Malaysia’s slashed oil dividend is still too high

December 19, 2015

Dateline 2015-11-12, Reuters:

Austerity measures at Malaysia’s oil giant will need to go further. Low oil prices have forced Petronas to cut the dividend it will pay next year to the government by almost 40 percent. That’s painful for a country that depends on the state-owned group for around one third of federal revenue. But unless it takes wider action, Petronas will still need to dip into its cash reserves to fund the commitment.

Petronas has decided to lower its payout to 16 billion ringgit ($3.7 billion) in 2016 after Brent crude averaged just $50 per barrel during the quarter that ended in September. To put that in perspective, the group’s total contribution to state coffers -including corporate taxes and other royalties – added up to around 68 billion ringgit in 2014.

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MALAYSIA’S PETRONAS SAYS COMMITTED TO CAPEX PLANS DESPITE CONTINUING CHALLENGES

December 18, 2015

Dateline 2015-11-12, Platts:

Malaysia’s state-owned Petronas remained committed to its capital expenditure plans even though it anticipated continuing challenges due to bearish market sentiment, CEO Wan Zulkiflee Wan Ariffin said Wednesday.

The projects that the company will focus its capital investment on include the Refinery And Petrochemical Integrated Development project in the southern Johor state; the Pacific North West LNG Project in Canada; LNG Train 9 in Bintulu; and the two floating LNG projects being constructed in South Korea.

“These capex projects are investments for the long term, and we are set on seeing them through successfully to ensure Petronas’ sustainability well into the future,” Wan Zulkiflee said in a statement while announcing the company’s Q3 2015 results.

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PETRONAS Gives Trainees ‘Real’ Experience at its Integrated Training Center

December 13, 2015

Dateline 2015-11-06, Rigzone:

Ever since its launch in March 2014, Malaysia’s national oil company Petroliam Nasional Berhad (PETRONAS) has provided trainees with real-live operations of an actual plant at its Integrated Oil & Gas Training Centre (IOGTC) in Batu Rakit, Terengganu.

Located at the Institut Teknologi Petroleum PETRONAS (INSTEP), the firm’s technical training school established in 1981, IOGTC revolves around the concept of giving trainees an integrated, hands-on experience to complement classroom learning through live simulation and training.

PETRONAS is the only oil and gas firm in Asia that currently offers live simulation training facilities as part of its capability development program for technicians and operators, who will be benchmarked against global standards.

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Petronas wins big at IChemE Malaysia Awards

December 12, 2015

Dateline 2015-10-29, TCE:

PETRONAS had cause to celebrate at IChemE’s Malaysia Awards this week, winning three of the eight categories.

The state energy major scooped the Oil & Gas award, Sustainable Technology award and Young Chemical Engineer in Industry award, at a ceremony held in Kuala Lumpur on 26 October.

PETRONAS topped the oil and gas category for its development of a new low-viscosity drilling fluid – produced at its Melaka refinery – that operates at low temperature conditions, providing improved drilling conditions. The product – known as MG3DFTM – also has a low aromatic content and a higher flash point for improved safety and environmental performance.

It won the sustainable technology prize for developing a process to produce polyols and polyol esters – used in the production of polyurethanes and lubricants – from palm oil-based fatty acids rather than fossil feedstocks.  PETRONAS process safety engineer Ezmal b Ab Rashid won the Young Chemical Engineer in Industry prize for the pivotal role he plays in design safety for the company’s major capital projects.

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Of being an oilman

November 26, 2015

Dateline 2015-10-14, NST:

AMERICAN industrialist, oilman, and at one time, the country’s richest private citizen, John Paul Getty, was once asked of attributes to his success. He said: “rise early, work hard, strike oil.”

Just as bankers know beyond any doubt that they will be around as long as the sun rises in the east and sets in the west, oilmen like Petronas president and group chief executive Datuk Wan Zulkiflee Wan Ariffin whom this newspaper spoke to last week, knew that for as long as the world’s insatiable demand for energy continues, the company has a future. The challenge is in managing it properly.
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Petronas to continue aggressive exploration

November 20, 2015

And they will be exploring using offshore standby vessels?

Dateline 2015-10-13, The Star:

Petroliam Nasional Bhd (Petronas) will continue to undertake aggressive exploration and appraisal activities despite the global low oil price environment.

General Manager, Malaysia Petroleum Management, Mohd Redhani Abdul Rahman said Petronas feels that this is one of the main strategic thrusts that has been working for Malaysia for the past five to 10 years.

“In the last five years, 970 exploration wells were drilled in South-East Asia and about one fifth of them, or 171 wells, were drilled in Malaysian waters.

“The 970 wells drilled have brought in an additional 10 billion barrels of oil equivalent, with Malaysia contributing half of the new addition,” he said at the Asia Petroleum and Geoscience Conference and Exhibition (APGCE) 2015 here yesterday.

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Q&A with Petronas’ new CEO

November 17, 2015

Article jumps straight into it, without names and such.

Dateline 2015-10-12, NST:

Q: What is your take on the overall oil and gas industry?

A: What we anticipate is that this will be a prolonged environment of low oil prices. It is not a sudden dip in a cycle or anything. We think this would be prolonged because of the structural shift in the industry. And with many things happening at the same time, this confluence of world events has caused impact. When we look back, this is similar to what we experienced in 2008, where that, too, took quite a few years before prices picked up again.

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Oil and gas giant awards scholarships to Malaysian UQ health and safety students

November 12, 2015

Congratulations, Potential HSSE fresh meat.

Dateline 2015-10-09, Safety Culture:

PETRONAS, the Malaysian oil and gas giant has recently awarded scholarships to four Malaysian students studying occupational health and safety science at the University of Queensland.

The students, Nurul Jasmine Shaifful Anuar, Crystal Lwi, Ying Huei Ho and Huey Fang Woo have been awarded the prestigious academic scholarships.

The University of Queensland is recognised as one of the world’s top 100 ranked universities. The university’s Bachelor of Occupational Health and Safety Science (Honours) is unique in Australia.

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Petronas picks new board member, changes committee heads

October 25, 2015

Tahniah, Datuk Omar. Let’s go for teh tarik someday.

Dateline 2015-09-24, The Star:

Petroliam Nasional Bhd (Petronas) has made some changes to its board, bringing in the former head of the Securities Commission (SC), Tan Sri Zarinah Anwar, and shuffling the heads of some of its board committees.

It is speculated that more board changes are in the offing for the national oil company, with a few new ones to come in while some existing board members may leave when their terms end.

Petronas recently saw a change of guard in the form of the departure of Tan Sri Shamsul Azhar Abbas at its helm, with the reins being handed over to new CEO Datuk Wan Zulkiflee Wan Ariffin. StarBiz had speculated that some board changes would be in the offing following this.

The new changes are reflected in Petronas’ website today.

Datuk Mohd Omar Mustapha has replaced Datin Yap Siew Bee as chairman of Petronas’ remuneration committee, while Datuk Muhammad Ibrahim was made chairman of the audit committee replacing Krishnan Menon.

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Malaysia’s PETRONAS Spent $116M on Talent Management Last Year

October 24, 2015

And how much will they allow service providers to spend on ‘talent management’?

Dateline 2015-09-23, Rigzone:

Malaysia’s national oil company Petroliam Nasional Bhd (PETRONAS) spent about $115.9 million (MYR 500 million) on talent management as well as on leadership training and competency building last year, the firm’s top executive said Tuesday, as reported by national news agency Bernama.

“It is quite a significant sum, but we take it as a long-term investment,” PETRONAS President and CEO Wan Zulkiflee Wan Ariffin said at the CPA Congress 2015 in Kuala Lumpur.

Besides making a hefty investment in nurturing talents, the company also spent a lot of time looking at succession planning and developmental needs of its 51,000 employees.

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