Companies

14 Nov 2018

In her speech at the BMCC Energy Committee entitled “Transitioning to Renewables: A New Frontier for Oil & Gas Companies”, YB Yeo Bee Yin, Minister of Energy, Science, Technology, Environment and Climate Change (MESTECC) spoke of the government’s current and future plans to make renewable energy more affordable, accessible and sustainable.

“The government will be looking very closely to the price and cost of different renewable energy systems so that we do not commit ourselves to expensive renewable energy. We are committing ourselves to affordable renewable energy that will give us long term stability advantage,” the Minister said. Elaborating further, YB Yeo said the Ministry will be aiming to build cheaper and more reliable power storages, of which its prevalence will help to solve new energy intermittencies. A secondary area of focus is the development of electric vehicles wherein the government is looking to decarbonise grids and energy balance for transportation and all other industries.

Assuredly, the Minister said the government will not take irresponsible decisions in driving renewable energy. “We will take a position where we will leverage through this crisis of having to decarbonise the economy and make energy more affordable to the people of Malaysia and the new generations.” In her closing words, YB Yeo applauded PETRONAS for moving into new energies, affirming that ‘Oil and Gas companies must call themselves an Energy company moving forward.’

Representing the private sectors, speakers from PETRONAS, Wood and Ipsos shared their perspectives on renewables and the efforts their companies are making towards supporting new energies. Mr. Jay Mariyappan (Head, New Energy) of PETRONAS presented on the evolution of energy over the last 100 years and the regulatory aspects of renewables, citing that while renewables has been around since the late 70s, policy has always lagged behind technology. Andrew Chan, Contract Director of Wood spoke on their efforts in transitioning to clean energy which began over 16 years ago, offering solutions such as analytics, technology laboratories, plant operations, life extensions, construction and commissioning. Mr. Kiranjit Singh (Head of Ipsos Business Consulting) then presented on the global trends in trust and perceptions of renewable energy amongst consumers. He concluded that Energy companies need to be more open, clear and transparent in their communication to stakeholders in order to strengthen the public’s interest and perception towards renewables.

Over 70 participants attended the event which ended with a panel discussion, Q&A session and Networking Lunch. This event was organised by the BMCC Energy Committee in collaboration with the Energy Industries Council (EIC).

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