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?
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Malaysia, oil and gas | Tagged: Petronas | 
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Posted by Wata
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.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Abang Johari Openg, Petronas, See Chee How | Permalink
Posted by Wata
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.
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Posted by Wata
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.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Petronas, Sarawak, SK316 | Permalink
Posted by Wata
Dateline 2017-01-23, Your Oil & Gas News (yup, that’s the name):
JX Nippon Oil & Energy (JX NOE) is pleased to announce that PETRONAS LNG 9 Sdn Bhd (PL9SB) commenced commercial operations on 1st January.
Last June, JX NOE purchased a 10 per cent stake in PL9SB, which owns the ninth LNG liquefaction train within the PETRONAS LNG Complex in Bintulu, Sarawak, Malaysia. The train has a production capacity of 3.6 million tonnes per annum.
JX NOE’s entry into PL9SB marked its second participation in PETRONAS’ LNG projects, in addition to its existing 10 per cent equity interest in MLNG Tiga Sdn Bhd.
With the addition of the state-of-the-art liquefaction plant owned by PL9SB, the PETRONAS LNG Complex now has the capacity to produce approximately 30 million tonnes per annum. The strategic partnership of JX NOE and PETRONAS will strive towards expanding the LNG business and ensuring a reliable supply of energy for the customers.
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Leave a Comment » | investment, Malaysia | Tagged: JX Nippon, Petronas, PL9SB, PLNG | Permalink
Posted by Wata
Dateline 2017-01-12, NST:
NATIONAL oil firm Petroliam Nasional Bhd (Petronas) is expected to rein in capital expenditure (capex) this year.
Hong Leong Investment Bank (HLIB) said despite the expected firmer oil prices this year, it would not bring about a significant catalyst for the local oil and gas (O&G) sector.
“It is not news that this year will be a better year for O&G market as the Organisation of the Petroleum Exporting Countries (Opec) has decided to reverse its decision to flood the market with its oil earlier in 2015.
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Posted by Wata
Dateline 2017-01-08, Daily Express:
A long-time big player in the oil and gas industry here – Petronas Carigali Sdn Bhd (PCSD) – has moved its operations to its own supply base at Bintulu Port, Sarawak, effective January 1.
A notice issued by the company advised its service providers and vendors that the delivery point for its materials would now be the East Logistics Command Centre (ELCC) at the Bintulu Port.
Industry sources reacting immediately to the latest development said it was certainly bad news for Labuan but good news for Sarawak which, not long ago, had acted firmly on Petronas to increase Sarawak’s opportunities in its employment.
PCSD had a strong presence here and had helped to raise the profile of the island as a significant oil and gas hub.
The company had been serving as an anchor tenant at the Asian Supply Base (ASB) which has often been described as a fully integrated logistics hub for oil and gas. ASB is a fully Sabah-owned entity and was established in 1985 when Tan Sri Harris Salleh was the Chief Minister of Sabah.
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2 Comments | Malaysia, oil and gas | Tagged: bintulu, Labuan, PCSB, Petronas | Permalink
Posted by Wata
Dateline 2016-12-28, Cili Sos:
You don’t need to be an economist to see how badly our economy is doing. Oil prices have been going down worldwide and that (coupled with other factors of course), has really taken a toll on our Ringgit.
In a previous article about Petronas, we mentioned that this one company alone supplies 30% of our country’s GDP (and some say 40%). In fact, the oil price drop hit Petronas so heavily that the first half of 2016 has not been kind to Petronas. They announced in August this year that their profits had fallen a staggering 96% when compared to their profits at the same time last year.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Petronas | Permalink
Posted by Wata
Old news, but good(?) news.
Dateline 2016-12-20, The Sun:
Petroliam Nasional Bhd (Petronas) will announce soon the quantum of reduction for Malaysia’s 2017 crude oil production as agreed to at a meeting of Organisation of the Petroleum Exporting Countries (Opec) and non-Opec members in Vienna, Austria, said Minister in the Prime Minister’s Department Datuk Abdul Rahman Dahlan.
The meeting agreed that non-members of Opec would have to cut down by 558,000 barrels per day (bpd) for six months beginning Jan 1, 2017.
Speaking to reporters after launching the 15th Edition of the Malaysia Economic Monitor report published by the World Bank, Abdul Rahman said the cutback by Malaysia and other non-Opec as well as Opec members was aimed at shoring up crude oil prices by stabilising global oil supply, normalising the market and regaining investor confidence.
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Posted by Wata
Dateline 2016-12-19, Malay Mail:
Petronas will slash oil production in 2017 to between 600,000 and 630,000 barrels per day (bpd), from the average of 693,000bpd in 2015 and 654,000bpd over the past five years, a source with knowledge of the matter told Malay Mail.
The at least 60,000bpd cut from last year’s average is larger than analysts expected, with Morgan Stanley predicting only a 20,000bpd cut for Malaysia while the Organisation of Petroleum Exporting Countries (Opec) had initially indicated a 35,000bpd decrease in production.
Malaysia’s crude oil production from January to March this year averaged 676,000bpd.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Petronas | Permalink
Posted by Wata
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Wata - Malaysian Oil and Gas Engineer 