February 4, 2016
Just in time. Is there a rumor that PETRONAS may sell the PFLNG1 strengthen their cash position?
Dateline 2015-12-31, Rigzone:
Malaysia’s national oil company Petroliam Nasional Berhad (PETRONAS) announced that the PETRONAS Floating LNG1 (PFLNG1) facility is on track to commence operations in 2016.
“The PFLNG1 has reached a 95 percent overall progress in its construction and will come on stream in 2016. All project updates of the PFLNG1 will be officially announced by PETRONAS in due course,” the company said in a press release Tuesday.
PETRONAS’ first Floating Liquefied Natural Gas (FLNG) facility will be deployed at the Kanowit field, located 124 miles (200 kilometers) offshore Bintulu, Sarawak, East Malaysia, at a water depth of approximately 262 feet (80 meters).
The PFLNG1 vessel, which will produce 1.2 million tons of LNG per year, will play a significant role in PETRONAS’ efforts to unlock gas reserves in Malaysia’s remote and stranded fields to help meet the growing demand for gas.
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Posted by Wata
January 31, 2016
Nice to see PETRONAS in the news, in a positive light. Kipidap! (that’s to annoy my children). Though on second reading… 2014?
Dateline 2015-01-29, Rigzone:
Southeast Asia’s largest offshore Enhanced Oil Recovery (EOR) project, costing $2.5 billion, became operational at Malaysia’s Tapis field in September 2014, marking the culmination of a three decade-long journey for the country’s national oil company (NOC) Petroliam Nasional Berhad (PETRONAS).
The firm became interested in EOR in 1986 when a study was made for Malaysian oilfields. But another decade passed before the first EOR evaluation took place at the Dulang field offshore Terengganu. In 2002, PETRONAS designated EOR as a strategic project, a move enabling the initiative to secure the necessary direction and funding, paving the way to realize the Tapis project.
The Tapis project, undertaken by PETRONAS Carigali Sdn Bhd and ExxonMobil Exploration and Production Malaysia Inc. in a 50:50 joint venture, is also one of the world’s largest water alternating gas (WAG) offshore EOR developments.
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Leave a Comment » | Malaysia | Tagged: Dulang, EMEPMI, EOR, Petronas, Tapis | Permalink
Posted by Wata
January 19, 2016
Dateline 2015-12-14, The Star:
The price of piped gas in Peninsular Malaysia, which will be increased by RM1.50 per million metric British thermal units (mmBtu) for January-July 2016, is still sold below the market price, said Tenaga Nasional Bhd (TNB) chairman Tan Sri Leo Moggie.
However, under an agreement between TNB and Petroliam Nasional Bhd (Petronas), gas is supplied at RM15.20 per mmBtu for the first 1,000 million standard cu ft per day (mmscfd) compared with the liquefied natural gas (LNG) market price of RM46.041 quoted by Petronas for the period from October to December 2014.
He said under the Government’s subsidy rationalisation programme, the piped gas price would be revised gradually every six months until it reached the market price.
“However, at the moment it is still subsidised (by the government),” he told a press conference after TNB’s AGM in Kuala Lumpur on Monday.
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Posted by Wata
January 10, 2016
Dateline 2015-12-03, The Malay Mail:
National oil giant Petronas will extract only marginal benefits from the Trans-Pacific Partnership (TPP) should Malaysia sign on, said a report by consultancy firm PricewaterhouseCooper (PwC) released today.
PwC noted that Petronas mostly exports to countries that are not part of the free-trade deal, adding that there are currently no or close to zero taxes imposed on its products that are sold to TPP member countries.
“The potential gains to Petronas from lower trade barriers are expected to be minimal. 74 per cent of Petronas’ exports are to non-TPP countries.
“In addition, a significant portion of Petronas’ export to the TPP countries already incur zero tariffs. For example, 60 per cent of Petronas’ export of liquefied natural gas (LNG) are destined to Japan at zero tariffs,” it said in its cost-benefit analysis of Malaysia’s signing of the TPP.
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Posted by Wata
January 7, 2016
Dateline 2015-12-01, InTheBlack:
The chief executive of Malaysian energy giant Petronas is using the sliding oil price to push the boundaries on innovation while reining in costs.
Datuk Wan Zulkiflee Wan Ariffin took stewardship of Malaysian state-owned oil and gas giant Petronas on 1 April 2015, a day known in many parts of the world as April Fools’ Day. The irony is not lost on the company veteran, given the tough trading conditions Petronas is battling on the back of a sustained slump in the price of crude oil.
It has made his role of president and chief executive an even greater challenge. Wan Zulkiflee is shepherding the company’s 51,000 employees in 75 countries through a thorough and very public cost-cutting drive. He’s also responsible for contributing a large chunk to the Malaysian Government’s coffers – 30 per cent of government revenue came from Petronas in 2014, down from 40 per cent in 2009.
Against this, the crude oil price has dropped by about 50 per cent since mid-2014, largely due to an over-supplied market. Prices spent much of 2015 below US$50 a barrel and, while they’ve recovered at times over the past 12 months, analysts believe it will be many years before oil again fetches US$100 a barrel.
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Posted by Wata
January 1, 2016
Dateline 2015-11-11, Reuters:
Malaysia’s Petroliam Nasional Bhd (Petronas) is slashing its 2016 dividend to the government by nearly 40 percent, after its quarterly profit fell 91 percent on weak global crude oil prices. The state-owned oil and gas firm, which brings in nearly half of Malaysia’s oil revenue, is being forced to shrink its contributions, compounding woes of the Southeast Asian country that is struggling amid a depreciating currency and political uncertainty caused by heavily indebted state investor 1Malaysia Development Berhad (1MDB). Petronas said on Wednesday it will pay 16 billion ringgit in dividend to the government next year, down from 26 billion in 2015. Its net profit for July-September tumbled to 1.4 billion ringgit ($321.10 million) from 15.1 billion in the same period a year earlier.
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Posted by Wata
December 26, 2015
Dateline 2015-11-22, TMI:
Petrolian Nasional Bhd (Petronas) has a strong presence in Sarawak, with total cumulative investment of over RM300 billion in the upstream, midstream and downstream projects and activities, said LNG Group of Companies vice-president and chief executive officer (CEO) Dzafri Sham Ahmad.
He said for upstream, there were 60 oil and gas producing fields – 26 oil and 34 gas – producing an average of 850 kilo barrel oil equivalent per day (kboe/d).
“Additionally there are another 206 discovered fields which are yet to be monetised,” he said at the Petronas Media Nite 2015 in Kuching last night.
He said for midstream there were three facilities – Petronas LNG Complex in Bintulu; Petronas Train 9 project; and, the floating LNG facility.
For downstream, he said, there were currently two operating units in the state — Asean Bintulu Fertiliser plant which produced 0.6 million tonnes per annum (MPTA) of urea, making it Asia’s largest granular urea plant and 0.4 MTPA of ammonia.
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Leave a Comment » | Chemical, Malaysia, oil and gas | Tagged: bintulu, Dzafri Sham Ahmad, Petronas, Sarawak | Permalink
Posted by Wata
December 25, 2015
Dateline 2015-11-21, TMI:
The Edge weekly in its latest edition raised the question whether enough has been done to ensure Malaysia’s oil wealth lasts after the wells run dry, and if establishing a special oil fund is the answer to the conundrum.
In its cover story, the Edge’s Cindy Yeap wrote that Malaysia is blessed with rich biodiversity and natural resources — from minerals such as tin to crude oil and liquefied natural gas (LNG) reserves.
The magazine said the country’s oil and gas riches have fuelled the growth of national oil corporation Petroliam Nasional Bhd (Petronas), which last year was ranked 68th on the Fortune 500 list of the world’s largest companies.
It said that from its inception in 1974 to end-2014, Petronas had contributed RM881.3 billion in dividends, taxes, royalties and duties to federal and state coffers, according to company data.
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Posted by Wata
December 22, 2015
What mega projects?
Dateline 2015-11-15, NST:
PETRONAS president and group chief executive officer (CEO) Datuk Wan Zulkiflee Wan Ariffin often talked about the need for oil and gas companies to “recalibrate” themselves in the midst of the oil and gas price doldrums.
With the global energy market outlook remaining hazy, companies, including Petronas, have to stick with a prudent and conservative budget. Managing cash flow is the main priority.
Announcing Petronas’s third-quarter financial results last week, the affable Wan Zul was frank when speaking about the challenges facing Petronas and the industry. \
But, did Petronas overextend itself with three mega oil and gas projects, as some have suggested?
Analysts and senior oil executives disagree, saying Petronas needs to invest for the future to take advantage of any industry upturn.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Petronas, Wan Zulkiflee Wan Ariffin | Permalink
Posted by Wata
December 20, 2015
Dateline 2015-11-13, The Star:
Petroliam Nasional Bhd’s (Petronas) poor performance and sober prediction for the oil and gas industry next year spell a challenging outlook for the industry players with earnings at risk.
Analysts are underweight on the sector for 2016, with some pointing out that preservation of cashflow would be key as Petronas cuts down on its spending.
UOB KayHian Research, which has an “underweight” call on the sector, said Petronas would need to continuously readjust its capital priorities, which might further defer upstream activities.
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 