September 8, 2018
Dateline 2018-06-23, NST:
The court case between national oil company Petroliam Nasional Bhd (Petronas) and the Sarawak government, which could not proceed further on technical grounds, raises questions about oil and gas operations in the state beginning next month.
Yesterday, the Federal Court rejected Petronas’ application for stay order on Sarawak government’s upstream regulation in the state under the Oil Mining Ordinance 1958 (OMO) beginning July 1.
Petronas said in a statement that its application was declined based solely on technical grounds and it was ruled that the matter falls outside of the Federal Court’s jurisdiction.
“The Federal Court did not in any way determine or endorse the merits of the legal position taken by the Government of Sarawak to regulate upstream petroleum activity under its Oil Mining Ordinance 1958,” Petronas added.
As such,the national oil company intends to further pursue legal actions to seek clarity on its rights under the Petroleum Development Act 1974 (PDA 1974).
However, Sarawak is adamant to enforce its regulatory rights under the OMO. This would require Petronas to have the requisite licences or leases under the Ordinance by July 1, failing which the upstream activities carried out by Petronas would be illegal and appropriate action would be taken.
…
Leave a Comment » | 
engineering, Malaysia, oil and gas | Tagged: PDA, Petronas, Sarawak | 
Permalink
Posted by Wata
September 7, 2018
Dateline 2018-06-22, NST:
Petroliam Nasional Bhd (Petronas) has performed respectably well during the recent volatile oil price environment and should not undergo massive management changes, analysts said.
Last year, Petronas recorded higher net profit of RM45.5 billion, after having gone through the steepest decline in oil price since June 2014, proving its resilience while remaining profitable, they said.
These comments come amidst recent changes in top management of government linked companies (GLCs) following the change in government after the 14th General Elections, and speculation of more to come.
Following the change of government since last month, government-linked and owned companies with their top leadership have become a hot topic of late among the public, following the stunning victory of Pakatan Harapan at the recently held polls.
While several GLCs have come under scrutiny and have seen management changes recently, other state-owned enterprises continue to focus on improving their businesses while at the same time distancing themselves from any controversies.
…
Leave a Comment » | engineering, Malaysia, oil and gas | Tagged: Petronas | Permalink
Posted by Wata
September 5, 2018
Linkbait and the historical record.
Dateline 2018-06-22, Straits Times:
Malaysia’s top court on Friday (June 22) turned down Petroliam Nasional’s (Petronas) application for leave to proceed with its bid to control oil resources and activities in Sarawak state.
National oil company Petronas had last month filed legal papers in the Federal Court seeking a declaration that it is the exclusive owner of the petroleum resources in the country, including in Sarawak state.
This came after Sarawak was granted complete mining rights over its territory in March by the federal government and formed its own oil and gas company, Petros.
…
Leave a Comment » | engineering, Malaysia, oil and gas | Tagged: Petronas, PETROS, Sarawak | Permalink
Posted by Wata
August 26, 2018
Dateline 2018-06-19, Offshore Technology:
The regulatory regime in Malaysia’s upstream sector, dominated by PETRONAS for 44 years as the combined National Oil Company (NOC) and regulator, may become more complex due to recent political developments.
Long-running calls for greater control of resources and revenues for oil-producing states have increased in the past few years. Even more impactful may be the outcome of a pending court case brought by PETRONAS against the Sarawak state government’s assertion of full regulatory control of the sector.
PETRONAS’ case against the Sarawak government is scheduled for a hearing on June 21, with a significant prize at stake. Sarawak holds most of Malaysia’s oil and gas reserves and is home to the country’s LNG liquefaction plants.
…
Leave a Comment » | Malaysia, oil and gas | Tagged: Petronas, Sarawak | Permalink
Posted by Wata
August 25, 2018
For the historical books
Dateline 2018-06-19, The Edge:
PETROLIAM Nasional Bhd’s (Petronas) court challenge of Sarawak’s claim of regulatory authority over oil and gas activities in the state has sparked a barrage of political responses and an angry backlash.
There was an outcry over the perceived trampling of state rights over oil and gas wealth in Sarawak. Many also began to question Pakatan Harapan’s pre-election promise to increase oil royalty to 20%.
But court documents viewed by The Edge indicate that the national oil company is pursuing a more precise question: who is in charge of upstream oil and gas activities in Sarawak?
For Petronas, it is a question that needs an urgent answer because operational continuity and investor confidence, which are vital to attract future investments, are at stake.
…
Leave a Comment » | investment, Malaysia, oil and gas | Tagged: Petronas, Sarawak | Permalink
Posted by Wata
August 17, 2018
Dateline 2018-06-13, The Edge:
ONCE again, there is talk of a possible flotation of national oil company Petroliam Nasional Bhd (Petronas). Speculation about such a move makes the rounds every few years. Listing Petronas, it is said, could be one way to help cut down the country’s debt, which has breached the RM1 trillion mark, or a little more than 80% of gross domestic product.
But will it take place?
“It was first mooted some 10 years or so ago by merchant bankers when the government was looking to attract foreigners to invest in Malaysia … it was the same time Synergy Drive (which later morphed into Sime Darby Bhd around 2007) was created. It involved the merger of Kumpulan Guthrie, Golden Hope and Sime Darby. A plantation giant was created but did it achieve what it was supposed to do? Did foreign investors come flocking in?” asks a director of an oil and gas company.\
…
Leave a Comment » | investment, Malaysia | Tagged: Petronas | Permalink
Posted by Wata
August 16, 2018
Dateline 2018-06-13, FMT:
It was reported on June 5 that Petronas had gone to court to seek a declaration that under the Petroleum Development Act 1974 (PDA), the national oil company had exclusive rights over oil and gas resources in Malaysia.
Petronas’ move is in response to Sarawak’s announcement on March 7 that it had assumed full control of oil and gas resources within its territorial boundaries.
The legal test initiated by Petronas is shaping up to become a battle royale between a corporate body and a founding state of Malaysia.
After the Cabinet meeting on June 6, Prime Minister Dr Mahathir Mohamad said the federal government would leave it to the court to decide on the dispute between Sarawak and Petronas, clearly washing his hands over what could be a tenacious battle between federal and state rights.
…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Petronas, Sarawak | Permalink
Posted by Wata
July 10, 2018
Dateline 2018-06-05, FMT:
A Sarawak minister has welcomed Petronas’ move to let the Federal Court settle the issue of ownership of petroleum resources in the country.
“It’s good that Petronas is finally taking the matter to court for clarification so that Sarawak and Malaya can revisit what they negotiated and agreed to when they formed Malaysia,” said Abdul Karim Rahman Hamzah, the state minister for tourism, arts, culture, youth and sports.
“As far as Sarawak is concerned, resources within the state’s territory, which includes its continental shelf, belong to the state and require the state’s permission to extract.”
…
Leave a Comment » | Malaysia, Malaysian election | Tagged: Abdul Karim Rahman Hamzah, Petronas, Sarawak | Permalink
Posted by Wata
July 9, 2018
Dateline 2018-06-04, Straits Times:
Malaysia’s national oil company Petroliam Nasional (Petronas) has gone to court for a declaration that it is the exclusive owner of the petroleum resources in the country, including in Sarawak state.
Petronas said on Monday (June 4) it had filed an application before the Federal Court seeking the declaration under the Petroleum Development Act 1974 (PDA), which governs the petroleum industry in Malaysia.
The application also seeks a declaration that Petronas is the regulator for the upstream oil industry throughout Malaysia, including in Sarawak.
…
Leave a Comment » | Malaysia, oil and gas | Tagged: PDA, Petronas, Sarawak | Permalink
Posted by Wata
July 6, 2018
Avast there, maties! BTW, when does Datuk Seri get his Tun?
Dateline 2018-05-31, The Star:
Former prime minister Datuk Seri Najib Tun Razak (pic) has urged the new government not to plunder funds from Petronas for bailouts.
“I urged the new government to continue to give sufficient space and capital to Petronas to fulfil their vision and not to plunder funds from Petronas or through bail-out missions as what was done during the 22 years of Tun Dr Mahathir Mohamad’s previous administration,” he said on his Facebook post on Thursday (May 31).
Najib noted the new Pakatan Harapan government recently stated that the shortfall in revenue due to the abolishment of the Goods and Services Tax (GST) would be made up by Petronas, Khazanah, and Bank Negara Malaysia by making higher dividend payments to the government.
…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Najib Tun Abdul Razak, Petronas | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 