Private oil and gas firm to build RM9.5 bil refinery in Sabah

February 8, 2020

Interesting, why not just export one from PD?

Dateline 2019-12-13, FMT:

State-owned Sabah Oil and Gas Development Corporation (SOGDC) Sdn Bhd has signed an agreement with a private firm to build Sabah’s first petroleum oil storage and refinery with investments over US$2.3 billion (RM9.5 billion).

The agreement with Petroventure Energy Sdn Bhd will see the plant being built at the Sipitang Oil and Gas Industrial Park (Sogip) in southwest Sabah, with construction expected to take between three and five years.

…

Leave a Comment » | oil and gas | Tagged: , , , | Permalink
Posted by Wata

MAHATHIR’S CRUEL JOKE ON SABAH & SARAWAK – THE UNKINDEST CUT OF ALL? HOW DARE YOU ASK US TO BUY SHARES IN PETRONAS ‘IF WE HAVE THE MONEY’ WHEN ITS OIL & GAS COME FROM OUR STATES?

February 7, 2020

Dateline 2019-12-13, Malaysia Chronicle:

Anger is building up again in the East Malaysian states with Dr Mahathir Mohamad’s statement this week on the oil royalties.

Somehow we get the feeling that we have been led up the garden path by the Pakatan Harapan (PH) government.

Mahathir is now changing his stance and seems to have run out of ideas on how to deal with this sticky issue. His incoherent response to the oil royalties issue is sowing more confusion, creating a wider rift between the federal and state governments.

Mahathir in a Reuters interview said the government is considering selling stakes in Petronas to states where the company’s oil and gas fields are located. It seems odd that the oil-producing states like Sabah and Sarawak are now offered stakes in Petronas to help a debt ridden federal government.

…

Leave a Comment » | oil and gas | Tagged: , , , | Permalink
Posted by Wata

Malaysian state open to buying Petronas stake after Mahathir comment

February 6, 2020

Didn’t 1MDB start out in Terengganu? Just saying.

Dateline 2019-12-11, Reuters:

Malaysia’s Terengganu state said on Wednesday it was open to buying a stake in national energy giant Petronas, after Prime Minister Mahathir Mohamad said he was considering such a sale to raise funds for his heavily-indebted federal government.

Petronas, the world’s third-largest exporter of liquefied natural gas, is one of the biggest sources of revenue for the federal government that has a debt pile of more than 1 trillion ringgit ($239 billion).

…

Leave a Comment » | oil and gas | Tagged: , , | Permalink
Posted by Wata

Sarawak minister says Petronas asset sale would complicate matters

February 5, 2020

Dateline 2019-12-12, Malay Mail:

A Sarawak minister today warned that existing disputes will become more complicated if Petroliam Nasional Berhad (Petronas) sold assets to oil-producing states such as Sarawak without resolving them.

State Tourism, Arts and Culture Minister Datuk Abdul Karim Rahman Hamzah said such sales should only be decided after ending negotiations on disputes involving the Petroleum Development Act 1974 (PDA) and the Territorial Sea Act 2012 (TSA).

“We are still having doubts on the legitimacy of the PDA which empowers Petronas the rights over oil and resources found within the territorial waters of Sarawak and Sabah,” he told reporters after receiving High Court, Court of Appeal and Federal Court gowns from former Federal Court judge Tan Sri Sulong Matjeraie on behalf of the Sarawak Museum.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Malaysia’s PM Mahathir considering selling stakes in Petronas to Sabah and Sarawak

February 4, 2020

Dateline 2019-12-11, Straits Times:

Malaysia is considering selling stakes in energy giant Petronas to two of its 13 states where the company’s oil and gas fields are, Prime Minister Mahathir Mohamad told Reuters, in a bid to raise funds for the debt-laden government.

Such a move may also give states such as Sarawak and Sabah a say in the running of Petronas, the world’s third-largest exporter of liquefied natural gas.

Tun Dr Mahathir said on Tuesday in an interview that the government could not meet a demand made by the states for a quadrupling of the royalties paid by the government-owned company to 20 per cent of its profit.

…

Leave a Comment » | Malaysian election, oil and gas | Tagged: , , | Permalink
Posted by Wata

A taxing uncertainty: Petronas’ take on oil royalty, O&G industry and a low-carbon future

February 3, 2020

Dateline 2019-12-07, The Edge:

Sarawak’s legal pursuit for a higher share of proceeds from its hydrocarbon resources – the biggest among Malaysia’s oil and gas producing states – has once again put the national oil company Petroliam Nasional Bhd (Petronas) in the limelight.

The matter escalated just as Tan Sri Wan Zulkiflee Wan Ariffin approaches his five-year mark as Petronas president and group chief executive officer early next year.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Petrofac considers offshore oil asset sale in Malaysia

February 2, 2020

I suggest that these assets are run by Local Community Companies (LCC) as practiced by Oman.

Dateline 2019-06-12, World Oil:

Petrofac is weighing a sale of its Malaysian assets for about $300 million, according to people with knowledge of the matter.

The company has started gauging interest from potential investors on the planned divestment, said the people, asking not to be named as the discussions are private. The assets that could be on sale include a stake in an offshore oil field development known as PM304, one of the people said.

Petrofac is the latest oil company looking to monetize its investments in Malaysia. Exxon Mobil Corp. is considering a sale of its offshore assets in the Southeast Asian nation which could raise as much a $3 billion, Bloomberg News reported in October, while Murphy Oil Corp. in March agreed to sell its portfolio in Malaysia for $2.13 billion.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

FMM calls for faster conclusion to access arrangement to liberalise Malaysia’s gas supply market

January 31, 2020

Dateline 2019-12-04, The Edge Markets:

The Federation of Malaysian Manufacturers is calling for the distribution access arrangement for the gas market, which covers last mile connectivity and has yet to be finalised, to be concluded soon in order for the gas market to be fully liberalised next year.

“With the gas market expected to be fully liberalised in 2020, industrial gas users have been looking forward to explore competitive gas prices with the entry of more gas suppliers via the third-party access mechanism.

“However, distribution access arrangement which covers the last mile connectivity has yet to be finalised as the year end approaches,” the federation’s president Tan Sri Soh Thian Lai said in a statement today.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Petronas awards offshore block to EnQuest, Petronas Carigali

January 30, 2020

Dateline 2019-12-04, The Edge Markets:

Petroliam Nasional Bhd (Petronas) has awarded the production sharing contract (PSC) for Block PM409 offshore Peninsular Malaysia to EnQuest PLC’s wholly-owned subsidiary EnQuest Petroleum Production Malaysia Ltd and Petronas Carigali Sdn Bhd (PCSB) as part of the 2019 Malaysia Bidding Round, according to separate statements from EnQuest and Petronas.

EnQuest said today in a statement on its website that under the terms of the PSC, EnQuest will operate the block with a participating interest of 85%, with PCSB owning the remaining 15%.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Petronas says third floating LNG vessel possible

January 29, 2020

Dateline 2019-12-02, FMT:

Petroliam Nasional Bhd (Petronas), which is the only company to own and operate two floating liquefied natural gas (LNG) vessels, said a third one is possible if there is a demand.

Petronas’ two floating LNG units are PFLNG Satu and PFLNG Dua.

“If there is a reservoir with a sizeable amount of reserves and the right gas – a composition that it is economically viable – it opens up a case for another floater,” said the company’s Gas and New Energy Business executive vice-president and chief executive officer, Adnan Zainal Abidin.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

« Previous Entries
Next Entries »