Still Talisman, I see.
Dateline 2016-05-10, Rigzone
Malaysia’s state-owned Petroliam Nasional Berhad (PETRONAS) and Vietnam Oil and Gas Group (PetroVietnam) announced Monday a 10-year extension of the Production Sharing Contract (PSC) for the PM3 Commercial Arrangement Area (CAA) with Talisman Malaysia Ltd., Talisman Malaysia (PM3) Limited (Talisman), PETRONAS Carigali Sdn. Bhd. (PCSB) and PetroVietnam Exploration Production Corporation Limited (PVEP).
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Posted by Wata
Dateline 2016-03-23, AsiaOne:
THE realities of low oil prices have forced Malaysia’s oil-and-gas (O&G) industry to undertake extensive cost- cutting, in addition to deferring projects demanding large capital expenditure, although national oil company Petronas has braved the global headwinds to press on with two multibillion-dollar projects.
Prime Minister Najib Razak noted at the official opening of OTC Asia (Offshore Technology Conference Asia) 2016 in Kuala Lumpur on Tuesday that Petronas had been forced to employ measures to ride out the storm resulting from an acute and dramatic decline in oil prices over the last two years.
Petronas CEO Wan Zulkiflee Wan Ariffin (commonly known as Wan Zul) said the Malaysian O&G industry has collectively saved RM2.44 billion (S$817 million) by implementing cost-cutting – through which efforts by Petronas towards “internal cash management, cost efficiency and simplification” yielded RM1.4 billion in cost savings alone in 2015.
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Leave a Comment » | Malaysia | Tagged: Petronas, Wan Zulkiflee Wan Ariffin | Permalink
Posted by Wata
One of those headlines that causes you to do a double take.
Dateline 2016-03-15, The Straits Times:
Malaysia’s national oil company Petronas is completing a RM700 million (S$235 million) water-supply project in two months’ time to secure sufficient water for a massive petroleum complex being built in Pengerang in south-east Johor.
The dam and reservoir project near Kota Tinggi town will also alleviate a “water crisis” for some 100,000 residents in the Kota Tinggi and Pengerang districts, as some 20 per cent of the water collected at the new Sungai Seluyut reservoir will be for public use, officials said yesterday.
The project’s imminent completion comes amid concern in Johor about its high water consumption due to rapid industrialisation and climate change that has lowered reservoir levels.
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Leave a Comment » | investment, Malaysia, oil and gas | Tagged: Kota Tinggi, Petronas, PETRONAS< Pengerang | Permalink
Posted by Wata
Have a read, and comment. Kudos for someone making a list.
Dateline 2016-03-14, Cilisos (yes):
For most of us, Petronas is just another Malaysian GLC – one that we see every day, and possibly even give business to on a regular basis – same la… like Unifi, or Tenaga Nasional.
However, you don’t see your former PM geting booted off the board on those other companies.
In fact, Petronas has been in the news recently for cutting 1000 staff, and needing to borrow money! But aside from being Malaysia’s only oil and gas company, what makes Petronas so special, and so important to Malaysians? As we started exploring, we realised one thing – there’s ALOT we don’t know about Petronas, and we should. Why? Because it supplies around 30% of our GDP. Yep. One company pays for 30% (some even say 40%) of Malaysia.
If that blew your mind, wait till you see what else we found out…
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1 Comment | Malaysia, Malaysian election | Tagged: Petronas | Permalink
Posted by Wata
Dateline 2016-03-07, Rigzone:
Petroliam Nasional Berhad (PETRONAS) announced Monday that the company’s first floating liquefied natural gas (LNG) facility officially received its name, marking another milestone for Malaysia’s national oil and gas corporation in the global LNG business arena on March 4.
The PFLNG SATU was named at a ceremony held by PETRONAS, together with its strategic partners Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) and Technip, at the DSME shipyard here in Okpo, South Korea.
PETRONAS’ President and Group CEO, Wan Zulkiflee Wan Ariffin said that the floating LNG facility signified a breakthrough achievement not only for the company but also for Malaysia.
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Posted by Wata
Heck, if it gets even more challenging, us bottom feeders will have to pay clients to execute their work.
Dateline 2016-03-04, Borneo Post:
Analysts envisage a more challenging operating environment ahead for the oil and gas (O&G) sector in Malaysia.
The research arm of Kenanga Investment Bank Bhd (Kenanga Research) affirmed that domestic outlook remains sluggish this year with Petroliam Nasional Bhd (Petronas) slashing up to a total of RM20 billion from its capital expenditure (capex) and operating expenditure (opex), indicating further slowdown in contract awards to the local services players.
“Earlier on Monday, Petronas announced its financial year 2015 (FY15) results with core net profit plunging 45 per cent year-on-year (y-o-y) and cash flow from operations contracted by 33 per cent compared to the previous year,” it said.
“On top of that, Petronas is set to lay off 1,000 staff under the group-wide transformation plan to be more cost efficient.
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Posted by Wata
Apparently, PETRONAS is not cash rich.
Dateline 2016-03-01, Nikkei Asian Review:
Malaysia’s state-owned oil and gas producer Petronas said Monday it has made additional expenditure cuts and may borrow to weather “challenges” in 2016 as the sharp fall in crude oil prices continues to hurt earnings.
Petronas’ net loss improved to 4.69 billion ringgit ($1.1 billion) in the October-December quarter, from 9.87 billion ringgit in the same period in 2014, partly helped by a stronger U.S. dollar against the ringgit. However, for the full year, net profit plunged 64.5% to 13.15 billion ringgit on revenue of 247 billion ringgit. The company blamed this on lower average prices recorded across all products, along with Brent crude’s 47% fall to $52.46 per barrel in 2015.
Oil’s sharp fall, which began in mid-2014, hit Petronas’ upstream business the hardest. But its downstream business saw a 60% increase in net profit, on higher refining margins and sales volumes for its petrochemical products.…
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Posted by Wata
Old news, but hey, I report the olds.
Dateline 2016-03-01, Reuters:
Malaysia’s Petronas announced it is making about 1,000 positions redundant and is reshuffling some senior executives after a strategic review, as the state-owned oil and gas company tries to cope with the hit from a plunge in oil prices.
Petronas, or Petroliam Nasional Bhd, is one of the biggest employers of Malaysians and has a staff of about 51,000 people, according to its 2014 annual report.
A 70 percent slump in crude prices since mid-2014 has been squeezing the finances of oil companies globally, including those of Petronas, which makes up about a third of the Malaysian government’s oil and gas revenue.
Earlier this week, the company posted a quarterly net loss and confirmed plans to cut spending by 50 billion ringgit ($12.0 billion) over the next four years.
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Posted by Wata
Dateline 2016-02-29, Reuters:
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Malaysia’s Petroliam Nasional Bhd, or PETRONAS, reported a fourth-quarter net loss on Monday and announced spending cuts for the next few years, as the state oil company braces for a prolonged period of low oil prices.
Petronas reported a net loss of 2.96 billion ringgit ($704.3 million) for the October-December period, compared with a loss of 7.3 billion ringgit a year ago. The company attributed the net loss to impairment of assets caused by low oil prices.
Revenue for the quarter was 60.1 billion ringgit, down nearly a quarter from 79.4 billion ringgit for the corresponding period a year ago.
The 70 percent slump in crude oil prices since mid-2014 has been squeezing the finances of unlisted Petronas, which accounts for about a third of the Malaysian government’s oil and gas revenue.
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Posted by Wata
As the song says, “So true, funny how it seems..“, and matches my call for classical engineering degrees, rather than needle-sharp niche ones.
Dateline 2016-02-28, Malay Mail Online:
State oil giant Petronas’ flagship project in Johor’s south-eastern tip of Pengerang has become a life raft for many oil and gas workers as contracts and new job opportunities dried up across the board over the past year.
The building of a new oil refinery and petrochemical plant, for which work started in 2012 and started picking up pace beginning last year, has taken in a growing number of oil and gas workers from all over the country.
“I took a pay-cut to work in Pengerang. It was either this or nothing at all for me,” said Thilak Jaganathan, a 28-year-old safety inspector.
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Posted by Wata
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Wata - Malaysian Oil and Gas Engineer 