July 4, 2018
Dateline 2018-05-30, Reuters:
Malaysia may collect up to $2.3 billion more in taxes and dividends from Petroliam Nasional Berhad, or Petronas, this year, a finance ministry official said on Wednesday, as firmer oil prices boost profits at the state energy firm.
The new administration led by Mahathir Mohamad is relying more on Petronas – a significant contributor to government revenue and the country’s largest employer – to offset a revenue shortfall from the government’s plan to scrap a consumption tax.
Oil prices were trading close to 3-1/2-year highs on Wednesday as Petronas reported a 26-percent surge in first quarter profit.
With oil prices improving, Malaysia may collect 8-9 billion ringgit ($2-$2.26 billion) more in revenue from Petronas this year, Ong Kian Ming, a special officer to the finance minister, told Reuters.
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Posted by Wata
June 29, 2018
Dateline 2018-05-16, FMT:
Sarawak Chief Minister Abang Johari Openg says with effect from July 1, 2018, oil and gas (O&G) industry players must abide by state laws such as the Oil Mining Ordinance (OMO) 1958 and Gas Distribution Ordinance (GDO) 2016.
He said the state will continue to cooperate with the federal government and Petronas to ensure the local O&G industry continues to flourish and contributes to the country’s economic growth.
“We will update the federal government and its agencies on the steps taken to regulate the O&G industry in accordance with state laws.
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Posted by Wata
June 28, 2018
Dateline 2018-05-16, Saudi Gazette:
Nasional Berhad (Petronas), the national oil company of Malaysia and Saudi Arabian Oil Company (Saudi Aramco) Moday launched “PRefChem”, the corporate identity for their joint ventures in the Pengerang Integrated Complex (PIC) located in Pengerang, Johor, Malaysia. PRefChem comprises Pengerang Refining Company Sdn Bhd (PRefChem Refining) and Pengerang Petrochemical Company Sdn Bhd (PRefChem Petrochemical), both will be collectively known as “PRefChem”.
Petronas and Saudi Aramco had earlier in March 2018 concluded the Share Purchase Agreement for equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in the PIC.
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Posted by Wata
June 3, 2018
Dateline 2018-04-12, The Edge:
The long-awaited go-ahead for the development of three gas fields off Sarawak provided a huge boost to flagging Sapura Energy Bhd, with its market capitalisation boosted by more than half a billion ringgit as its share price rallied sharply yesterday.
Sapura Energy logged its largest single-day price gain since its listing six years ago to finish a fifth higher to 64.5 sen after it announced it was proceeding with the development of the Gorek, Larak and Bakong gas fields off Sarawak under phase one of the SK408 production sharing contract (PSC).
The PSC follows a final investment decision (FID) made after the fields development plan received Petroliam Nasional Bhd’s approval. Concurrently, the key terms of the gas sales agreement for the gas fields’ development have been agreed upon.
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Posted by Wata
June 2, 2018
Only now?
Dateline 2018-03-28, Reuters:
Saudi Aramco [IPO-ARMO.SE] finalised a deal on Wednesday with Malaysian state energy company Petroliam Nasional Berhad (Petronas) to invest in a refinery project off Malaysia.
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May 27, 2018
Dateline 2018-03-24, The Star:
WHILE a cautious outlook is being projected for the upstream oil and gas (O&G) sector this year, national oil company Petroliam Nasional Bhd (Petronas) is confident that the challenges facing the industry can be overcome with the proper strategies in place.
Petronas executive vice-president and upstream chief executive officer Datuk Mohd Anuar Taib says the company already has a growth plan outlined for it.
“When people ask me about the outlook, you have to be positive in this business.
“We will work towards a plan that we have, which is capital and operational discipline,” he said during a briefing in conjunction with the Offshore Technology Conference Asia 2018 earlier this week.
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Posted by Wata
May 24, 2018
Dateline 2018-03-20, NST:
Oil and gas players should keep the operating costs in check and continue to remain vigilant as the industry outlook remains uncertain.
Petroliam Nasional Bhd (Petronas) president and chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said it is imperative to continue to be vigilant in maintaining cost discipline and drive for efficiency.
“There is a concern here that with the oil price recovery, costs are showing signs of increasing at a worrying rate. This is likely being driven by a premature exuberance among industry players.
“If we do not keep these escalating costs in check, the industry as a whole runs the risk of negating the value we have gained from intensive cost-efficiency efforts over the last three years,” he said during his address at the Offshore Technology Conference 2018 (OTCAsia 2018).
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May 21, 2018
Dateline 2018-03-21, Upstream Online:
Malaysia’s national oil company Petronas has delayed the potential divestment of a significant stake in Block SK 316 offshore Sarawak, East Malaysia that is home to the giant Kasawari gas field.
There has been a delay in the process, PTTEP President Phongsthorn Thavisin said on the sidelines of OTC Asia. The Thai national upstream player is still interested in coming on board this gas-rich acreage and would “normally be interested in 10% to 20% of such a prize, added Phongsthorn.
Petronas is set to this year decide whether to line up a partner for Block SK 316 or whether to solely pursue the exploitation of Kasawari, which has an estimated recoverable resource of 3 trillion cubic feet of gas.
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Posted by Wata
May 18, 2018
Dateline 2018-03-05, The Edge:
Petroliam Nasional Bhd (Petronas) is set to increase its capital expenditure for the first time in three years on the back of the recovery in oil prices and its ongoing cost-efficiency drive that boosted profit in 2017 to a level not seen since 2013.
Petronas will spend “around RM55 billion” this year on capex with a higher commitment to upstream development. The national oil firm spent RM44.5 billion on capex in 2017 — down 11.7% from 2016 — with a focus on the downstream sector.
“We are in a stronger position to execute our long-term growth strategy,” president and CEO Tan Sri Wan Zulkiflee Wan Ariffin — better known as Wan Zul — told reporters at the group’s 2017 results briefing last week.
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Posted by Wata
May 11, 2018
Why does this feel like the sharp end of a trident?
Deadline 2018-01-26, The Star:
Petroliam Nasional Bhd (Petronas) says it has a three-pronged strategy this year which will help it focus on growth.
Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the national oil and gas firm wants to expand its core business as well as diversify but is mindful of its cash position.
“One, we are still looking at our cash. Secondly, we want to expand our core business. We are a fully integrated company and I believe in this business model.
“We are looking at ways to extend the value chain of our business,” Wan Zulkiflee was quoted as saying in an interview at the World Economic Forum here.
“Thirdly, we are looking into things that are new to Petronas. For example, we are looking at the potential of being involved in renewables such as solar and other new energies,” he said.
He said a congruence of many events, particularly the Organisation of the Petroleum Exporting Countries (Opec) and non-Opec voluntary production cuts, has helped prop up oil prices.
“We also see some supply disruption in Libya. The demand side is looking good globally and we expect this to continue in the next few years.”
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 