Idris Jala: Malaysia has to cut reliance on O&G

April 14, 2012

Dateline 2012-03-27:

Pemandu CEO Datuk Seri Idris Jala has acknowledged the government’s “heavy” dependency on oil and gas (O&G) revenues and said that it needs to diversify its income streams.

This comes as the World Bank warned last November that Malaysia is too dependent on fossil fuel revenues, with its non-oil primary deficit having doubled in the last five years to almost 20 per cent of GDP.

The windfall from petroleum has also bolstered government coffers to the point that the World Bank noted in 2009 that non-oil revenues are insufficient to finance government operational expenditure.

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Petronas To Award Additional Licenses To Develop Marginal Fields

April 8, 2012

Dateline 2012-04-02:

Petroliam Nasional Bhd (Petronas) will be awarding additional licences this year to develop marginal fields to bolster crude oil and gas production to further stimulate growth in the Oil, Gas and Energy sector.

The additional licenses would also support to maintain production at 650,000 barrels per day, the Performance Management & Delivery Unit (Pemandu) said in the Economic Transformation Programme Annual Report 2011 released today.

This move to develop small fields through innovative solutions is part of the entry point projects (EPPs) in the Oil, Gas and Energy (OGE) industry under the National Key Economic Areas (NKEA).

Having passed the Petroleum Income Tax Act last year to introduce new tax incentives for the oil and gas sector to unlock and monetise stranded O&G resources, the Act would be utilised to incentivise new players to enter the marginal field development segment, the report said.

Among licenses awarded in 2011 were risk service contracts to Sapura Kencana Petroleum Bhd and Petrofac Energy Developments Sdn Bhd.

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From Bernama – PM Announces Another 19 Entry Point Projects Under ETP

January 18, 2011

When will Bernama stop preventing a direct copy and paste from these websites? The food stall workers across the road are getting mighty fluent in English as they type this excerpt out for peanuts.

Dateline 2011-01-11:

Prime Minister Datuk Seri Najib Tun Razak on Tuesday announced 19 more Entry Point Projects (EPPs) under the Economic Transformation Programme (ETP).

He said the projects would generate almost RM67 billion in investments, RM36 billion in gross national income and create 35,000 new jobs.

Since the launch of ETP on Oct 25 last year, 18 EPPs have been previously announced.

In a media briefing here, the prime minister said the 19 EPPs and development projects would come from 10 National Key Economic Areas (NKEAs), led by four EPPs under the oil, gas and energy NKEA.

He said ExxonMobil Exploration and Production Malaysia Inc, together with its production sharing contract partner Petronas Carigali Sdn Bhd, planned to invest over RM10 billion in new oil and gas assets to help ensure reliable and sustainable energy supplies for Malaysia.

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