PETROLIAM Nasional Bhd (Petronas) needs to be bolder to remain sustainable in the future.
Petronas chairman Tan Sri Sidek Hassan said the state-owned oil company is not only in the business to make money and meet current energy needs, but also has to do so sustainably to meet future needs.
"As a national oil company, Petronas cannot emphasise enough on the importance of sustainability as we carry the amanah and hopes of the people.
"We need to explore a way that not only addresses our needs today, but also develops a portfolio for the long-term well-being of the nation," Sidek said in his speech at the Shell Innovation Summit 2013 themed "Innovation is in the Mind".
He added that Petronas needs to bring resources out in a manner that is environmentally responsible and ethical.
"In our industry, the long lead time and the long-term impact of our actions means innovation is not just seeing new solutions for old problems, but also seeing long-term impact of current actions.
"We need ethical innovation. It is easy to be caught in the euphoria of seeing unorthodox solutions bringing additional revenue and reducing cost. But we need to rise beyond the euphoria and ethically evaluate the impact of our innovation."
The innovative mind needs to be ethical and responsible as it does not want to repeat the innovation of plastic grocery bags and mortgage-backed securities, he said.
Sidek said as a company established during an oil crisis, Petronas has not done too bad. But for the next phase of growth, it needs to do things differently.
Petronas needs to constantly challenge accepted norms and find new solutions and perpetually reinvent itself.
"We need to stay ahead and for that, we need to forget the status quo. We need to reimagine. The front windshield is where the focus is, not the rear view mirror. We are drumming this into our culture and mindsets and also to that of our partners and associates."