Malaysia’s Petronas posts 39 pct drop in Q1 profit on global oil slump

July 5, 2015

If I were PETRONAS, I would consider that during this slow cycle, perhaps we should dump the highly paid pekerja asing, and train up the local young punks. Projects could take the pace of the early 1990s (remember 10 day HAZOPs? for a compressor train?), and learning on the job meant mentor, not ‘deep end – swim’. And coupons for Episode VII.

Dateline 2015-05-22, Reuters:

Petroliam Nasional Bhd , Malaysia’s state oil company more commonly know as Petronas, reported on Friday a 39 percent drop in quarterly net profit due to a drop in benchmark crude prices.

Net profit was 11.4 billion ringgit ($3.18 billion) for the January-March period, compared to a profit of 18.8 billion ringgit in the same period in 2014, Petronas said.

Revenue for the quarter was 66.2 bln ringgit against 84 bln ringgit in the prior year period.

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The quest for remote gas pushes FLNG innovation

July 2, 2015

Dateline 2015-05-19, Marine Log:

By the end of this year, the world’s first Floating Liquefied Natural Gas (FLNG) vessel will go to work in Malaysia’s gas field, some 180 kilometers off of the coast of Sarawak, producing 1.2 million tonnes of LNG annually.

Classed by DNV GL, the PFLNG1 vessel, also known as PFLNG SATU, is expected to play a significant role in the efforts of Malaysia state owned oil company PETRONAS to unlock the gas reserves in that country’s remote and stranded fields previously thought to be uneconomical to develop.

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Falling oil prices hit O&G players

June 23, 2015

Title says O&G player, article focuses on bashing RNZ Petrofac. First, there must have been a whistleblower (good play, sir). Second, follow the money trail, which companies and Da… individuals make money out of this revelation? Third, will they pay my invoices?

At press time, calls went unanswered… huh, do you know that RNZ offices are closed Friday afternoon?

Dateline 2015-05-18, Daily Express:

Industry players are starting to feel the impact of the drop in global crude oil prices, which led oil and gas giant Petroliam Nasional Bhd (Petronas) to defer capital expenditure and reduce operational spending.

One such player, Petrofac-RNZ, has implemented a voluntary separation scheme (VSS) for its employees based in its Kuala Lumpur head office, sources say.

The VSS was offered last month to its permanent employees based in its Kuala Lumpur head office with Job Grade 19 and below only. Petrofac-RNZ also has offices in Sabah and Sarawak.

Petrofac-RNZ is a member of Petrofac Group. It provides engineering and consulting services to the offshore oil and gas sector, including oilfield services to the international oil and gas industry.

A check on its website showed that a big portion of its jobs in Malaysia were for Petronas’ exploration and production arm, Petronas Carigali Sdn Bhd.

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LNG’s adverse impact on Petronas and Malaysia

June 20, 2015

Dateline 2015-05-18, The Star:

The earnings of state-owned Petroliam Nasional Bhd (Petronas) and the country’s current account are expected to come under pressure in the next few months due to the steep drop in the average price of spot liquefied natural gas (LNG).

LNG prices track crude oil prices and have more than halved, with the average spot price down as of April to US$7.60 mmbtu (million British thermal units)since oil prices started their downward descent last July.

LNG makes up two-thirds of Petronas’ total oil and gas production, and with contract agreements up for renewal, analysts pointed out that earnings would be hit.

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Malaysia’s Petronas to delay start-up of Johor petrochemical complex

June 19, 2015

As if this is new news.

Dateline 2015-05-18, ST:

Malaysia’s state-owned oil and gas company Petronas is delaying the start-up of its huge RAPID refining and petrochemical complex in the southern state of Johor until mid-2019, back from early that year, its top executive said on Monday.

“For the refinery, the start up will be middle of 2019. That is the current schedule,” President and Group Chief Executive Officer Wan Zulkiflee Wan Ariffin said on the sidelines of the Asia Oil and Gas Conference in Kuala Lumpur.

All of the engineering, procurement and construction contracts have been awarded for the refinery, while the petrochemical plant is still being tendered, he said.

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PGB records RM1.7b profit after tax

June 18, 2015

Dateline 2015-04-30, NST Online:

Petronas Gas Bhd (PGB) recorded profit after tax of RM1.7 billion despite declining crude oil prices, ringgit depreciation and a challenging economy.

Its chairman Datuk Manharlal Ratilal said 2014 was a strong year for the company in terms of performance and revenue.

“Overall, 2014 was a strong year for PGB as it has generated RM4.4 billion in revenue, a 13 per cent or RM500 million increase from last year.

“Our market capitalization closed at RM44 billion at year end, making PGB one of the largest corporations on Bursa Malaysia. Dividend paid was 55 sen  per ordinary share.”

The improved performance was mainly attributed to its full year operation from its liquefied natural gas (LNG) Regasification Terminal in Sungai Udang, Malacca as well as Gas Transportation Agreements with Petronas.

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Malaysian oil and gas players should explore consolidation opportunities: Wan Zulkiflee

June 16, 2015

Dateline 2015-05-18, NST:

The oil and gas industry should leverage on the opportunities posed by the current low oil price environment, and prepare itself for when the global market recovers, says Petroliam Nasional Bhd (Petronas) president and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin.

“Following the repercussion of the oil price drop, companies scrambled to relook their business processes and cost structures in frantic efforts to drive down expenditures.

“This presents an opportunity in itself, if we view it not only as a stop-gap measure, but take the effort to ensure that processes and cost structures are redesigned for simplicity, and to support long term lower operating costs and higher efficiency.

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ExxonMobil Starts Gas Production at Telok B Platform Off Penisular Malaysia

June 11, 2015

Dateline 2015-05-12, Rigzone:

ExxonMobil Exploration and Production Malaysia Inc., a subsidiary of Exxon Mobil Corporation, announced recently the startup of natural gas production from the second phase of the Telok gas development project, the Telok B platform located off the east coast of Peninsular Malaysia.

The Telok development consists of two satellite platforms – Telok A, which started up in 2013, and Telok B. Both platforms combined are capable of producing more than 450 million cubic feet per day (MMcf/d) of natural gas.

The Telok field was developed under a gas production sharing contract between ExxonMobil, as the operator, PETRONAS Carigali Sdn Bhd (PETRONAS Carigali), and PETRONAS to help meet demand for natural gas in Peninsular Malaysia. ExxonMobil and PETRONAS Carigali each hold a 50 percent interest in this project. Telok is one of several upstream investments announced under Malaysia’s Economic Transformation Programme in 2011, which saw ExxonMobil and PETRONAS Carigali invest more than $2.76 billion (MYR 10 billion) in new oil and gas assets to help ensure reliable and sustainable energy supplies for Malaysia.

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Petronas to deliver LNG cargo from world’s first floating facility in early 2016

May 28, 2015

Dateline 2015-04-21, TMI:

The world’s first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in the first quarter of 2016, senior officials from the Malaysian state-oil firm said on Tuesday.

The 365m long Petronas Floating LNG 1 (PFLNG1), with a capacity of 1.2 million tonnes per annum, would be completed by March next year, the firm’s vice-president and venture director LNG Projects (Domestic) Abdullah Karim told reporters.

“We expect the first cargo of LNG to be available in the first quarter of 2016,” Abdullah said, adding that the gas supplies will likely be used for domestic consumption.

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Petronas Still a Safe Bet

May 15, 2015

Umm, when did PETRONAS start trading stock? Why did you not tell me? Safe bet for who?

Dateline 2015-04-10, The Establishment Post (who?):

When Petronas posted a huge loss in the last quarter, there was great fear that the economy was going into a nosedive. The state-owned oil and gas company has contributed to the government more than RM800 billion (US$216.5 billion) since it was set up 41 years ago, according to business portal Kinibiz. When Petronas sneezes, there is no denying that Malaysia will catch a cold.

Petronas (Petroliam Nasional Berhad) is Malaysia’s largest single taxpayer and the biggest source of revenue. Over the years, the company has contributed 30 to 45 per cent of the government’s annual revenue. It is Malaysia’s only Fortune 500 company and among the most profitable companies in the world.

So when the Brent crude oil price of US$115 per barrel in June plunged to US$45 in January 2014, there was an air of gloom. In the last quarter of 2014, Petronas saw losses amounting to RM7.3 billion (almost US$2 billion). A drop of this size has never happened since the national oil company started filing financial results on a quarterly basis five years ago. Prior to that, Petronas was earning an average of RM16 billion (about US$4.3 billion) a quarter.

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