"You never know, maybe Petronas can generate various benefits through BTC mining."
Although still not quite meeting its net zero goal, Petronas reportedly managed to achieve a 10.5% reduction in greenhouse gas emissions and 18.7% in combustion emissions.
Therefore, the question here is how can Petronas increase profits while reducing greenhouse gas emissions?
It is well known that many oil wells are located in remote locations off the coast, especially in Malaysia, so building pipeline infrastructure to flow natural gas is somewhat less rational.
As a result, most oil wells have been burned to get rid of natural gas that can cause explosions if not removed, but it should be noted that it is a terrible waste of natural resources.
The World Bank estimates around 10,000 gas flares worldwide will dominate all of sub-Saharan Africa, but it has launched the Zero Routine Burning initiative to reduce and end flaring activities by 2030.
As can be seen from the chart below from the World Bank, Malaysia is one of the biggest contributors to the burning.
But what if there was currently a way to put all this wasted natural gas to good use? What if we could end combustion while creating economic value?
One of the methods that can be done is to participate in Bitcoin (BTC) mining following its protocol using energy to create financial value, where it is able to apply all types of energy regardless of its origin and source.
In short, BTC mining is a great solution to the gas burning problem as it can power BTC* mining rigs and convert them into digital assets, and one BTC worth RM120,000 is a very profitable activity.
*The hardware system is usually based on the design of the graphics card used for crypto mining.
It is only a matter of time before many oil and gas companies realize that BTC mining is good for the environment, however Petronas has the opportunity to be a pioneer in the industry in the region if it starts now and does not wait for others to follow.
