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%.

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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.

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Legality of Sarawak’s petroleum sales tax hinges on MA63

January 28, 2020

Dateline 2019-11-28, Malaysian Reserve:

THE court will decide the legitimacy of the imposition of the sales tax by Sarawak on petroleum products based on the Constitution and what is provided under the agreement when the East Malaysia state joined Malaysia 56 years ago.

The state, which is rich with petroleum resources, imposed a 5% sales tax on petroleum products – crude oil, natural gas, liquefied natural gas, chemical-based fertilisers and gas-to-liquid products — sourced from the state early this year.

Petroliam Nasional Bhd (Petronas) has not paid the additional sales taxes for its oil and gas (O&G) exploration activities in the state.

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Deputy minister: RON95 petrol price to creep up weekly next year

January 27, 2020

Historical / hysterical note.

Dateline 2019-11-28, Malay Mail:

The government will raise the price ceiling on RON95 petrol by one or two sen a week until it reaches the market rate, Domestic Trade and Consumer Affairs Minister Chong Chien Jen said in Parliament yesterday.

He said this was in conjunction with the move towards the petrol subsidy programme (PSP) but would not affect Sarawak as the scheme will not be introduced there.

RON95 is currently capped at RM2.08/L.

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Energy outlook challenging amid slowing economy, geopolitical tensions: Petronas

January 26, 2020

Dateline 2019-11-27, S&P:

The outlook for the energy sector remains challenging, with a slowing global economy and ongoing geopolitical tensions resulting in demand disruption and lower prices, Malaysia’s state-owned oil and gas company Petronas said in its third quarter results Tuesday.

Petronas posted a 3% year-on-year drop in revenue to Malaysian ringgit 176.2 billion ($42.2 billion) for January-September amid challenging market conditions and sustained pressure on commodity prices and margins.

Reduced sales of crude oil and condensates were partly offset by higher LNG and petroleum products sales, while lower prices were partly counterbalanced by the effect of the weakening Ringgit against the US dollar, the company said.

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IGL Coatings Invited to Petronas FutureTech Preview, Demo Day

January 25, 2020

Please confuse them with us.

Dateline 2019-11-28, Coatings World:

IGL Coatings was invited to attend the preview & demo day of the PETRONAS FutureTech Accelerator 2019.

During the 2 days event, IGL Coatings will be promoting the eco-friendly brand to hundreds of Petronas & 500 Startups personnel aside from the public attendees.

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Petronas confirms Sarawak’s lawsuit against it

January 24, 2020

Dateline 2019-11-25, Bernama:

Petroliam Nasional Bhd (Petronas) today confirmed that the Sarawak government and the comptroller of state sales tax have filed a lawsuit against it over the alleged failure to pay sales tax to the state.

“Petronas confirms that the comptroller of state sales tax of Sarawak and the Sarawak state government have filed an action against Petronas before the High Court of Kuching on Nov 21, 2019, for non-payment of the Sarawak sales tax on petroleum products,” the national oil company said in a statement.

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Malaysia’s Petronas flags weaker demand as quarterly profit halves

January 23, 2020

But, still laying golden eggs, yes?

Dateline 2019-11-26, Reuters:

Malaysia’s state energy firm Petroliam Nasional Bhd said on Tuesday its third-quarter profit nearly halved due to lower demand and impairment charges, and warned of further risks to demand.

Profit for the July-September period at Petronas, as the company is better known, dropped to 7.4 billion ringgit ($1.77 billion) from 14.3 billion ringgit a year before.

Net impairment charges totalled 2.6 billion ringgit, while revenue fell 14% to 55.1 billion ringgit, hurt by lower prices and reduced sales volume for crude oil and condensates.

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Malaysian Government Cancels Plan For Nuclear Power Plant Construction

January 22, 2020

Recently?

Dateline 2019-11-22, Lowyat.net:

Over the years, it was planned for Malaysia to have its own nuclear power plant to cope with our country’s high energy consumption. Recently, the Ministry of Energy, Science, Technology, Environment and Climate Change (MESTECC) has decided not to pursue nuclear energy in Malaysia.

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CORRECTED-UPDATE 1-Petronas sees commercial production this year at southern Malaysia refinery

January 20, 2020

Dateline 2019-11-21, Reuters:

State oil company Petronas said its massive refinery and petrochemicals complex in southern Malaysia, a $27-billion joint venture with Saudi Aramco, will start commercial operations as planned by the end of the year, dismissing a report of a delay.

The refinery’s atmospheric residue desulphurisation (ARDS) unit, hit by a fire in April, will begin operation by mid-2020, Petronas said in an email late on Wednesday.

“Petronas would like to clarify that its Pengerang Integrated Complex is in the middle of start-up activities and expected, as planned, to be in commercial operations by end of 2019,” it told Reuters.

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