Energy security back to the “front and centre": Petronas CEO

Geopolitical upheaval has thrust energy security back into focus, the group CEO of Malaysia's Petronas said on May 25 at the sidelines of the World Economic Forum in Davos.

“With so much gas being removed from the system, not being available to Europe, so [many] barrels now making its way through different routes — the challenge of ensuring energy security has now taken its position again, front and center,” Petronas’ Tengku Muhammad Taufik told CNBC in an interview at the forum.

While a shift away from traditional fuels toward clean energy remains a focus, concerns over the affordability of energy and access to reliable sources are growing, Energy security is now the priority, Taufik said.

The Petronas chief said that companies need to make the right investments to prepare for the energy transition, even though the technology may not be fully mature yet. “You’ve got to place those bets now,” said Taufik.

That’s not to say oil and gas will be “gone tomorrow,” he said, adding they will still be part of the energy mix.