Govt seeks to decrease oil production to stabilise prices

January 11, 2019

Dateline 2018-12-04, The Star:

Malaysia will seek to decrease oil production in order to stabilise global oil prices, says Datuk Seri Mohamed Azmin Ali (pic).

“Even though we are not a member of Organisation of the Petroleum Exporting Countries (Opec), it needs the support of small producers like Malaysia to help stabilise the price of petroleum,” the Economic Affairs Minis­ter said.

Malaysia will take part in the Opec discussion in Vienna today.

Member and non-member countries are set to reach an accord over possible output cuts to address falling crude oil prices.

At present, Brent crude oil prices stand at US$62.34 (RM260) per barrel, compared to US$70 (RM292) a barrel when Budget 2019 was tabled on Nov 2.

 


I told you so, Najib says on budget after drop in crude oil price

January 3, 2019

Dateline 2018-11-14, FMT:

Former prime minister Najib Razak continued to pour scorn on Pakatan Harapan’s (PH) maiden budget today, saying its decision to formulate the budget based on the Brent crude oil price of US$72 per barrel had backfired.

Najib (BN-Pekan) said he had warned the government, during his debate on the mid-term review of the 11th Malaysia Plan, not to use the pricing of US$70 per barrel to formulate the budget.

He noted that back then, the crude oil price was US$80 a barrel.


Sarawak to use documents found in London last year in Petronas suit

August 20, 2018

Dateline 2018-06-17, FMT:

Sarawak will use documents related to the 1963 Malaysia Agreement which were found in London last year as a reference in its fight for rights to oil and gas produced in its territory.

State Law, State-Federal Relations and Project Monitoring Assistant Minister Sharifah Hasidah Sayeed Aman Ghazali said the documents, discovered by a team of lawyers which she led, could serve as evidence on the state’s rights.

“We will definitely use the documents that we obtained in London; they are certified true copies not just photostated. These will be used to assist us as evidence later in court,” she said when asked about Sarawak’s preparations in facing Petronas’ attempt in the Federal Court to seek a declaration that the Petroleum Development Act 1974 was also valid for the petroleum industry in Malaysia.


Sabah should join Sarawak to fight Petronas

August 16, 2018

Dateline 2018-06-13, FMT:

It was reported on June 5 that Petronas had gone to court to seek a declaration that under the Petroleum Development Act 1974 (PDA), the national oil company had exclusive rights over oil and gas resources in Malaysia.

Petronas’ move is in response to Sarawak’s announcement on March 7 that it had assumed full control of oil and gas resources within its territorial boundaries.

The legal test initiated by Petronas is shaping up to become a battle royale between a corporate body and a founding state of Malaysia.

After the Cabinet meeting on June 6, Prime Minister Dr Mahathir Mohamad said the federal government would leave it to the court to decide on the dispute between Sarawak and Petronas, clearly washing his hands over what could be a tenacious battle between federal and state rights.

 


PH has urged Sarawak government to amend PDA

July 14, 2018

Dateline 2018-06-06, NST:

Sarawak Pakatan Harapan has urged the state government to amend the Petroleum Development Act 1974 (PDA).

Its chairman Chong Chieng Jen said if this was not done, the ownership and control of oil and gas industry in Sarawak would remain with Petroliam Nasional Bhd (Petronas).

He said the Chief Minister Datuk Patinggi Abang Johari Abang Openg had refused to do so and insisted that PDA was irrelevant in Sarawak.

“He (Abang Johari) has been saying the PDA is irrelevant and claimed that the state has the full regulatory authority over the upstream and downstream aspects of the oil and gas industry, with the establishment of the Petroleum Sarawak Berhad (Petros).

 


Oil ownership case may ‘break’ Malaysia, STAR warns

July 12, 2018

Oo, does that mean we will have ‘Malay’ and ‘Sia Republic’?

Dateline 2018-06-06, FMT:

Parti Solidariti Tanah Airku (STAR) president Jeffrey Kitingan today warned that any court ruling favouring Petronas in the matter of petroleum resources ownership could signal “the end” of Malaysia.

“If the federal government insists on this, we will go back to the basis of the formation of Malaysia.

“What do they want to do? Break up Malaysia? This is a big case, and I am surprised the state government is not saying anything about it,” he told reporters after attending the annual Double Six memorial day here.


Sarawak hails move to clarify rights over oil

July 10, 2018

Dateline 2018-06-05, FMT:

A Sarawak minister has welcomed Petronas’ move to let the Federal Court settle the issue of ownership of petroleum resources in the country.

 “It’s good that Petronas is finally taking the matter to court for clarification so that Sarawak and Malaya can revisit what they negotiated and agreed to when they formed Malaysia,” said Abdul Karim Rahman Hamzah, the state minister for tourism, arts, culture, youth and sports.

“As far as Sarawak is concerned, resources within the state’s territory, which includes its continental shelf, belong to the state and require the state’s permission to extract.”