September 13, 2015
Dateline 2015-08-14, Yahoo:
Malaysian state energy firm Petronas said Friday its second-quarter profit plunged 47 percent, warning of “unrelenting” difficulty as lower world oil prices hit the company’s bottom line.
Net profit at Malaysia’s only Fortune 500 company for the three months ending June 30 fell to 11.1 billion ringgit ($272.2 million), compared to 21.06 billion ringgit in the same period last year.
“Petronas is bracing itself for more challenges ahead as low oil prices persist,” Wan Zulkiflee Wan Ariffin, Petronas president and CEO, said in a statement.
“Overall, it has been an unrelenting difficult period,” he added.
The news marks the fourth straight quarter of either weakening year-on-year sales growth or outright losses.
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Posted by Wata
August 25, 2015
Dateline 2015-07-14, Rigzone:
Malaysia’s national oil company Petroliam Nasional Berhad (PETRONAS) announced Tuesday the commencement of oil production at the Tembikai field under the Tembikai-Chenang Cluster small field Risk Service Contract (RSC) located offshore Terengganu, Peninsular Malaysia.
The field, which lies in water depth of approximately 230 feet (70 meters), is being developed and operated by VESTIGO Petroleum Sdn Bhd, a company established in 2013 and wholly-owned by PETRONAS Carigali Sdn Bhd — the upstream arm of PETRONAS.
The Tembikai-Chenang Cluster is the fourth RSC that has been brought into production, after the Kapal-Banang-Meranti (KBM) Cluster, Balai Cluster and Berantai RSCs.
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Posted by Wata
August 18, 2015
Dateline 2015-07-02, TMI:
Petronas denies controlling the price of petrol in the country, saying the government is the only party responsible.
Speaking to media at a corporate social responsibility (CSR) event in Kuching last night, Petronas chairman Tan Sri Sidek Hassan said Putrajaya determines the price for RON95 and RON97 from the market price for crude oil, the Borneo Post reported.
“It has been agreed that petrol pump prices is based on the government’s decision, and is tagged to the market. So when the market moves up then it will go up and vice versa.
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Posted by Wata
August 13, 2015
One more quote in ‘The Book of Last Words’?
Dateline 2015-06-17, Malay Mail:
Petronas will not release any of its employees amid falling profits caused by the dip in global oil price, Parliament was told today.
Deputy Minister in the Prime Minister’s Department Datuk Razali Ibrahim said that despite a projected 40 per cent drop in the dividends expected to be paid to the government this year, none of 50,000 Petronas employees will lose their jobs.
“One guarantee we can give is we that will maintain all 50,000 Petronas employees all over the world because now the reduction in spending… is to ensure we stay operational,” he said during a reply in Parliament to Kepala Batas MP Datuk Seri Reeezal Merican.
“Today, we actually still need additional employees to maintain operations so this is at least a guarantee we can give,” he added.
Razali explained that Petronas’ dividend payment to Putrajaya was RM73 billion in 2013 and RM75 billion in 2014, but based on this year’s first quarter profits, this is expected to drop to only RM43 billion in 2015.
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Posted by Wata
August 7, 2015
Dateline 2015-06-14, TMI:
Petroliam Nasional Bhd (Petronas) will continue to implement cost-cutting measures, concentrate on profitable projects, as well as eye opportunistic acquisitions abroad to adjust to the “ups and downs” of oil price.
Its Executive Vice-President/Chief Executive Officer of Upstream, Datuk Wee Yeow Hin, said this time people thought the oil price will be soft for a little bit longer.
“Therefore all companies, including us, are adjusting our capital expenditure (capex),” he said.
Unlike the previous cycle in 1998/1999 whereby the price stabilised by 2000, and during the 2008 global recession where it went down to US$45 per barrel to recover by 2009, this time there is no indication that the oil price will pick up to US$100 per barrel in the next three to four years.
Wee said for oil, short-term duration contract will be one year, unlike liquefied natural gas, where the contracts could last 20 to 30 years.
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Posted by Wata
August 6, 2015
I guess ‘cool’ because of refrigeration units, and ‘sexy’ because of the strippers? And why isn’t a ‘Malaysian’ publication not using Dato’ and spelling Yiaw wrong?
Dateline 2015-06-14, FMT:
Petronas will remain focused on the “cool and sexy” natural gas business for the long-term, said its executive vice-president Wee Yeow (sic) Hin.
“Demand for LNG will always be there and it is expected to triple by 2035, from 210 million tonnes in 2010 to 500 million tonnes in 2030 and reaching 600 million tonnes in 2035,” he said in an interview with Bernama.
He said there were about 30 LNG supply projects globally at present and the number was expected to double to 60 projects by 2030.
“This year there are about 36 countries importing LNG and by 2030 it is expected to grow to 50 countries.
“Japan, Korea and Taiwan will remain as large and important markets but the biggest volume growth would come from India, China and Asean,” he said.
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Posted by Wata
July 18, 2015
What two cities we talking about here?
Dateline 2015-06-08, AOG:
The oil and gas industry is facing a tale of two cities as it is experiencing the best of times and yet the worst of times said the chairman of PETRONAS, Tan Sri Sidek Hassan in a meeting at Oil and Gas Asia (OGA) 2015.
He said that the industry’s output is growing at a rapid pace thanks to shale revolution that has transformed the US market.
The US now produces around 9 MMbbl/d, an 80% growth from the 5 MMbbl/d produced in 2008 and global oil demand is expected to increase by 1.1 MMbbl/d in 2015.
“Operating cost that shot up during the highs of US$115 oil price has not decreased as fast as crude oil prices and the industry estimates an anticipated layoff of over 100,000 people worldwide during this down cycle,” Sidek advised.
It might not be possible for us to predict with certainty what the oil price would be next month or next quarter, Sidek said, but we can prepare the industry to weather the fluctuations with what we do best, which is to continuously innovate.
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Posted by Wata
July 17, 2015
Dateline 2015-06-08, Borneo Post:
Petroliam Nasional Bhd (Petronas) says its floating liquefied natural gas (LNG) facility (PFLNG) is a game changer that will open doors to more opportunities in global projects.
Global LNG Project, Upstream vice president Adnan Zainal Abidin said although Petronas’ first PFLNG, the PFLNG1, is expected to start operations in the first quarter of next year, the group has already received enquiries from multinationals.
Petronas has two PFLNGs in the pipeline: the PFLNG1, costing more than US$1 billion and scheduled to be ready by early 2016, and the PFLNG2, expected to be ready by 2018.
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Posted by Wata
July 12, 2015
Dateline 2015-06-01, Rigzone:
A change of guard at Malaysia’s national oil company (NOC) PETRONAS amid unfavorable oil price movements spells the start of a tighter fiscal regime, but instead of outright cost cutting, its new CEO is paying more emphasis on continued investment in differentiating technologies and increasing operational efficiencies.
Wan Zulkiflee Wan Ariffin understands as the new captain at Petroliam Nasional Berhad (PETRONAS), he needs to steer the company through a “drastic downturn” with market conditions completely reversing those of the reign of his predecessor, Shamsul Azhar Abbas.
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Posted by Wata
July 11, 2015
… And the rat race continues anew.
Dateline 2015-07-02, TMI:
Petroliam Nasional Berhad (Petronas) is leading the Cost Reduction Alliance, Coral 2.0, an industry-wide effort towards cost discipline which involves 25 petroleum arrangement contractors (PACs).
The aim is to inculcate a cost-conscious mindset that will ultimately embrace a structural change Malaysia’s upstream business environment.
“This is not a mere cost cutting exercise. Beyond that, it is about ensuring the robustness and sustainability of our business,” Petronas’ chairman Tan Sri Sidek Hassan said in his speech at the opening ceremony of 15th Asian Oil, Gas and Petrochemical Engineering Exhibition (OGA 2015) today.
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 