Bad days for national oil companies to continue, Fitch says

November 5, 2016

Dateline 2016-09-21, Zee Biz:

The National Oil Companies (NOCs) in South and South-East Asia unlikely to return to positive free cash generation in the next two years, said a Fitch Ratings report.

Most of the NOCs reported poor financial result for the first half or first quarter ended on June 30 due to a fall in average oil and gas prices from a year ago. Revenue and EBITDA declined over this period for Malaysia’s Petroliam Nasional Berhad (PETRONAS); Thailand’s PTT Public Company Limited; and India’s Oil and Natural Gas Corporation Limited (ONGC) and Oil India Limited.

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Is the Petronas gravy train a slippery slope?

October 4, 2013

From Seatrade Global, dateline 2013-08-02:

There is no doubt that Malaysia’s national oil company (NOC) Petroliam Nasional (Petronas) is a behemoth in the country’s oil and gas (O&G) industry. But that the initial public offering of a company can be derailed by the suspension of a licence from it just illustrates the size of its influence.

Just over the last week, news broke that Perunding Ranhill Worley Sdn Bhd (PRW), an affiliate of Ranhill Energy has had its Petronas licence suspended for both upstream and downstream projects. Ranhill was on the verge of a MYR753m ($232m) listing on the Malaysian bourse and was to have made its debut on 31 July before being forced to pull the plug at the last minute.

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Posted by Wata