Dateline 2011-11-01:
The oil and gas (O&G) industry is expected to eventually venture forth into exploration for oil fields and gas fields in deeper waters on the back of Petroleum Nasional Bhd’s (Petronas) reiteration of its licensing policy for the industry.
The national oil corporation stated last week that there was no change in its licensing policy related to companies engaged in Malaysia’s upstream O&G industry in response to media reports speculating that Petronas would do away with the policy.
Specifically, under the Petroleum Regulation 1974, both local and foreign companies wishing to commence or even carry out any business or services related to Malaysia’s O&G upstream operations must apply for a licence from Petronas.
OSK Research Sdn Bhd analyst Jason Yap told The Borneo Post, “We note that Petronas has embarked on a long term plan to nurture the local O&G service providers – with the first few being Kencana Petroleum Bhd (Kencana), SapuraCrest Petroleum Bhd, and Dialog Group Bhd (Dialog) – which have been awarded marginal oilfields to expose these companies to upstream O&G activities.
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Wata - Malaysian Oil and Gas Engineer 