January 13, 2017
Dateline 2016-12-19, Yahoo! News:
Malaysian state-owned oil firm Petroliam Nasional Bhd said on Tuesday it would adjust crude oil production in line with an agreement between OPEC and non-OPEC producers to reduce global supply.
“Petronas will make the necessary adjustment to the country’s crude oil production level in line with the agreement reached between OPEC and non-OPEC producers…towards a more stable oil market,” it said in an emailed statement.
“The voluntary adjustment is expected to be implemented beginning from January 2017, taking into account prevailing market conditions and prospects.”
The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers reached a deal on Saturday to jointly reduce crude oil output to ease a global supply glut which has seen oil prices halving in the last two years.
(Reporting by Emily Chow; Editing by Biju Dwarakanath)
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Posted by Wata
December 31, 2016
Dateline 2016-11-25, Borneo Post:
THE Sarawak government and Petronas are currently undertaking the Sarawak Petrochemical Master Plan study covering the coastal areas of the state.
Assistant Minister of Industrial Development (Investment and Promotion) Datuk Julaihi Narawi said the study will look into the technical, commercial and economic feasibility of the petrochemical development in Sarawak.
“Among others, the study is expected to identify and recommend the suitable oil and gas downstream industries that the state can explore,” he said yesterday in his reply to Aidel Lariwoo (BN – Sadong Jaya) and Ripin Lamat (BN – Lambir) during the question and answer session at the State Legislative Assembly yesterday.
He said currently 100 per cent of oil resources and 93 per cent of gas resources are exported in raw form such as crude oil and liquefied natural gas (LPG).
“It is the intention of the state government to establish a robust downstream industry to increase participation in the higher value chain and thus creating a more sustainable industry for the state amidst the declining resources.
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Posted by Wata
December 25, 2016
Dateline 2016-11-17, OE:
Malaysia’s Petronas has achieved first gas from its first floating liquefied natural gas (FLNG) facility, PFLNG SATU earlier this week (14 November) from the Kanowit gas field, offshore Sarawak.
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| Image of the PFLNG SATU, from Petronas. |
The introduction of gas from the KAKG-A central processing platform at the field ignited the PFLNG SATU flare tower at the height of 130m, proving the technological aspirations of Petronas to unlock gas reserves in Malaysia’s remote and stranded gas fields, the company said in a statement.
PFLNG SATU made its 2120 nm journey from Okpo, South Korea to the Kanowit gas field on 14 May 2016 for its offshore phase of commissioning, which Petronas anticipates will soon progress towards commercial operations and first cargo.
The PFLNG SATU, fitted with an external turret for water depths of between 70-200m deep, will extract natural gas via a flexible subsea pipeline for the liquefaction, production, storage and offloading processes of LNG at the offshore gas field.
“We have come a long way with our partners to deliver a game changer in the global LNG business. The shared vision for PFLNG SATU to monetise gas resources uneconomical to develop via conventional means is an achievement all can be proud of,” said Adnan Zainal Abidin, Petronas acting VP LNG assets, development and production said.
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Posted by Wata
December 23, 2016
Dateline 2016-11-16, The Star:
Petroliam Nasional Bhd’s (Petronas) net profit more than tripled (+349%) year-on-year (y-o-y) to RM6.07bil for the third quarter ended Sept 30, 2016, despite a 19% fall in revenue to RM48.74bil.
This was attributed to a much lower net impairment on assets of RM395mil compared with RM5.43bil a year earlier as well as lower product and production costs, favourable foreign exchange rate and lower well costs.
Announcing its interim financial report on its website on Wednesday, the national oil company said that sales volumes of both petroleum products and crude oil declined y-o-y (by 3% and 1% respectively) during the quarter.
For the nine-month financial period, however, Petronas’ net profit was almost halved (-49%) to RM12.25bil on 22% lower revenue of RM146.31bil.
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Posted by Wata
December 20, 2016
Dateline 2016-11-17, The Star:
Analysts are generally mixed on the performance and outlook of Petroliam Nasional Bhd (Petronas) going forward, amid the uncertainty that blankets the global oil and gas (O&G) sector.
Hong Leong Investment Bank Research (HLIB) said on Thursday that the O&G player registered a 12.7% higher core net profit at RM7.1bil in the third quarter of financial year 2016, on a year-on-year basis (YoY). However, its core net profit for the first nine months of financial year 2016 (9MFY16) dropped to RM24.8bil, down 19.4% YoY.
Core profit after tax for the upstream segment declined by 32.1% YoY in 3QFY16 mainly due to lower realised oil prices in the quarter, consistent with global oil price trend and lower LNG volume due to lower trading volume. This is despite an increase in production volume YoY due to resumption of operations in of Sabah Sarawak Gas Pipeline, higher facilities uptime in Malaysia and Canada and better production from Indonesia and Australia.
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Posted by Wata
December 18, 2016
Dateline 2016-11-15, FMT:
Petronas has been rated as the eighth best employer among major companies in the oil and gas industry in Asia Pacific.
Oil and gas industry talent recruitment service provider Rigzone, which released its 2016 Ideal Employer Survey findings Monday, rated Shell as number one, followed by Chevron, ExxonMobil, BP and Halliburton.
The 2016 Ideal Employer Survey attracted responses from 8,400 people in more than 100 countries.
More than 3,000 oil and gas industry companies were named in the survey, according to a press release from Rigzone.
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Posted by Wata
December 17, 2016
Dateline 2016-11-16, Reuters:
Malaysian state-owned oil firm Petroliam Nasional Bhd (Petronas) [PETR.UL] said on Wednesday its third-quarter profit after tax rose to 6.1 billion ringgit ($1.40 billion) from 1.6 billion in the second quarter.
The jump was due to lower net impairment on assets and higher average prices for most products, although it was partially offset by lower sales volumes, it said in a statement.
Revenue for the quarter stood at 48.7 billion ringgit, a 1 percent gain from the preceding quarter.
“The current oil price environment continues to pose significant challenges to the industry and the outlook remains uncertain,” Petronas said.
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Posted by Wata
December 16, 2016
Dateline 2016-11-09, Reuters:
Malaysian state oil firm Petronas will add its Kimanis crude into the current crude oil basket from January, changing the way it sets its monthly crude official selling prices (OSP), according to a document sent to customers and seen by Reuters.
Petronas will add the Kimanis crude grade to the basket that is currently made up of its three flagship grades Labuan, Kikeh and Miri Light crude.
The oil firm will continue to price its crude against dated Brent and will publish monthly OSPs by adding an alpha to the monthly average of Platts dated Brent.
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Posted by Wata
December 11, 2016
Dateline 2016-10-30, Borneo Post:
ON June 22, 2012, Sarawak and Sabah lost their sovereign rights and jurisdiction over the area of the Continental Shelf, consisting of the seabed and its subsoil beneath the high seas contiguous to the territorial waters of the Borneo states, when Territorial Sea Act 2012 (TSA) came into effect, limiting both their jurisdictions to three nautical miles (5.5 km) from the coastline.
The implication is that with the reduced breadth limits of its territorial waters, the state’s rights to fisheries, marine and mineral resources, tourism sites in marine areas and so forth are now confined to only 3 nautical miles (5.56 km) from its coastline.
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Posted by Wata
December 10, 2016
Dateline 2016-10-27, Daily Express:
Petroliam Nasional Berhad (Petronas) was the big winner at the Institution of Chemical Engineers (IChemE) Malaysia Awards 2016, bagging six out of the 16 awards under eight categories presented at Le Meridien Hotel Kuala Lumpur on Monday.
Twelve organisations/institutions and four individuals received IChemE awards at the ceremony, which was graced by the Royal Patron of IChemE Malaysia, Duli Yang Maha Mulia Raja Permaisuri Perak Darul Ridzuan Tuanku Zara Salim.
Petronas Chemicals Group Berhad (PCG)’s Vice President, Managing Director/Chief Executive Officer Datuk Sazali Hamzah, who is also a member of IChemE Malaysia’s Board of Directors said, “PCG received four out of the six awards presented to PETRONAS. We are honoured by this recognition for our long-standing commitment and efforts in upholding world-class standards in our processes. Being part of the global awards programme is indeed an impetus for us to continuously strive for excellence for the benefit of the chemical engineering fraternity and chemical industry at large.”
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 