Malaysia’s Petronas warns on 2017 outlook despite swing to Q4 profit

April 27, 2017

Dateline 2017-03-14, Reuters:

Malaysia’s Petroliam Nasional Bhd warned on Tuesday of a cautious outlook for 2017, although sharp cutbacks in expenses by the state-run oil major allowed it to swing to a fourth-quarter profit from a loss in the year-ago period.

Petronas maintained what it called a “conservative” outlook for this year – despite also posting a higher profit for 2016 – saying it expects oil prices to remain uncertain and that it will continue to pursue lower costs.

Petronas, as the company is known, is relying on lower operating expenses, job cuts and project rollbacks to help it navigate through a low oil price environment.

Malaysia relies on its only Fortune 500 company for nearly a third of its oil and gas-related revenue. Petronas is one of the country’s largest employers with a workforce of over 50,000.


Malaysia’s Petronas Swings to Profit Amid Higher Oil Prices

April 22, 2017

Dateline 2017-03-14, Bloomberg:

Petroliam Nasional Bhd., Malaysia’s state oil company, swung to a profit last quarter amid higher oil prices and as the company recorded lower impairment costs.

Net income was 9.42 billion ringgit ($2.1 billion) in the three months through December, from a loss of 4.69 billion ringgit a year ago, the company said Tuesday. Revenue fell 2.6 percent to 58.6 billion ringgit.

While cost-cutting helped improve performance and the global oil market is expected to rebalance, the outlook remains uncertain, Chief Executive Officer Wan Zulkiflee Wan Ariffin told reporters in Kuala Lumpur. “We are preparing ourselves for a very uncertain second half of this year.”

 


Malaysia’s Petronas, Saudi Aramco to sign deal on RAPID refinery project

April 2, 2017

Dateline 2017-02-22, Reuters:

Malaysia’s state oil firm Petroliam Nasional Bhd (Petronas) and Saudi Aramco are expected to sign an agreement to collaborate in Malaysia’s Refinery and Petrochemical Integrated Development (RAPID) project, two industry sources said on Wednesday.

Petronas and Saudi Aramco, the state-owned oil company of Saudi Arabia, appear to be closer to agreeing to terms after sources told Reuters last month that Aramco was suspending a planned partnership in RAPID, a $27 billion (22 billion pounds) refining and petrochemical complex in Malaysia’s southern state of Johor.

An agreement is expected to be signed on Monday, said one of the sources who has knowledge of the matter and declined to be identified, during a visit by Saudi Arabia’s King Salman to Malaysia. Neither of the sources had any firm details on the particulars of the agreement.

 


Linkbait – PETRONAS Activity Outlook 2017-2019

March 30, 2017

Hot off the press! Actually, not so hot, I was privileged to see a preview about 3 weeks ago. We thank PETRONAS for sharing this information to us, the minions.

Also, is it a coincidence this came out on the first day of the weekly petrol price setting regime?

PETRONAS Activity Outlook 2017-2019

PETRONAS Activity Outlook FAQ


Sarawak urged to buy stake in gas block from Petronas

March 28, 2017

I need a refresher on the mechanics of a PSC. Anyone want to come over and give it?

Dateline 2017-02-22, FMT:

Chief Minister Abang Johari Openg has been urged to take up the 49% stake in the SK316 offshore gas block which Petronas is reportedly planning to sell.

PKR Sarawak vice-chairman See Chee How said the Sarawak government should immediately negotiate with Petronas to purchase this stake.

See was responding to a Reuters report on Feb 20 that Petronas aimed to sell a large minority stake in the prized upstream local gas project for up to US$1 billion as it seeks to raise cash and cut development costs.

Petronas is looking to sell a stake of as much as 49% in the SK316 offshore gas block in Sarawak state, Reuters quoted sources as saying.


Exclusive: Petronas considers $1 billion stake sale in offshore gas project – sources

March 19, 2017

Dateline 2017-02-20, Reuters:

Malaysian state-owned oil and gas firm Petronas is aiming to sell a large minority stake in a prized upstream local gas project for up to $1 billion as it seeks to raise cash and cut development costs, two sources familiar with the matter said.

Petroliam Nasional Bhd (Petronas) is looking to sell a stake of as much as 49 percent in the SK316 offshore gas block in Malaysia’s Sarawak state, the sources told Reuters, a move that would be among its first major recent sales as it grapples with oil prices that have slumped by half over two-and-a-half years.

That slide has squeezed the cash flows of Petronas [PETR.UL], hurt its earnings and forced it a year ago to announce a 50 billion ringgit ($11.2 billion) cut in capital expenditure over four years.

 


Exclusive: Petronas considers $1 billion stake sale in offshore gas project – sources

March 2, 2017

Dateline 2017-02-20, Reuters:

Malaysian state-owned oil and gas firm Petronas is aiming to sell a large minority stake in a prized upstream local gas project for up to $1 billion as it seeks to raise cash and cut development costs, two sources familiar with the matter said.

Petroliam Nasional Bhd (Petronas) is looking to sell a stake of as much as 49 percent in the SK316 offshore gas block in Malaysia’s Sarawak state, the sources told Reuters, a move that would be among its first major recent sales as it grapples with oil prices that have slumped by half over two-and-a-half years.

That slide has squeezed the cash flows of Petronas [PETR.UL], hurt its earnings and forced it a year ago to announce a 50 billion ringgit ($11.2 billion) cut in capital expenditure over four years.

Petronas, which accounts for a third of Malaysia’s oil and gas revenue, has also cut its dividend. Sources had told Reuters in September it is considering selling its majority stake in a $27 billion Canadian liquefied natural gas (LNG) plant, although the company denied it.