Petronas Sets Aside RM10b For Enhanced Oil Recovery Projects In Sarawak

Dateline 2017-08-03, MalaysianDigest:

Petroliam Nasional Bhd’s upstream subsidiary, Petronas Carigali Sdn Bhd (PCSB), has set aside RM10 billion for its enhanced oil recovery (EOR) projects located offshore Sarawak.

Expected to be completed by the year 2020, the EOR in the Bakor and Baronia fields, would be jointly carried out with Sarawak Shell Bhd.

PCSB Sarawak Oil-Malaysia Assets head, Anuar Ismail, said the company is upbeat that the investment will yield return despite uncertainties in the global oil prices.

“It is business as usual for Petronas although we are adopting prudent spending. We are trying to reduce our operating cost as much as possible to maximise our income,” he told reporters when met the PCSB headquarters here today.

Anuar also gave his assurance that retrenchment is not in the cards although Petronas is trying to control its operating cost from increasing.

He said there are a total of 1,200 employees stationed at oil rigs in the state.


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