KUALA LUMPUR (Oct 15): Petroliam Nasional Bhd (Petronas) president and group chief executive officer (CEO) Tengku Muhammad Taufik Tengku Aziz said it would be “remiss” of the company not to look at oil and gas (O&G)-related acquisitions in the current market environment where crude oil is traded at only about US$40 (RM165.92) a barrel as global Covid-19 infections generate concerns over fuel demand.

Argus Media, quoting Tengku Muhammad Taufik as saying at the Energy Intelligence Forum, reported yesterday that such acquisitions had to be undertaken in a clean, efficient and cost-effective manner.

Petronas is reportedly looking to expand its renewable energy portfolio but also continuing to look at accretive O&G-related opportunities.

Tengku Muhammad Taufik reportedly said that the company plans to set an ambition to achieve net zero emissions but the time frame is still being deliberated.

Global crude oil prices rose today. Reuters reported that oil prices rose slightly in early trade after data showed US crude stockpiles fell last week, adding to 2% gains overnight, as the Organization of the Petroleum Exporting Countries (OPEC) and its allies were seen fully complying in September with their pact to curb output.

It was reported that US West Texas Intermediate (WTI) crude futures had picked up four cents, or 0.1%, to US$41.08 a barrel as at 0032 GMT, while Brent crude futures rose five cents, or 0.1%, to US$43.37 a barrel. Oil markets reportedly climbed for a third day despite a resurgence in Covid-19 infections across Europe potentially denting fuel demand.

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