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Innovation is essential for affordable sustainable energy

A Petronas executive has said the current model of competition is unsustainable

Without wider risk-taking innovation and deeper collaboration, the oil and gas sector will struggle to supply affordable and sustainable energy supplies over the coming decades.  Wee Yiaw Hin, Petronas executive vice president upstream, told reporters that the model of competition is not sustainable, particularly given the gyrations of the oil markets, which can cast doubts over economic viability of future projects. "The oil and gas industry needs to look at both technology and business models for change. Collaboration is required across all levels, both vertically and horizontally, from national oil companies (NOCs) to international oil companies to the service industry". Wee noted that

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