He said the move was necessary as the energy transition and global economic landscape were continuing to evolve, requiring strategic adjustments to ensure Petronas remained competitive and future-ready.
“The time frame for determining the eventual right size of Petronas will be finalised once the task force concludes its assessment by mid-year.
“So, in the second half of the year, you will see this being rolled out in phases,” he told a press conference.
Tengku Taufik said the restructuring process would be carefully managed and would affect all organisational levels, with management being the first to be impacted.
“This is not a wanton wiping out of the jobs of 15,000 to 16,000 people. We are going to be careful, and do this in a structured manner to ensure those who are displaced are treated respectfully and equitably,” he said.
Earlier this month, Petronas announced that it would be undertaking “rightsizing measures” aimed at ensuring the national oil company could sustain its contribution to nation-building.
Petronas currently has a workforce of 52,000, including 16,000 core enablers.
No animosity between Petronas and Petros
Tengku Taufik also dismissed any notion of animosity between Petronas and Petroleum Sarawak Bhd (Petros).
“We remain open to working with Petros. We are awaiting the details that will be agreed upon by both the federal government and Sarawak before proceeding with the materialisation of all working arrangements,” he said.
However, he emphasised that the Petroleum Development Act 1974 (PDA 1974) must remain the foundation of any arrangement.
“The PDA 1974 needs to prevail, must prevail, and indeed should prevail. As the federal Act governing oil and gas activities, it has facilitated over four decades of stable investment.”
On Feb 12, Sarawak premier Abang Johari Openg said there were still matters to be resolved between Petronas and Petros on the issue of oil and gas rights in Sarawak.
He said there were still some “grey areas” both parties must look into, but that a resolution was in sight.
Last month, Prime Minister Anwar Ibrahim announced that key issues concerning Petronas and Petros over the right to distribute gas in Sarawak, among others, had been resolved following negotiations and a meeting with Abang Johari.
Law and institutional reform minister Azalina Othman Said also told Parliament that Sarawak had acknowledged the PDA 1974 as the governing law for Malaysia’s petroleum sector, and that Petronas had recognised Petros’s role as Sarawak’s sole gas aggregator, excluding liquefied natural gas (LNG).