Malaysian Oil Project Set to Rival Rotterdam

March 8, 2015

Dateline 2104-12-22, The Maritime Executive:

Petronas, Royal Vopak and Dialog Group Berhad have agreed to develop an industrial terminal for Petronas’ Pengerang Integrated Complex in the Johor district of Malaysia. The agreement is part of a larger plan to establish Malaysia as a rival to global oil hubs such as Rotterdam, Houston and Singapore.

The terminal, developed under the Pengerang Terminal Phase 2 project, will have a storage capacity of up to 2.1 million cubic meters (cbm) for crude, refined products, petrochemical products and LPG. The marine infrastructure includes 12 berths with a jetty facility with water depths of up to 24m capable of handling VLCCs. Berths for unloading and reloading of LNG vessels up to QMax-sized are also included in the plans

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Hit by oil price slump, Malaysia’s Petronas says open to SELLING assets in Africa

March 3, 2015

Not local new, but hey. Anyone want to go Dutch?

Dateline 2014-12-11, Malaysia Chronicle:

Petroliam Nasional Bhd (Petronas), Malaysia’s state oil company, said it is ready to divest certain assets in Africa if growth prospects are limited. “We are looking at where we can divest in Mauritania and Cameroon,” Sharbini Suhaili, vice-president for Petronas’ international upstream operations, said at a media briefing on Thursday.

Petronas has one block in Mauritania producing 6,000 barrels of oil a day, and several gas assets in Cameroon, he said.

Unlisted Petronas, which accounts for most of the Malaysian government’s oil and gas revenue, previously said the fall in oil prices could have a short-term impact on its projects.

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Petronas to spend US$1 bln to develop gas field

March 1, 2015

Before or after the oil crash of ’14?

Dateline 2014-12-12, Borneo Post Online:

Petronas, through its upstream arm, Petronas Carigali Sdn Bhd, will invest between US$500 million and US$1 billion to develop the K5 high carbon dioxide (CO2) concentration gas field off the coast of Sarawak until 2018.

For this purpose, Petronas Carigali has entered into an agreement with four companies, namely Technip Consultant (M) Sdn Bhd, UOP Malaysia Sdn Bhd, Twister BV and Generon Asia Sdn Bhd to provide the technology for the gas extraction.

Petronas Carigali head technology, technical global (sic) Dr Nasir Darman said Petronas would develop the world’s first offshore CO2 cryogenic distillation facility to enable it to recover four trillion square cubic feet (TSCF) of hydrocarbon gas from the 21 TSCF gas reserve at the field.

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Malaysia’s Petronas Q3 profit falls 12.4 pct on weak oil prices

February 19, 2015

Dateline 2014-11-29, Hellenic Shipping News:

Petroliam Nasional Bhd (Petronas), Malaysia’s state oil company, reported on Friday a 12.4 percent fall in third-quarter profit on weakness in oil prices, the U.S. dollar and liquefied natural gas (LNG) sales.

Net profit totalled 15.07 billion ringgit ($4.45 billion) in July-September from 17.2 billion ringgit a year earlier, Petronas said in a statement. Revenue declined marginally to 80.4 billion ringgit.

Excess oil and gas supplies, sluggish energy demand and slowing global growth will mean earnings in the fourth quarter will be even lower, Chief Financial Officer George Ratilal told reporters after the results.

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Malaysia’s Petronas to Review Spending as Oil Prices Slide

February 15, 2015

Dateline 2014-11-28, WSJ:

Malaysia’s national oil-and-gas company Petroliam Nasional Bhd., or Petronas, said Friday it is reviewing its spending plans for next year after reporting a 14% decline in third-quarter net profit on falling crude prices, even as it increased output.

Petronas, the Southeast Asian country’s sole Fortune 500 company and most profitable enterprise, may cut spending between 15% and 20% of its capital expenditure next year, Chief Executive Shamsul Azhar Abbas told reporters at an earnings briefing. The company typically spends 60 billion ringgit to 80 billion ringgit ($17.9 billion to $23.9 billion) each year in expanding its operations.

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A passion to fuel nation’s O&G industry

February 8, 2015

TAN Sri Dr Ngau Boon Keat is in the Young Turks book series. Enhance your knowledge by throwing money at me now.

Dateline 2014-11-23, NST:

TAN Sri Dr Ngau Boon Keat may have carved his name in the list of Top 40 richest Malaysians, but his legacy in shaping the country’s oil and gas (O&G) industry remains unmentioned in any log.

When the national oil corporation, Petronas, was founded 40 years ago through the establishment of the Petroleum Development Act 1974, the pioneers were faced with the lack of know-how and technology in the sector.

To add to the challenge, there were hardly any local professionals with experience in the O&G sector which the company could hire to help set the path and steer a course.

Things, however, turn in Petronas’ favour when it found Ngau in 1975, the first local O&G engineer to join the company. He was previously an engineer with an oil company in Singapore.

Ngau’s application ended in the hands of Tengku Razaleigh Hamzah, one of Petronas’ founders. of He was called for an interview and offered the job instantly.

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Shell, Petronas Carigali to Develop E6 Field Offshore Sarawak

February 1, 2015

Dateline 2014-10-20, Rigzone:

Royal Dutch Shell plc and the upstream division of Malaysia’s national oil and gas company Petroliam Nasional Berhad’ (Petronas) Petronas Carigali recently took the final investment decision (FID) to develop E6 field, offshore Sarawak, Malaysia, local news agency Bernama reported Wednesday .

The E6 field, discovered in 1970, will be the last field to be developed under the SK308 Production Sharing Contract (PSC).

The development concept leverages on existing infrastructure by evacuating gas from E6 to the E8 platform located around 10 miles (16 kilometers) away and crude oil to D35 located 41 miles (66 kilometers) away.

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Malaysia’s SapuraKencana buys Petronas’ blocks offshore Vietnam for $400 mln

January 31, 2015

So, I guess SKE is the new crony to PETRONAS. Are they pushing Vestigo down a level?

Dateline 2014-11-30, Reuters:

SapuraKencana Petroleum Bhd , Malaysia’s largest listed oil and gas services firm by market capitalisation, is buying state oil firm Petroliam Nasional Bhd’s entire interest in 3 blocks offshore southern Vietnam for $400 million.

The economic effective date of the transaction is Jan. 1, 2014 and SapuraKencana is entitled to net revenue from these blocks from then, the Kuala Lumpur-based company said in a press release on late Thursday.

“The transaction gives SapuraKencana an immediate foothold in the promising oil provinces offshore Vietnam with cash generating assets that will be earnings accretive to the group,” Chief Executive Officer Shahril Shamsuddin said in a statement.

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Petronas to review future capex on weak oil prices

January 24, 2015

Dateline 2014-11-18, NST:

PETROLIAM Nasional Bhd (PETRONAS) is reviewing its future capital expenditure (capex) in light of the declining oil price, said its executive vice-president and chief executive officer of upstream Datuk Wee Yiaw Hin.

The future capex could potentially be streamlined, he said at a media briefing on the upcoming eight International Petroleum Technology Conference (IPTC).

“Exploration and production (E&P) business is a long-term business, so volatility in oil price is something we need to manage.

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Petronas to Buy Phillips 66’s Stake in Malaysia Refinery

January 18, 2015

Now I know why there are Phillips 66 people in KL

Dateline 2014-11-11, Morning Star:

Malaysia’s state oil and gas company Petroliam Nasional Bhd., or PETRONAS, said Wednesday it has agreed to buy out the remaining 47% in Malaysian Refining Company Sdn. Bhd. held by Phillips 66 (PSX) for around $635 million.

The acquisition is expected to be completed by year-end, Petronas said in a statement. MRC mainly processes sour middle east crude oil and has a refining capacity of 170,000 barrels per day at its refinery in the western Melaka state.
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