Petronas’ role in the larger economy

November 5, 2019

Dateline 2019-08-30, The Malaysian Reserve:

PETROLIAM Nasional Bhd (Petronas) is set to announce its second-quarter (2Q) financial results soon. The performance of Malaysia’s most profitable company will be watched eagerly by the market and its sole shareholder — the government.

As the state-owned energy company is the nerve centre of the country’s oil and gas sector, Petronas’ financial performance is critical to the wider economy. It is after all the most successful company based on revenues, profits and other financials. It is also celebrating its 45th birthday this year.

Indicators suggest Petronas’ listed downstream businesses would influence its overall profit, despite the average global oil price not tumbling to the dismal levels of January 2016.

Its upstream business, which accounts for about 55% of the group’s revenue, had been averaging at US$65 (RM273) a barrel level for the Brent contract from April to June this year, compared to above US$70 in the corresponding period last year.


Widodo moots JVs of state oil firms with Malaysia

September 17, 2019

Dateline 2019-08-09, Menafn:

The state oil companies of Malaysia and Indonesia could co-operate or even merge to expand their businesses together, Indonesian President Joko Widodo said yesterday during a state visit to Kuala Lumpur.
Asked during an interview if he had considered the prospects of co-operation between Petroliam Nasional Bhd (Petronas) and Pertamina, Widodo said: ‘(It) can be. Petronas and Pertamina could collaborate or be merged as one to become a large enterprise with more capacity, capital and equity.

Petronas says acts on climate change

September 7, 2019

Dateline 2019-07-19, Daily Express:

Petroliam Nasional Bhd (Petronas) responded to Daily Express’ report on the 13 oil and gas companies acting on climate change, which according to Prof Dr Justin Sentian, the speaker from UMS, did not see Petronas’ name on the list. The fact is not disputed.

Petronas Sabah media liaison office said Malaysia’s national petroleum company has taken positive steps to mitigate climate emergency and sent Daily Express its 2017 corporate commitment details on environment care pertaining to climate change.

At the recent Sabah Oil and Gas Conference and Exhibition 2019, Dr Justin said the Oil & Gas Climate Change Initiative (OGCI) undertaken by 13 oil and gas companies – BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Petrobras, Repsol, Saudi Aramco, Shell, and Total – was to enable the oil and gas industry to collaborate on climate concerns.

Petronas explores renewable energy market

August 25, 2019

When will PETRONAS divest its hydrocarbon assets?

Dateline 2019-07-10, FMT:

Petroliam Nasional Bhd (Petronas) has taken steps to explore new growth areas beyond the conventional oil and gas sectors, says president and group CEO Wan Zulkiflee Wan Ariffin.

Wan Zulkiflee said against the backdrop of demand for more sustainable energy sources, Petronas is considering viable investments in renewable energy, namely in solar, wind and biomass projects on a commercial scale.

“To cater to the growing energy demand, the company has embarked on numerous energy investments anchored to its three-pronged strategy to develop an energy mix that effectively balances the energy trilemma of security, affordability and sustainability of energy supply,” he said at the World Economic Forum’s roundtable discussion on Malaysia’s energy landscape today.

Chief minister: Only state govt can issue licences to oil and gas companies operating in Sarawak

August 19, 2019

Dateline 2019-07-05, Malay Mail:

 Chief Minister Datuk Patinggi Abang Johari Openg clarified today said that only the Sarawak state government can issue licences to oil and gas companies operating in its territorial waters.

“We have never given up the licensing right to Petronas. It is in the Malaysian Constitution. It is our right. How can we give up our right? It is just speculation,” he told reporters after handing over Petronas sponsorships for Sarawak students here today.

The chief minister was asked if it is true that the state government has given up its authority to issue licences to oil and gas companies to Petronas.

Malaysia closer to opening up natural gas market

August 9, 2019

Dateline 2019-06-27, The Star:

Malaysia is moving closer towards opening up its natural gas market to spur competition and demand.

Petroliam Nasional Bhd (Petronas) executive vice-president and CEO for gas and new energy Adif Zulkifli said Malaysia was just one price review away from achieving market-based gas pricing this year.

“If this happens, it would truly be a game-changer as our gas reforms move towards market liberalisation,” he said during his speech at the Malaysian Gas Symposium (MyGas) 2019 here, organised by the Malaysian Gas Association (MGA).

Kuwait’s KUFPEC discovers gas in Malaysian block SK-410B

August 6, 2019

Dateline 2019-06-27, Reuters:

Kuwait Foreign Petroleum Exploration Company (KUFPEC) said on Thursday it had made a significant gas discovery in block SK-410B in Malaysia.

The block is located in shallow waters, nearly 90 km (56 miles) off the coast of Sarawak, it said in a statement.

The discovery was made by KUFPEC Malaysia, a wholly-owned subsidiary of the Kuwaiti firm, which holds a 42.5% working interest under a production sharing contract with PETRONAS Carigali Sdn. Bhd. and PTTEP HK Offshore Ltd.