October 23, 2015
Dateline 2015-09-22, Borneo Post Online:
The Petroliam Nasional Bhd (Petronas), Shell and Technip-MMHE Joint Venture (TMJV) for the safe integration of the topsides of its Malikai deepwater platform onto the hull at Pasir Gudang, Johor provided much-needed education and skill to enhance Malaysia’s oil and gas talent.
According to Simon Ong, managing director of Shell Global Solutions Malaysia, Projects and Technology, the project was necessary as Malaysia needs the oil to sustain the revenue and energy needs of the country.
With them now having almost a full suite of deepwater technology, Ong said this will position Malaysia to be the hub of deepwater in the region as aspired by Petronas.
“This is a very important milestone for us in Malaysia,” he said in a recent site visit.
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Posted by Wata
October 17, 2015
I… have no comment. Oh, did I mention I have a PETRONAS license for safety services?
Dateline 2015-09-15, Vancouver Sun:
Malaysians wouldn’t be as surprised as Canadians to learn that Petronas, a global energy company critical to B.C.’s LNG future, has been struggling with major safety and structural integrity issues in its offshore oil and gas operations, according to a Malaysian environmental consultant.
Eugene Lee, who wrote a 2013 report on the lack of transparency surrounding the state-owned company, said he was unaware of the internal audit obtained by The Vancouver Sun outlining safety issues so serious they were “almost certain” to lead to “catastrophic” incidents.
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Posted by Wata
October 11, 2015
No, I didn’t leak the video.
Dateline 2015-09-11, Vancouver Sun:
When B.C. invited Petronas to play a pioneering role in establishing the province’s nascent liquefied natural gas industry, it brought in a powerful, highly politicized, and deeply enigmatic global energy giant.
Malaysia’s state-owned national oil company, now facing criticism over a leaked report to The Vancouver Sun outlining serious safety and structural integrity issues in its Malaysian offshore operations, hasn’t yet fully committed to the $11.4 billion project near Prince Rupert.
Yet its clout has already been on display. While all the major LNG players in B.C. have quietly lobbied both the federal and B.C. governments to provide tax breaks, only Petronas openly threatened to abandon B.C. if it didn’t get its way.
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Posted by Wata
October 3, 2015
Dateline 2015-09-01, EP:
Malaysian national oil company (NOC) Petronas is nearing the completion of its first pioneering floating LNG (FLNG) unit, the PFLNG 1, facility, which is due onstream by year-end. At the same time the NOC’s second and larger unit—PFLNG 2—being done in partnership with Murphy Oil also is well underway in terms of its construction program.
PFLNG 1 (also known as PFLNG Satu) will be moored over the Kanowit gas field 180 km (112 miles) offshore Sarawak, Malaysia, and has been designed to produce up to 1.2 million tonnes per annum (mtpa) of LNG as part of Phase 1 of the Kumang Cluster Development. Scheduled for commercial startup early in 2016,PFLNG 1 is both on time and on budget—an impressive achievement for a project that represents such a bold step forward in terms of offshore technology development for its owner.
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Posted by Wata
October 1, 2015
Finally.
Dateline 2015-09-01, Rigzone:
Australia’s Octanex N.L. disclosed Tuesday that Malaysia’s state-owned oil and gas company Petroliam Nasional Berhad (PETRONAS) has approved the revised field development plan (FDP) for the Ophir oil field in Block PM 305, offshore Peninsular Malaysia.
Work on the $90 million Ophir field project, which is being developed under a Risk Sharing Contract (RSC) granted in 2014 to Ophir Production Sdn Bhd (OPSB), will commence immediately. OPSB is a joint venture company comprising Octanex (50 percent), Scomi Energy Services Bhd (30 percent) and Vestigo Petroleum Sdn Bhd (20 percent).
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Posted by Wata
September 26, 2015
Dateline 2015-08-25, The Star:
Petroliam Nasional Bhd (Petronas) will benefit from its takeover of Shell’s 50% interest in the MLNG Dua liquefied natural gas (LNG) plant as the deal will enable the Malaysian national oil and gas producer to better match domestic gas production with regional LNG demand, BMI Research says.
“With Petronas and its subsidiaries now becoming the operator of the project, we see this development as a positive for the firm as it will allow it to consolidate its operations in Sarawak and aid its efforts in developing the region as a gas hub,” BMI Research, a global financial information services company, said.
“By taking control of MLNG Dua, Petronas will have better control over the gas production and export in the Sarawak region and will be able to better match gas production with regional LNG demand,” it added.
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Posted by Wata
September 25, 2015
Dateline 2015-08-22, The Star:
IN Malaysia, at the centre of the oil price crash lies Petroliam Nasional Bhd (Petronas), whose fortunes are inextricably woven with that of our nation’s.
The question that everyone keeps asking is how badly will Petronas be affected and what would the impact of that be.
The simple answer is that in the short- to medium-term (and also depending on how prolonged the oil price decline will be) Petronas will be badly hit, like all other major oil companies.
But in comparison to international oil companies (IOCs), Petronas is buffered in the sense that it owns the oil and gas deposits in Malaysia.
Still, Petronas’ latest second quarter result displayed the extent to which it was being affected by the lower oil price – profits from its upstream business fell by 57% for the first six months of this year.
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Posted by Wata
September 24, 2015
Dateline 2015-08-21, Reuters:
Royal Dutch Shell unit Sarawak Shell Bhd has transferred its 50 percent stake as operator of the MLNG Dua liquefied natural gas (LNG) plant to Malaysian state oil firm Petroliam Nasional Bhd (Petronas) , Petronas said on Friday.
The Petronas statement did not give further details or any value attached to the move.
Petronas’ subsidiaries now wholly own the operator of the LNG producer in the Borneo state of Sarawak in Malaysia, according to a statement by Petronas. Shell operated MLNG Dua via a production sharing contract signed with Petronas since 1993.
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Posted by Wata
September 22, 2015
Choke the goose? A new euphemism, apparently, and the main reason why I included this article.
Dateline 2015-08-20, FMT:
PKR has warned the Federal Government not to choke the goose which lays its golden eggs, by forcing state-owned oil and gas company Petronas to draw on its reserves to pay unreasonably high 2015 dividends amidst a sharp decrease in the company’s profits.
“Petronas has committed RM26 billion dividends to the Federal Government of Malaysia despite a sharp 55% drop of crude oil price in 2015,” Bayan Baru MP Sim Tze Tzin said in a media statement issued yesterday.
“When a company draws into its reserves to pay for dividends, it shows a worrying sign of financial health,” he added.
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Posted by Wata
September 20, 2015
Dateline 2015-08-17, Platts:
Malaysia’s state-owned Petronas posted stronger refining margins in the second quarter and saw a near 3.5% growth in crude, condensate and natural gas production, but warned of tougher times ahead as it sees little scope of oil prices recovering in the second half of the year.
Petronas CEO Wan Zulkiflee Wan Ariffin said the acquisition of a 47% stake in Malaysian Refining Company late last year helped the company to boost its refining margins to “double digits” in the quarter that ended on June 30, from about $8/b in the previous quarter.
“As a result of the increased capacity through this acquisition, we could post stronger refining margins,” Wan Zulkiflee told reporters while announcing the company’s Q2 results in Kuala Lumpur.
“But there is a confluence of events that is not supporting high oil prices,” he said. “There is a chronic oversupply situation. Therefore, we expect oil prices will remain depressed for the rest of the year.”
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Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: Petronas, Wan Zulkiflee Wan Ariffin | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 