According to Petronas, the CEO group of Malaysia’s oil and gas giant Petronas, geopolitical turmoil has brought energy security back in focus.

Since Russia’s invasion of Ukraine in February, energy markets have fluctuated. The U.S. banned Russian energy importsWhile the EU proposed curbing purchases of Russian oil. Russia has cut off gas supplies to some European countries.

“With all the gas taken out of the system, it is not possible to Europe. [many] barrels now making its way through different routes — the challenge of ensuring energy security has now taken its position again, front and center,” Petronas’ Tengku Muhammad Taufik told CNBC’s Steve Sedgwick.

Many companies had initially focused their efforts on shifting away from fossil fuels to clean energy at the beginning of this year. However, energy security has become a priority for many, Taufik stated.

Taufik explained that while there is growing concern about energy affordability and availability, the future will see renewable energy replace fossil fuels.

However, this does not mean that oil or gas will disappear tomorrow. He added they would still make up part of our energy mix.

However, companies should make appropriate investments to ensure that they are ready to transition into the new energy economy, even though it may take some time for technology to mature.

The CEO stated that hydrogen is what future LNG buyers might want, while electric mobility was an “inevitability”.

Taufik stated, “You need to start placing those bets immediately.”