BUSINESS REVIEW: ENERGY Challenges The segment operates in jurisdictions subject to evolving regulatory and fiscal regimes, including changes to fiscal measures such as the UK EPL, which may affect the economic viability of assets. Challenges The segment’s exposure to mature assets, particularly in the UK North Sea, and concentration within a limited number of producing assets, presents risks relating to declining production profiles, higher operating costs and reduced long-term viability. Mitigation The Group actively monitors regulatory developments and incorporates these considerations into its operational and investment decisions. Portfolio optimisation efforts include diversifying across jurisdictions, supporting a shift towards assets in more favourable regulatory environments with stronger long-term economics, including the DNeX’s expansion into Malaysia. Mitigation The Group is progressively repositioning its portfolio towards Malaysian upstream assets with clearer production visibility and stronger long-term potential. Ongoing evaluation of asset performance supports informed decisions on portfolio optimisation and capital allocation. Regulatory and Fiscal Risk Portfolio Concentration and Asset Maturity Risk STRATEGIC FOCUS GOING FORWARD The Group will reposition the Energy segment towards a more balanced and resilient portfolio. Greater emphasis will be placed on the development of Malaysian upstream assets and integrated energy activities, while maximising value from mature UK fields. The Group will also selectively and opportunistically pursue the acquisition of producing assets that offer clearer production visibility and stronger long-term economics, enabling more stable cash flow generation, improved capital efficiency, and enhanced returns across the portfolio. Delivery of key projects, particularly the Abu Cluster, is critical to supporting production growth and increasing the segment’s contribution to overall performance. Operational priorities include stabilising production levels, improving asset performance and reducing costs in existing assets. The Group will also expand downstream capabilities through OGPC to support a more integrated presence along the energy value chain. Key Focus Areas • Rebalancing Upstream Portfolio Increase exposure to Malaysian development assets with stronger production visibility and growth potential. • Execution of Key Development Projects Advance the Abu Cluster towards first oil and progress Beta and Meranti developments. • Enhancing Asset Performance and Operational Efficiency Improve production stability, cost management and asset utilisation. • Managing Regulatory and Fiscal Exposure Track developments in operating jurisdictions and adjust strategies accordingly. • Strengthening Integrated Energy Capabilities Expand downstream services through OGPC to support participation along the energy value chain. The Energy segment is progressively strengthening its focus on Malaysian upstream assets, while continuing to maximise value from its mature UK portfolio. 59 OPERATIONAL REVIEW SUSTAINABILITY STATEMENT GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION INTELLIGENCE POWERING
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