Petronas Carigali’s gas price hike to raise domestic selling prices

April 4, 2012

Dateline 2012-03-17:

Petronas Carigali Sdn Bhd’s (Petronas Carigali) agreement to buy natural gas from Natuna at a revised price of US$6 per million British thermal units (mmBtu) will expedite the process of raising domestic gas selling prices, which are heavily subsidised at present.

Theoretically, the adjusted Natuna price was 31 per cent higher than the price currently paid by the power segment (US$4.57 per mmBtu) but two per cent lower than industrial segment’s of US$6.12 per mmBtu, said Maybank Investment Bank Bhd (Maybank IB) in its report yesterday.

“While a hike in gas prices is inevitable, policymakers have yet to come out with a concise gas price blueprint,” it highlighted.

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Malaysia’s PETRONAS resigns from big Indonesia’s East Natuna

March 18, 2012

Dateline 2012-02-27:

Malaysia’s state oil and gas company Petronas has resigned from a consortium exploring Indonesia’s East Natuna gas project, Asia’s biggest untapped gas reserve, Indonesia’s state oil and gas company Pertamina said on Monday.

“We received confirmation from our upstream director Muhammad Husen that Petronas has backed down as our partner in East Natuna,” Pertamina spokeswoman Wianda Pusponegoro said to Reuters on Monday.

Pusponegoro declined to give further details or a reason for the resignation and there was no immediate comment from PETRONAS.

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Is this Natuna Island?

November 13, 2009

When I was a wee lad, there was all this gungho about developing Natuna East, which had a gas reservoir with high CO2 content, which could result in one of the largest structures offshore, amazing engineering feat, spot on Mythbusters and so on.

I seem to travel over the following island a lot while visiting East Malaysia. Is this Natuna Besar?

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Pertamina’s Natuna Plan Delayed by Lack of Data

December 12, 2008

Taken from the Jakata Globe (you can tell where I had my holidays), dateline Dec 10, 2008:

State oil and gas producer PT Pertamina will likely miss its December deadline to choose partners to help it develop the Natuna D-Alpha gas block as US oil giant ExxonMobil has yet to turn over key data, an Indonesian government official said on Tuesday.

Edy Hermantoro, director for upstream oil and gas at the Energy Ministry, said ExxonMobil would continue to have control over the block until Jan. 9, when its contract with the Indonesian government officially expires. “Exxon has the right to hold onto the data until its contract is over,” Edy said on Tuesday. “This also means that Pertamina’s right [to take over Natuna] is not effective yet as Exxon’s contract is still valid.”

But Edy’s comments contradicted earlier statements by the Energy Ministry. It announced in 2006 that ExxonMobil’s contract had been terminated, arguing Exxon had produced nothing after 20 years spent exploring the block.

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 One of the most tightly guarded treasures of a hydrocarbon production company is its reservoir data. Making this information public domain is kinda like giving your competitors an insight in your 10-15 year revenue and investment plan.

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