Petronas aims to maintain discipline

May 27, 2018

Dateline 2018-03-24, The Star:

WHILE a cautious outlook is being projected for the upstream oil and gas (O&G) sector this year, national oil company Petroliam Nasional Bhd (Petronas) is confident that the challenges facing the industry can be overcome with the proper strategies in place.

Petronas executive vice-president and upstream chief executive officer Datuk Mohd Anuar Taib says the company already has a growth plan outlined for it.

“When people ask me about the outlook, you have to be positive in this business.

“We will work towards a plan that we have, which is capital and operational discipline,” he said during a briefing in conjunction with the Offshore Technology Conference Asia 2018 earlier this week.


Petronas prepares life as subdued oil price remains

November 23, 2017

Dateline 2017-09-27, NST:

Fiscal discipline, prudent spending and delivering value over volume are the three values instilled by Petronas to prepare life as oil prices are forecast to average at below US$50 per barrel for the foreseeable future.

Executive Vice-President and Chief Executive Officer (CEO) for Upstream, Datuk Mohd Anuar Taib said based on these principles, the national oil company would continue to undertake portfolio high grading to ensure its assets have the strategic fit of value for the company to grow.

“Although we still put a lot of effort on production and exploration, it is all driven by how much we can afford and what kind of return we will get,” he told Bernama in an interview recently.

For assets seemingly having no strategic fit of value, Petronas, he added, would work on either relinquishing or divestment as was seen in its decision to relinquish Block 1 and 2 in Cuu Long Basin in Vietnam this month.

Sarawak DCM calls first meet with Petronas fruitful

September 25, 2016

Dateline 2016-08-15, Malay Mail:

Sarawak Deputy Chief Minister Datuk Amar Douglas Uggah Embas said he had a fruitful meeting with officials from state oil firm Petronas on complaints against alleged discrimination of locals.

“The meeting is productive, and we will meet again this Saturday to iron out on all the issues to the finest details,” Uggah said in a brief statement handed over to the waiting reporters at Wisma Bapa Malaysia.

Uggah was accompanied by Sarawak State Secretary Tan Sri Morshidi Ghani in the private meeting while Petronas was represented by its executive vice president and chief executive officer (upstream) Datuk Mohd Anuar Taib.

Also in the Petronas delegation were senior vice president of group human resource management, Datuk Raiha Azni Abdul Rahman, and senior vice president of corporate strategy Adif Zulkifli.

Petronas awards first production sharing contract for this year to 3 companies

August 28, 2016

Same topic as yesterday, a different slant on reporting, and an optimistic note.

Dateline 2016-07-22, Nikkei Asia Review:

Malaysia’s national oil company Petroliam Nasional, or Petronas, has awarded its first production sharing contract for 2016 to three oil companies to explore a hydrocarbon block off the Sarawak state.

Thailand’s PTT Exploration & Production will operate the SK410B oil field with joint venture partner Kuwait Foreign Petroleum Exploration Company, Petronas said in a statement. PTT and the state-run KUFPEC will each hold a 42.5% stake in the block while Petronas will own the remainder 15% through a wholly owned unit.

“[The] signing not only marks Petronas’ first PSC award in 2016, but also welcomes PTT for their first operatorship in Malaysia,” said Petronas’ executive vice president for upstream Mohd Anuar Taib. “We are also pleased to collaborate with our long term partners, KUFPEC once again.”