During the discussion on the future of oil and gas business in ASEAN, AMS’ national oil companies presented updates, challenges, and their future plans in the industry. They also presented their activities in energy transition and energy resiliency. Malaysia, for instance, is committed to be net-zero by 2050. Its national oil company PETRONAS has established pathways to net- zero through its Four Sustainability Lenses. In line with its commitment to sustainability programs, Indonesia’s Pertamina allocates 14% of its CAPEX to clean and renewable energy.

JOGMEC has once again expressed its support towards decarbonisation efforts in ASEAN. Current initiatives include studies using carbon capture and storage (CCS) technology and an energy transition training course. For future collaborations, JOGMEC could help ASEAN countries accelerate decarbonisation by providing more tools and strengthening the entire H2/NH3 supply chain development, along with CCS development.

In the roundtable session, AMS discussed the global oil and gas security situation, reduction of methane emissions, and oil and gas price stability. To ensure energy security, AMS have made efforts to increase energy efficiency. Myanmar and Philippines are deploying and promoting the use of electric vehicles to reduce energy consumption. Thailand is diversifying its energy sources with solar fuel. Regarding methane emissions reduction, Indonesia is drafting regulations on Carbon Capture and Storage/Carbon Capture, Utilisation and Storage (CCS/CCUS).

“We reaffirm our commitment to the wide extent of initiatives under the umbrella of the ASEAN+3 energy cooperation,” stated Mr. Rino E. Abad as Chair in his closing remarks. “Through the Oil Market and Natural Gas Forum and Business Dialogue, we are confident that we will make significant progress in obtaining secure, resilient, and sustainable energy.”