Malaysia’s Petronas hastens decarbonization push, but oil business still vital

September 27, 2021

Dateline 2021-09-07, S&P Global:

Malaysia’s Petronas is intensifying efforts to invest in cleaner energy solutions and deploy innovative technologies to trim its greenhouse gas emissions as it steps outside the realm of its traditional activities to meet its sustainability targets, the state-run energy company said in its latest activity outlook report for 2021-23.

However, the integrated oil and gas company with global operations would not neglect its refining and upstream businesses over the next decade as oil markets will likely offer a wide array of sales and export opportunities in the post-pandemic era, middle distillate marketers and trading strategists at the company told S&P Global Platts.

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Cover Story: A challenging transition period for Petronas

September 25, 2021

Dateline 2021-09-09, The Edge:

NATIONAL oil company Petroliam Nasional Bhd (Petronas) is going through a period of transition, and could undertake asset divestments, acquisitions into new businesses and other corporate exercises — all of which could dampen earnings in the near term at least.

These changes come at a time when the global economy is being ravaged by the effects of the Covid-19 pandemic and there is a shift away from oil as a source of fuel as environmental, social and governance (ESG) awareness makes cleaner options more desirable. Electric cars are catching on, threatening to sideline internal combustion engines.

“There is one very aggressive consultancy that has told us [oil is going to peak] in the next one or two years. Yes, that soon, mainly because of the convergence of all the OEM (original equipment manufacturer) carmakers,” says Petronas president and group CEO Tengku Muhammad Taufik, in explaining the challenging outlook.

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Rex Gets Hold of Two Small Oil Fields Offshore Malaysia

September 22, 2021

Rex who?

Dateline 2021-08-30, OE:

Oil and gas companies Rex International and Duta Marine have been awarded rights to operate the Rhu-Ara and Diwangsa clusters offshore Malaysia.  

Petronas signed the two Small Field Asset (SFA) Production Sharing Contracts with the two companies in what is Rex’s maiden entry into Malaysia’s upstream industry, in partnership with local company Duta Marine. 

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Gas Malaysia subsidises refuel costs for B40 motorcyclists

September 21, 2021

I would suggest that the money may be invested in better ways to help B40, but hey, above my pay grade.

Dateline 2021-08-30, The Malaysian Reserve:

GAS Malaysia Bhd is taking up the petrol refill costs for lower income groups who are riding motorcycles below 170cc to help them cope with living costs amid the Covid-19 pandemic.

The corporate social responsibility (CSR) initiative themed “Kempen Tuang Minyak — Awak Isi, Kami Bayar” is being held at Gas Malaysia’s selected petrol stations throughout Peninsular Malaysia namely Ayer Keroh (Melaka), Pasir Gudang (Johor), Gebeng (Pahang), Manjung (Perak) and Senawang (Negri Sembilan).

It will soon be extended to Kuala Lumpur (KL), Putrajaya, Shah Alam and Perai respectively.

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Investment nod for Shell’s Timi gas project off Malaysia

September 20, 2021

Dateline 2021-08-30, Energy Voice:

Shell and its partners, Petronas Carigali and Brunei Energy Exploration, have taken a final investment decision (FID) on the Timi sweet gas development offshore Malaysia that will help boost the country’s liquefied natural gas (LNG) exports. Significantly, Shell said the development marks its first offshore wellhead platform to be powered by solar and wind in Malaysia.

The Timi field is about 200 kms off the coast of Sarawak and its development is designed to pump up to 50,000 barrels of oil equivalent per day (boe/d) at peak production, Shell said today. Shell said it will evacuate its gas to the F23 production hub via an 80 km pipeline while supporting the future growth in the central Luconia area, off the coast of Sarawak.

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Destini bags oil and gas assets service contract

September 18, 2021

Interesting, the article we link to has military assets in its graphics.

Dateline 2021-08-18, The Edge:

Integrated engineering solutions provider Destini Bhd has secured a contract to provide tubular handling and conductor installation equipment and services from Repsol Oil and Gas Malaysia.

In a statement today, Destini said the two-year job that started on July 21, which comes with an option of a one-year extension, was secured via its wholly-owned subsidiary Destini Oil Services Sdn Bhd. The value of the contract, however, was not revealed.

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Xodus to design Petronas’ first CCS facility

September 17, 2021

Doesn’t PETROS need to approve this?

Dateline 2021-08-17, The Chemical Engineer:

PETRONAS has awarded energy consultancy Xodus the conceptual engineering design contract for the state-energy firm’s first complete CCS project.

Xodus will conduct the feasibility studies and conceptual design for the CCS system for Kasawari, a sour gas field off the coast of Sarawak. The contract was won as part of Xodus’ contract with Petronas to provide engineering services for its Malaysian and international developments. Kasawari is scheduled to begin injecting captured CO2 in 2025, and has been billed by Malaysia’s state energy company as the world’s largest offshore CCS project. The field is estimated to have recoverable reserves of around 3 trn ft3 of gas.

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Question marks as Petronas delivers its first ‘carbon neutral LNG’ cargo

September 16, 2021

Dateline 2021-08-18, Energy Voice:

Malaysia’s Petronas has delivered its first ‘carbon neutral liquefied natural gas (LNG)’ cargo from its Bintulu export complex to Japanese utility Shikoku Electric at the Sakaide import terminal in Shikoku Island. Although question marks remain around whether the industry can really make LNG carbon neutral.

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PetGas looks beyond Malaysia’s gas needs

September 13, 2021

Dateline 2021-08-16, Malaysiain Reserve:

PETRONAS Gas Bhd (PetGas) had a good run in the 2010s. The gas infrastructure and utility player increased its pipeline and regasification capacity as Malaysia’s natural gas consumption rose by more than 80%. It also grew its necessary experience in the utility sector, including electricity, steam and gas products generation.

However, this decade may very well present a different landscape. For one, Malaysia’s gas industry market is expecting full liberalisation in the distribution segment in 2022 (see sidebar), with another regulatory review in 2023-2025. While PetGas’ monopoly in the gas infrastructure space remains unchanged, policy changes may set the tone for future returns from its regulated businesses of gas transport (pipeline) and regasification.

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Petronas announces end of SRT MotoGP title sponsorship

September 10, 2021

Aright, Formula E is coming to Malaysia. PETRONAS, where do I sign up? And have you heard of this thing called ChemECar competition. Send me a blank check, er, call me up so we can talk about competitions taking into account UNSDG.

And to paraphrase the philosophy of an Islamic Hadith, if you take away a good thing, replace it with something equally good or better.

Dateline 2021-08-14, Autosport:

On Thursday night it was revealed that Petronas would end its support for SRT in the MotoGP world championship at the end of the current season, just three years into the squad’s career in the premier class.

The support will also end for the Petronas Sprinta Moto2 and Moto3 teams, with both outfits expected to be folded by SRT at the end of the year to safeguard the MotoGP project.

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