OTC Asia: Rising Oil Prices Prompt Words of Caution and Calls for a Sustainable Comeback

Dateline 2022-03-22, JPT:

Today’s high oil prices have not removed the memories of some top upstream executives about how swiftly boom-and-bust cycles can move, nor have they eroded their mission to lower carbon footprints.

Some of Southeast Asia’s top oil and gas executives spoke at OTC Asia on Tuesday about the dual challenge of achieving production growth while meeting the low-carbon demands of the energy transition amid a backdrop of rising energy prices and a world economy that is trying to get back on its feet.

The OTC Asia technical conference kicked off in Kuala Lumpur little more than a week before Malaysia is set to fully open its borders 2 years since the start of the COVID-19 pandemic and during a week when oil prices have bounced back above $110/bbl. Both circumstances served as a reminder that as one source of volatility is fading, another has arrived with the Russian invasion of Ukraine.

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