January 22, 2019
Dateline 2018-12-14, MarineLink:
Malaysian oil and gas company Petronas plans to introduce liquefied natural gas (LNG) bunkering operations at the country from the second half of 2019.
“As a major player in the LNG business, PETRONAS is well-positioned to support the strategic intent for Malaysia to become the regional LNG bunkering hub,” it said in the Petronas Activity Outlook 2019-2021 report.
January 20, 2019
Dateline 2018-12-14, The Star:
Amid an uncertain oil and gas (O&G) environment, it would seem that a floor price for crude oil has been fixed at US$60 per barrel since the collective agreement by global oil producers to cut supply.
This development bodes well for Malaysia, both the government and local O&G industry players, as it signifies some clarity ahead.
While the crude oil price assumption of US$70 per barrel used for the tabling of Malaysia’s Budget 2019 may be high, it is still well within the US$60 to US$70 per barrel range. Tumbling crude oil prices would create increasing challenges for the government to finance Budget 2019.
According to the recently published Petroliam Nasional Bhd (Petronas) Activity Outlook for 2019 to 2021, Petronas has raised its assumed oil price on a planning basis to between US$60 and US$70 per barrel for 2019.
January 19, 2019
Did the papers just extract phrases from the Outlook?
Dateline 2018-12-11, FMT:
National oil and gas (O&G) company Petronas today said it expects volatility seen in oil prices this year to persist in 2019 as well.
In its annual Petronas Activity Outlook (PAO) report for 2019-2021 released today, Petronas shared its perspective on industry trends, demand outlook and activities in the upstream and downstream sectors.
“Petronas, in this edition of the PAO, maintains its prudent view on the industry outlook and will respond with cautious optimism particularly on new capital projects,” it said in a statement today.
January 18, 2019
Dateline 2018-12-11, Xinahunet:
Malaysian state-owned oil and gas company Petronas said Tuesday that it expects market volatility to persist next year, and remains cautious on new capital projects.
“Greater market volatility is expected to persist in 2019. Petronas maintains its prudent view on the industry outlook and will respond with cautious optimism particularly on new capital projects,” Samsudin Miskon, vice president of the group’s procurement, said in an activity outlook report for the period 2019-2021.
Oil prices have been fluctuating this year, with Brent crude oil prices rising to 86 U.S. dollars per barrel in early October, from 67 U.S. dollars per barrel at the beginning of the year. However, the prices declined by 30 percent to 57 U.S. dollars in early December due to oversupplied market.
January 8, 2019
Dateline 2018-11-26, LNG Industry:
According to Reuters, Petronas has announced that production at the Kebabangan gas field in Sabah is expected to resume working at full capacity by August next year.
This follows disruption that was caused by a gas leak at the related Sabah Sarawak Gas Pipeline in January this year. Reuters reports that repairs have now been completed, but that integrity assurance tests are still being carried out on the 500 km pipeline. These tests are reportedly expected to be completed by July next year.
Reuters quotes Petronas as saying: “The supply disruption, however, did not impact our LNG cargo deliveries to customers.”
According to Reuters, the finance minister of Malaysia recently announced that the nation’s economic growth has been significantly affected by the supply disruption. He reportedly noted that gas exports have been seriously impacted since 2Q18.
January 7, 2019
Is PETRONAS exceeding its mandate, and a prime candidate for monopoly laws? Which parlimentary constituency are they part of?
Dateline 2018-12-27, Reuters:
Malaysian state-owned oil and gas firm Petroliam Nasional Berhad, or Petronas, has set up a new business within the group to make a push into renewable energy, the head of the new venture said on Tuesday.
Petronas has expressed interest over the last year to diversify into renewables amid low oil prices. In March, Chief Executive Wan Zulkiflee Wan Ariffin said Petronas will explore new business areas including new energy and that the company will assess opportunities in solar power.
December 31, 2018
Now, local banks can lend obscene amounts of money to the golden goose.
Dateline 2018-11-08, FMT:
Moody’s Investors Service has affirmed the A1 domestic issuer and foreign currency senior unsecured ratings of Petronas, but changed the outlook from stable to negative.
The rating agency also affirmed the A1 rating for Petronas Capital Ltd’s senior unsecured notes and the US$15 billion medium-term note (MTN) programme as well as sukuk issued through Petronas Global Sukuk Ltd, but changed its outlook to negative from stable.
Moody’s said the rating action was due to the government’s announcement that Petronas would be paying RM26 billion in dividends in 2018 and RM54 billion (inclusive of a one-off special dividend of RM30 billion) in 2019.