Petronas discloses activities outlook for next 3 years

February 11, 2018

Dateline 2018-01-02, NST:

Petroliam Nasional Bhd (Petronas) and its Petroleum Arrangement Contractor (PAC) oeprators will continue to develop new oil and gas exploration projects in 2018 to 2020 despite the low price environment.

In the next five years, Petronas projected that the average daily oil output would be 1.7 million barrels.

It said the potential projects to be developed will be concentrated in new growth areas or new projects and maximize exploration of existing projects.

“The expected development portfolio between 2018-2020 for the new project is 20 projects, of which 30 percent are oil projects.

“The expected development portfolio of existing projects involves 30 projects with 75 percent of them involving oil projects,” Petronas said in its Activity Outlook 2018-2020 report disclosed recently.

The national oil and gas company explained that new projects to be developed in 2018 to 2020, all involve the development of new facilities.

JX Nippon to develop and produce oil and gas from Beryl Gas Field

February 3, 2018

Dateline 2017-12-20, Your Industry News:

Mr. Shunsaku Miyake, President and CEO of JX Nippon Oil & Gas Exploration Corporation is pleased to announce that PETROLIAM NASIONAL BERHAD (“PETRONAS”), the national oil company of Malaysia, has agreed for JX Nippon Oil & Gas Exploration (Malaysia) Limited (President and CEO, Hironori Wasada, “NOMA”) to be entitled to the oil and gas rights of Beryl Gas Field (“Beryl”), and approved the Field Development Plan (“FDP”) for Beryl on 27th October 2017.

Beryl, an already discovered but undeveloped gas field, lies in the shallower zone in the same location as the underlying Helang Gas Field (“Helang”) and Layang Oil and Gas Field (“Layang”) in Block SK10, Offshore Sarawak, for which NOMA has been conducting production operation as operator. NOMA, in accordance with the aforementioned approved FDP, will utilize existing Helang facilities to develop Beryl economically and within a short period of time, with Beryl first gas scheduled for November 2018.

Malaysia’s Petronas forecasts oil prices to hold in $50s, $60s

January 28, 2018

Kinda slow reporting.

Dateline 2017-12-04, Reuters:

Malaysia’s state energy company Petroliam Nasional Berhad [PETR.UL], or Petronas, forecast oil prices to hold in the $50s and $60s in its 2018-2020 Activity Outlook report.

Mixed views on Petronas capex allocation

January 19, 2018

Dateline 2017-11-25, The Star:

Petronas records another strong quarter on stronger oil prices
Analysts are mixed on whether this means increased capex spending and activities
Outlook for crude oil prices remains uncertain due to risks on demand aswell as supply
OIL giant Petroliam Nasional Bhd (Petronas) recorded yet another strong set of results in the third quarter, with profit after tax (PAT) surging 64% to RM10bil.

The stellar performance followed a more than a four-fold jump in PAT to RM7bil in the second quarter, and an over 100% surge in net profit in the first quarter ended March 31, 2017, due mainly to recovering oil prices and efficiency improvements by the company.

The company is optimistic about its prospects as well, having said that it expects to record stronger results for the full-year, compared to the previous year.

Malaysia-Brunei annual leaders’ consultation sees signing of accord on oil, gas

January 18, 2018

Dateline 2017-11-23, Borneo Post Online:

The 21st Malaysia-Brunei Annual Leaders’ Consultation here today saw the signing of the Unitisation Framework Agreement which, in principle, will essentially finalise by mid-2018 the percentage of Petronas revenue from four oil and gas fields.

The agreement was signed by Petronas and the Brunei National Unitisation Secretariat at the conclusion of the annual talks by Malaysian Prime Minister Datuk Seri Najib Tun Razak and the Sultan of Brunei, Sultan Hassanal Bolkiah, at Istana Nurul Iman here.

A joint statement issued after the talks said the four fields were Kinabalu West (NAG) (KN), Maharajalela North Fields (MLJ), Gumusut/Kakap  (GK) and Geronggong/Jagus–East (GRG/JGE).

Speaking to reporters here, Najib said the annual talks also saw the signing of a memorandum of understanding on tourism.


UPDATE 2-Malaysia’s Petronas sees stronger 2017 earnings after Q3 profit surges

January 16, 2018

Dateline 2017-11-23, Reuters:

Malaysian state energy firm Petroliam Nasional Berhad, or Petronas, on Thursday forecast higher full-year earnings for 2017, after posting a 64 percent jump in third-quarter profit on improved oil prices.

A higher profit would be the second straight year of improved earnings at Petronas, reversing a two-year profit slump with the help of a modest recovery in oil prices and cost-cutting measures.

“Petronas expects the group’s overall year-end performance to be better than last year,” the company said, indicating an improved view of the energy market since August, when it expected its annual performance to be “fair”.

Malaysia’s Petronas Gas 3Q Net Profit Down 1.2% On Year At MYR417.43 Mln

January 4, 2018

Dateline 2017-11-10, Nikkei Asian Review:

Petronas Gas, the gas processing arm of Malaysia’s national oil and gas firm Petronas, said Friday its net profit for the third quarter fell 1.2% on year on higher depreciation and rise in utilities cost of sales.

Net profit for the three months ended Sep. 30 stood at 417.43 million ringgit ($99.57 million) compared to 422.71 million ringgit a year ago, the company said in an exchange filing. Quarterly revenue was almost flat at 1.16 billion ringgit.

Petronas Gas said its liquefied natural gas regasification terminal in the state of Johor, has commenced commercial operation this month and will contribute to its revenue stream. The terminal has a total capacity of 490 million standard cubic feet per day.