Petronas agrees to give Sarawak bigger share of oil, gas revenue

December 23, 2020

Dateline 2020-12-08, The Straits Times:

Malaysian energy giant Petronas said yesterday that it has agreed to a commercial settlement that grants Sarawak state a higher share of revenue for oil and gas produced in the state.

Under the agreement, Sarawak state will also be given more active involvement in the state’s oil and gas industry through management of onshore oil and gas resources via its state-owned energy firm Petros, according to a joint statement by Petronas and the state government.

Both Petronas and the state government said they remained committed to providing a “stable, conducive business and investment environment for the sustainable growth of the oil and gas industry” in the state.

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Incentives needed for investors in Sarawak O&G

December 22, 2020

Dateline 2020-12-08, Malaysian Reserve:

THE newly sealed commercial agreement between Sarawak state government and Petroliam Nasional Bhd (Petronas) would need to provide investment incentives for it to remain attractive for investors.

An industry expert said an agreement like that would have to create investment incentives as any increase in royalty amounts would discourage new investment in exploration and production.

“To have a successful agreement, part of it needs to ensure the right incentives are in place for investments in the state. Such an agreement may lead to higher investment costs, particularly in a low oil price environment, and cause lower investment and production in the coming years,” the expert, who asked for anonymity, told The Malaysian Reserve.

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Reuters: Malaysia Probing Aker Solutions over Petronas Dealings

December 20, 2020

Hahaha, it’s about ownership of company, with respect to getting a PETRONAS license. What, MACC finally figured out the paperwork trail? How about hitting every company with a PETRONAS licence? Next, can they charge companies for providing engineering services without registering the proper licences with the Board of Engineers?

Dateline 2020-12-02, Offshore Engineer:

Malaysia’s anti-graft agency is investigating Norway’s largest oil services provider Aker Solutions on suspicions of making false statements in its dealings with state-owned energy firm Petronas, three sources familiar with the probe said.

The Malaysian Anti-Corruption Commission (MACC) is looking into allegations that Aker Solutions made false representations regarding the ownership of one of its Malaysian units in order to win licenses from Petronas, a source with the agency and two other people told Reuters.

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Petronas nears restart at Malaysia’s Pengerang refinery

December 19, 2020

You mean, it has not been operating since the March 2020 fire? How many heads have rolled? Wait, where’s my list of ‘get out of jail free’ C-level listing?

Dateline 2020-11-30, Argus Media:

Malaysia’s state-owned Petronas is on course to restart its 300,000 b/d Pengerang refinery joint venture with state-controlled Saudi Aramco in the first quarter of 2021, adding more capacity to a struggling Asia-Pacific refining market.

The Pengerang complex in southern Malaysia has been shut since a fire in March. Petronas said late last week that the project is transitioning to commercial operations and a restart of the refinery and petrochemical plants is planned for the first quarter of next year, in line with previous expectations.

The project’s atmospheric residue desulphurisation trains are also expected to be ready for start-up in the first quarter. Repairs are continuing on the diesel hydrotreater, which is targeted to come on line in October-December 2021. Aramco owns a 50pc stake in the project and will supply half of its crude, with the option to increase this to 70pc once the refinery is fully commissioned.

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A Tale of Two State-Owned Oil and Gas Companies

December 18, 2020

Dateline 2020-12-01, The Diplomat:

2020 has been a rough year for oil companies. In April, with the sudden stop in economic activity due to COVID-19 shutdowns, the price of U.S. crude fell to below zero for the first time in history. Oil companies were essentially forced to pay to store excess crude for a while, and with the global economy still reeling the rebound in demand has been sluggish. Still, the market price for crude bounced back pretty quickly, likely on hopes that this downturn will be short-lived. While it remains below its pre-pandemic price, it has recovered quite a bit since its April lows, with a barrel of West Texas Intermediate fetching $45.53 last week.

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Sarawak forms committee to ensure greater participation in oil and gas sector

December 11, 2020

So, can I hold dual citizenship? Malaysia and Sarawak?
Dateline 2020-11-13, Malay Mail:

 A committee has been formed to facilitate negotiations between the state government, the federal government and Petroliam Nasional Berhad (Petronas) to ensure greater participation of the state in the oil and gas sector, Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan said in the state assembly today.

He said negotiations on commercial solutions for the matter are still ongoing among the three parties.

“The state government is fully committed to taking control of the exploration and mining of oil and gas within the territorial boundaries of the state,” he said in his winding-up speech for the debate on the State Budget 2021. 

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Malaysia: Petronas performs first ship-to-ship LNG bunkering operation at Pasir Gudang

December 8, 2020

Datline 2020-11-11, Manifold Times (I tell you, the names people are coming up with. Welcome to the Penyu Times):

Malaysian oil and gas company Petroliam Nasional Berhad (Petronas), on Tuesday (9 November) reportedly performed its first liquified natural gas (LNG) bunkering operation south of Pasir Gudang Port, Johor.

The bunkering operation marks the company’s venture into LNG bunkering in the region.

The project was developed jointly with the government through the Ministry of Transport, and the Marine Department Malaysia (JLM) since 2017 to install the necessary infrastructure needed for LNG bunker supply.

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Malaysia’s Petronas facing minor production issues at Bintulu LNG plant

December 4, 2020

Dateline 2020-11-09, Marketscreener:

Malaysian state energy firm Petronas on Monday said it was facing minor production issues at its liquefied natural gas (LNG) plant in Bintulu and that supply has not been affected.
Reuters had reported on Friday that loadings of LNG cargoes have been delayed from the plant, located in the eastern Malaysian state of Sarawak.

Petronas said the production issues at Bintulu are under control and have been resolved, adding that they are “part and parcel of operations”.

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Malaysia starts LNG bunkering operations, makes first delivery

December 3, 2020

Dateline 2020-11-10, Reuters:

 Malaysia, through state oil firm Petronas, has ventured into the liquefied natural gas (LNG) bunkering business and made its first delivery in the southern state of Johor this week, the country’s marine department said on Tuesday.

The maiden operation involved supplying 1,150 tonnes of LNG from bunkering vessel MV Avenir Advantage, which Petronas leased from Future Horizon, to vehicle transport vessel Siem Aristotle at the Pasir Gudang port on Monday.

“This makes Malaysia among a few first-mover countries able to provide LNG bunkering services to the marine industry in the east,” Marine Department Malaysia said.

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Malaysia’s Petronas to pay Sabah state $303 million in sales tax next year

November 30, 2020

Dateline 2020-11-08, Reuters:

Malaysian state-owned energy giant Petronas is expected to pay the resource-rich state of Sabah 1.25 billion ringgit ($303 million) in sales tax next year, state media said.

Sabah Deputy Chief Minister Jeffrey Kitingan said Prime Minister Muhyiddin Yassin had agreed for the state to collect the 5% tax from Petronas next year, Bernama news agency said late on Saturday.

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