SPG wants more S’wakians involved in oil & gas industry

October 28, 2016

Dateline 2016-09-15, FMT:

The Suarah Petroleum Group (SPG) is standing firmly behind Sarawak Chief Minister Adenan Satem in pushing for greater Sarawakian participation in the petroleum industry in the state.

Made up of Sarawakian oil and gas professionals, SPG said that while they acknowledged that the State Secretary has been recently nominated to sit on Petronas’s Board of Directors, more should be done.

“…SPG firmly believes that it is high time the State’s petroleum resources be developed by its own petroleum corporation, to ensure that the Chief Minister’s vision of meaningful participation becomes a reality,” it said in an article by the group’s Education, Leadership and Talent Development Bureau, entitled “A Short History of Petroleum in Sarawak.”

SPG argued that there was enough local and global talent in the state to successfully operate and manage the petroleum industry and added, “At the same time, this will allow Sarawak to develop its own ‘Talent Pipeline’ to ensure the sustainable growth and progress of the industry in the state and for the nation.”

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Lee: Miri should be centre of oil and gas industry in Malaysia

October 21, 2016

Reeeaaaaaally?

Dateline 2016-09-08, Borneo Post:

Miri should be made the centre of oil and gas industry in the country because it is the birth place of the industry over 100 years ago.

Assistant Minister for Tourism Datuk Lee Kim Shin said it was high time Petronas acknowledged this fact and this was among issues that had to be addressed by the oil and gas company in order to be more practical.

“Sarawakians have the longest experience in the oil and gas industry in Malaysia; having been in the industry for over 100 years. This is a fact. Petronas must recognise the fact that the oil and gas industry started in Sarawak in 1910.

“The industry started in Miri, so it is only logical that Petronas gives more attention and focus on oil and gas development in Sarawak,” he said during the launch of Oceancare Corporation Sdn Bhd’s (OCSB) Rope Access Training Centre in Piasau yesterday.

Its president Datuk Nelson Balang Rining was also present.

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Oil price volatility continue to impact PETRONAS

October 13, 2016

Dateline 2016-08-22, Automotive World:

PETRONAS has recorded RM17.7 billion in Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), an improvement of 14 per cent from the first quarter of 2016.

Cash flows from operating activities also rose by 64 per cent from RM9.7 billion in the first quarter of 2016 to RM15.9 billion.

The quarter-on-quarter improvements partly resulted from the Group’s transformation efforts and continuous drive to reduce cost, improve efficiency in cash management and sustain world-class operational performance in the current industry environment.

However, volatile oil prices coupled by oversupply and lagging growth demand continued to impact the Group’s half year performance as compared to the same period last year.

Group pre-tax profit for the half-year ended 30 June 2016 (after taking into account impairments) amounted to RM10.0 billion, a 68 per cent drop from RM31.6 billion achieved in the same period of 2015.

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Malaysia’s Petronas Posts 96% Profit Drop on Lower Oil Price

October 11, 2016

Dateline 2016-08-22, Reuters:

Malaysian state-owned oil firm Petroliam Nasional Bhd (Petronas) on Monday said low oil prices dragged quarterly profit down 85 percent, and labelled the industry outlook “gloomy” well into 2017.

Petronas has seen a global slump in oil prices squeeze finances, which make up a third of Malaysia’s oil and gas revenue. The benchmark Brent futures LCOc1 price, which hit a 12-year low earlier this year, rose 25 percent in the second quarter but remains lower than a year earlier.

“We should expect to see volatility continue and Petronas will not bank on optimistic oil prices to ease up on pressure,” President and Chief Executive Wan Zulkiflee Wan Ariffin said at a news conference.

“The combined factors of oversupply, growing inventories and slower demand growth point to an ongoing gloomy outlook well into 2017.”

Wan Zulkiflee said Petronas planned for an average price this year of $30 a barrel, unchanged from its February forecast. Brent crude, after a recent rally, traded at $49.50 at 1021 GMT.

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Malaysia’s Petronas sees gloomy industry outlook as second quarter profit slumps

October 9, 2016

Dateline 2016-08-22, Reuters:

Malaysian state-owned oil firm Petroliam Nasional Bhd (Petronas) on Monday said low oil prices dragged quarterly profit down 85 percent, and labelled the industry outlook “gloomy” well into 2017.

Petronas has seen a global slump in oil prices squeeze finances, which make up a third of Malaysia’s oil and gas revenue. The benchmark Brent futures LCOc1 price, which hit a 12-year low earlier this year, rose 25 percent in the second quarter but remains lower than a year earlier.

“We should expect to see volatility continue and Petronas will not bank on optimistic oil prices to ease up on pressure,” President and Chief Executive Wan Zulkiflee Wan Ariffin said at a news conference.

“The combined factors of oversupply, growing inventories and slower demand growth point to an ongoing gloomy outlook well into 2017.”

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PETRONAS to Continue Cost Control Measures Even When Oil Price Recovers

October 7, 2016

Dateline 2016-08-18, Rigzone:

Malaysia’s state-owned Petroliam Nasional Bhd (PETRONAS) planned to continue with efforts to control costs even when oil prices recover after it saved approximately $851 million (MYR 3.4 billion) following implemention of cost cutting measures from the beginning of 2015 to the middle of this year, President and Group CEO Wan Zulkiflee Wan Ariffin said Wednesday, as reported by national news agency Bernama.

“Through the Cost Reduction Alliance program, we have managed to cut MYR 3.4 billion in terms of our costs since we started till the middle of this year,” Wan Zulkiflee told the International Conference of Blue Ocean Strategy’s plenary session in Putrajaya.

PETRONAS’ Cost Reduction Alliance (CORAL 2.0) is a five year program stretching from 2015 to 2019 seeks to inculcate cost-conscious mindset across upstream sector in Malaysia. The industry-wide program aims to support sustainability in the local petroleum sector through cost optimization, increased efficiency and driving industry innovation across all operators.

Many international, national and independent oil and gas companies, including PETRONAS, had undertaken measures to cut cost due to the slump in global oil prices that commenced in the second half of 2014.

“In 2014, oil prices were more than $100 per barrel, at lunch time today it was $48. Oil companies had to do strategic responses, worried about cash flows, cut budgets and optimize the manpower and PETRONAS was no different,” Wan Zulkiflee said, as reported by Bernama.

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Cost-cutting measures save RM3.4b for Petronas

October 6, 2016

Dateline 2016-08-17, FMT:

Malaysia’s oil giant, Petronas, has saved RM3.4 billion since embarking on cost-cutting measures in 2015 and this effort will continue even if oil prices recover.

“Through the Cost Reduction Alliance programme, we have managed to cut RM3.4 billion in terms of our costs since we started till the middle of this year,” its president and group chief executive officer, Wan Zulkifli Wan Ariffin, said.

He said this at the International Conference of Blue Ocean Strategy’s plenary session themed “Delivering High Value at Low Cost” here today.

The Cost Reduction Alliance, or Coral 2.0, is a five-year industry-wide programme from 2015 to 2019, driven by Petronas, with the aim to inculcate a cost-conscious mindset across Malaysia.

Wan Zulkifli said the transformation kicked in when oil and gas companies, including Petronas, were hit by tumbling prices from 2014.

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Sarawak not your dumping ground for workers, DCM tells Petronas

September 30, 2016

PETRONAS staff in Sarawak, do you feel dumped?

Dateline 2016-08-17, Malay Mail:

Reports that Petronas will deploy 90 workers from the peninsula to Sarawak amid a discrimination row there was greeted angrily by Deputy Chief Minister Tan Sri James Masing.

Talks are ongoing between the state and the state oil firm over its alleged discrimination against Sarawakians, after 13 state natives lost their jobs in a restructuring exercise.

“Why does Petronas need 90 work permits when local Sarawakians in Petronas are being retrenched? Is Petronas doing the restructuring of its employees for trimming exercise due to the economic downturn, or are they replacing Sarawakians with West Malaysians? Is it retrenching or replacing or exercise?

“Petronas, please be transparent with us. We are not your dumping ground for peninsula employees,” he was quoted as saying by local news portal the Borneo Post.

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Cost-cutting measures save RM3.4b for Petronas

September 29, 2016

Dateline 2016-08-17, FMT:

Malaysia’s oil giant, Petronas, has saved RM3.4 billion since embarking on cost-cutting measures in 2015 and this effort will continue even if oil prices recover.

“Through the Cost Reduction Alliance programme, we have managed to cut RM3.4 billion in terms of our costs since we started till the middle of this year,” its president and group chief executive officer, Wan Zulkifli Wan Ariffin, said.

He said this at the International Conference of Blue Ocean Strategy’s plenary session themed “Delivering High Value at Low Cost” here today.

The Cost Reduction Alliance, or Coral 2.0, is a five-year industry-wide programme from 2015 to 2019, driven by Petronas, with the aim to inculcate a cost-conscious mindset across Malaysia.

Wan Zulkifli said the transformation kicked in when oil and gas companies, including Petronas, were hit by tumbling prices from 2014.

…

 

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Two dead in ammonia leak at Petronas plant

September 27, 2016

Dateline 2016-08-16, The Malay Mail:

An ammonia leak at a Petronas plant in Sipitang, near here this morning killed two workers and injured three others.

Petronas Chemicals Group Berhad (PCG) confirmed the incident at 9.30am this morning at the Petronas Chemicals Fertiliser Sabah Sdn Bhd (PCFSSB) plant in the Sabah Ammonia Urea project in the Sipitang Oil and Gas Industrial Park some 140km from here.

“Five PCFSSB contractors were affected. The company, however, regrets to inform that two fatalities have been reported. The other three affected personnel have received appropriate medical treatment,” it said in a statement here.

“Our Emergency Response Team was immediately mobilised and the situation has been contained,” it  also said, adding that there was no immediate threat to the surrounding communities or environment.

..

 

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