Sarawak will announce Petros concessions as soon as GE14 is called, says analyst

October 10, 2017

Dateline 2017-08-29, The Malaysian Insight:

SARAWAK is expected to publicise oil concessions, having settled a legal question over ownership of a continental shelf off its shores, as soon as the general election is called, said a prominent political analyst.

Professor James Chin, director at the Asia Institute at the University of Tasmania, was speaking on newly-formed state oil company  Petroleum Sarawak Bhd (Petros), whose board members were announced by the state government last Friday.

“Sarawak recently set up Petros because it is preparing for the day the federal government will recognise that the continental shelf belongs to Sarawak, so there’s a commercial entity ready to take over immediately.

“But the reason why all this is not announced because the election is not yet announced. Once the election is announced, all these concessions will be announced to the public,” he said.

 


Leaner, meaner Petronas targets key markets for growth

September 19, 2017

So, do we get leaner, meaner expats than the current crop?

Dateline 2017-08-15, NST:

Malaysian state energy firm Petronas will focus on a few select markets for expansion, its CEO told Reuters, as it positions itself as leaner and meaner for a medium-term period of relatively low oil prices.

Hurt by a slump in oil prices, Petroliam Nasional Berhad has cut its costs and its spending, deferring some projects in an effort to help profitability in a tough energy market.

Rather than having its operations “scattered all over the place,” CEO Datuk Wan Zulkiflee Wan Ariffin wants the company’s geographical profile to be concentrated, he said in an interview on Tuesday at the Petronas Towers, the world’s tallest twin towers.

“We must have geographical concentration to be more cost effective,” Wan Zulkiflee said.

For its upstream business, Petronas will focus on South East Asia and Canada, where it already has huge reserves, he said, adding that Mexico – where Petronas has recently picked up three blocks – will be another focus.

 


Malaysia’s Sarawak State Announces Formation Of Oil And Gas Company Petros

September 3, 2017

Consider this more of recording history, rather than relating news.

Dateline 2017-08-07, Nikkei Asian Review:

Petros, a petroleum exploration and production company owned by a Malaysian state government, has been officially formed, national news agency Bernama reported on Monday citing the state’s chief minister.

Petros was formed by the state of Sarawak to participate in the extraction of oil and gas in Sarawak “while still pursuing its request for a 20% royalty” from national oil company Petroliam Nasional, Bernama reported.

 


Correcting oil royalty perception

June 4, 2017

Dateline 2017-04-30, Daily Express:

Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi advised those who accused the Federal Government of acting tyrannically with regard to oil royalty distribution “to go back to kindergarten”.

“They claimed that Sabah only get five per cent of oil royalty while the other 95 per cent allegedly monopolised by the Federal government. Please-lah… do not make mistake about this,” he said in his speech at the Meet the People event, here, Saturday.

Zahid explained what was actually determined back then was that Sabah would receive five per cent after everything else was accounted for, namely the production and exploration costs.

 


Petronas Loads First-Ever LNG Cargo From Floating Facility

May 13, 2017

Dateline 2017-04-03, OilPrice:

Malaysia’s state oil and gas company Petronas announced the loading of the first liquefied natural gas cargo from a floating production facility over the weekend. The facility is located off the eastern coast of Malaysia and the cargo is bound for a client in South Asia, most probably South Korea, according to media.

Reuters reported late last week that the loading of the 144,000-cu-m Seri Camellia tanker had started at the Petronas Floating LNG Satu.

The Satu facility is estimated to have cost Petronas $10 billion, going into operation last year. Thanks to the floating facility, the Malaysian company beat other energy majors such as Shell and Japan’s Inpex, which are also working on floating LNG production projects.


‘Iridium-192 theft a wake-up call’

March 17, 2017

I take it that you don’t have a canister in your backyard?

Dateline 2017-02-14, NST:

A security expert has cautioned that the theft of equipment, which contained canisters of radioactive material from an oil and gas exploration company here, could be more than what meets the eye. Counterterrorism specialist Andrin Raj said yesterday the radioactive material — Iridium-192 — was highly sought after by terror groups such as Islamic State, which use it to make dirty bombs. He said the Chemical, Biological, Radiological, Nuclear, Explosives (CBRNe) threat was new in Southeast Asia. “For some years, there was only talk of the threat in Southeast Asia. “This (CBRNe) threat is (now) the the region’s new threat. “The Iridium-192 found in Klang is a worrying sign that Malaysia is becoming a major transit point and base for religious and violent extremists.


Sarawak deserves separate price tier for oil, says SUPP

March 10, 2017

Dateline 2017-02-04, FMT:

The Sarawak government has been urged to take charge of its oil resources to buffer Sarawakians against the cost of rising fuel prices.

Sarawak United People’s Party (SUPP) Youth publicity secretary Milton Foo proposed a separate tier of oil prices for the state as a “temporary mechanism” to ensure “Sarawakians are treated more fairly” in view of the state’s contribution to the country’s oil production.

Foo said petroleum found in Sarawak should belong “to the people of Sarawak.”

“We deserve a separate tier or system of oil prices from Peninsular Malaysia, which should be at least 20% lower since we have contributed so much to petroleum resources in Malaysia,” he said in a statement today.

Sarawak contributes 47% of Malaysia’s total oil production.