The Energy Intelligence Forum is organized by Energy Intelligence, publisher of Petroleum Intelligence Weekly. Originating from the Oil & Money conference launched in 1980 in collaboration with the International Herald Tribune, the event marked its 47th consecutive year in 2026.
This year’s forum brought together more than 40 speakers and over 500 delegates, including leaders from major energy companies such as Aramco, Baker Hughes, BP, ConocoPhillips, Chevron, Petronas, ExxonMobil, Shell, and TotalEnergies, alongside representatives of international financial institutions.
Energy security returns to the forefront
The forum took place as the supply crisis through the Strait of Hormuz entered its eighth month, placing the resilience of global energy systems at the center of discussions.
ConocoPhillips Executive Chairman Ryan Lance described the global energy system as having “bent but not broken,” noting that the previously feared oil price scenario of $150-$200 per barrel had not materialized.
However, Chevron Chairman and CEO Mike Wirth warned that the system’s buffers had thinned, leaving it more vulnerable to new shocks.
According to Aramco President and CEO Amin H. Nasser, the need to replenish inventories, estimated at at least 2 billion barrels, would absorb supply over the next 18 to 24 months. Aramco has begun studying a fourth and fifth export route to strengthen its supply contingency capacity.
The crisis has also reshaped thinking on energy security.
TotalEnergies Chairman and CEO Patrick Pouyanné said years of insufficient investment in oil and gas had exposed structural consequences, prompting the energy industry to move away from a “just-in-time” model toward a “just-in-case” approach.
Shell CEO Wael Sawan emphasized that flexibility had become more important than efficiency alone.
From an Asian perspective, PETRONAS President and Group CEO Tengku Muhammad Taufik said energy policy could not be driven by short-term cycles, given that energy investments require a 20-30-year horizon.
These shifts are also reflected in capital allocation strategies across the oil and gas industry. Many companies are refocusing on their core businesses, maintaining strict capital discipline and taking a more selective approach to low-carbon investments.
BP CEO Meg O’Neill said the company was prioritizing debt reduction, divesting underperforming assets and investing in low-carbon businesses only where returns could be secured.
At PETRONAS, according to Tengku Muhammad Taufik, the Board's focus has shifted from concerns over stranded oil and gas assets toward advancing investment decisions.
Meanwhile, rising electricity demand from artificial intelligence (AI) and data centers is creating new momentum for gas and gas-fired power.
Baker Hughes Chairman and CEO Lorenzo Simonelli said data centers had become the largest driver of gas turbine demand, while lead times for critical equipment had reached four years.
In the liquefied natural gas (LNG) market, Asian buyers are also returning to long-term contracts, accepting reasonable premiums in exchange for reliable supplies.
Sharing crisis response experience at EAGLe
On the afternoon of October 6, PETROVIETNAM CEO Le Manh Cuong attended the EAGLe forum, co-organized by PETRONAS and Energy Intelligence. The invitation-only roundtable brought together 13 senior executives from energy corporations, financial institutions and international investment organizations under the theme “Resilient Energy Systems: Delivering Under Pressure.”
Participants identified three major vulnerabilities exposed by the crisis: dependence on a limited number of supply sources and transportation routes; insufficient reserve buffers; and the vulnerability of energy infrastructure, alongside financial and cybersecurity risks.
Proposed solutions included multinational strategic reserve mechanisms with shared costs, bilateral storage agreements, petroleum product stockpiles and standby refining capacity. Participants emphasized the need to concentrate resources, turn crisis pressures into momentum for action, and ensure that solutions were commercially viable and suited to the circumstances of individual countries and businesses.
Speaking at the dialogue, Mr. Cuong shared PETROVIETNAM's experience in responding to the crisis. The Group established a task force to coordinate its response and secured alternative crude oil supplies, enabling its refineries to continue operating above designed capacity.
PETROVIETNAM is continuing to strengthen its resilience by building reserves, expanding the range of crude oil grades available to its refineries, and localizing service capabilities through joint ventures with partners. The Group is also diversifying its energy portfolio to include LNG-fired power, domestic natural gas, nuclear power and offshore wind, with the goal of developing into an integrated energy group. The CEO also underscored the importance of direct business-to-business cooperation.
Expanding international partnerships
According to Mr. Cuong, Vietnam’s target of achieving double-digit economic growth requires an energy system of sufficient scale that is stable, competitive and resilient to global market volatility. PETROVIETNAM seeks to expand cooperation with international energy corporations and financial institutions to develop large-scale, efficient and sustainable projects.
On the sidelines of the Energy Intelligence Forum 2026, Mr. Cuong met with Shaikh Nawaf S. Al-Sabah, KPC Deputy Chairman and CEO, at KPC’s office in London. The two sides acknowledged positive results in the production and business performance of the Nghi Son Refinery and Petrochemical Complex, a joint-venture project involving both parties, and discussed potential areas of cooperation in the coming period.
The discussions at the forum reflect key priorities for PETROVIETNAM as it enters a new stage of development: securing supply, strengthening reserve capacity, diversifying its energy portfolio and improving risk management. These capabilities will also be critical to the Group's contribution to safeguarding Vietnam’s national energy security as the economy pursues its ambitious growth targets.
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