Petronas has been bailing out Putrajaya financially since 1985, says Ku Li

May 17, 2014

Dateline 2014-04-04, The Malaysian Insider:

The founding chairman and chief executive of Petronas yesterday lamented that Putrajaya has been treating the leading oil and gas company as a cash cow, especially in bailing out government-linked outfits of financial trouble.

Tengku Razaleigh Hamzah, or Ku Li, said since its inception in 1974 and until 2011, Petronas paid the government RM529 billion in dividends, taxes, petroleum proceeds and export duties.

He said the reliance of Petronas to help government-linked outfits out of financial trouble had been going on since 1985.

…

 

Leave a Comment » | Malaysia, Malaysian election | Tagged: , | Permalink
Posted by Wata

Petronas expected to keep up exploration efforts

May 16, 2014

Dateline 2014-04-01, The Sun:

Petroliam Nasional Bhd (Petronas), which drilled 160 wells between 2009 and 2013, is expected to maintain its exploration efforts at a steady pace with brownfield and new developments to command a greater share of future oil production.

Public Investment Bank said Petronas is positive on the oil and gas industry going forward as Malaysia continues to attract investments and interest from new players.

To date, 101 production sharing contracts and five risk sharing contracts have been awarded, supported by a rise in upstream expenditures by a compounded annual growth rate about 37%.

It said Petronas, as a national oil company, is challenged to deploy its capital and resources efficiently to compete globally amid rising costs, compressed margins and higher country risk and barriers.

…

Leave a Comment » | Malaysia | Tagged: | Permalink
Posted by Wata

Uzma inks contract with Petronas

May 13, 2014

Dateline 2014-04-1, The Star:

 Uzma Bhd confirmed it has entered into a contract with Petroliam Nasional Bhd (Petronas) to carry out the development and production of petroleum from the Tanjung Baram field.

In a note to Bursa Malaysia, the oil & gas company said its wholly-owned subsidiary company, Uzma Energy Venture (Sarawak) Sdn Bhd, and its partner had entered into the contract, clarifying recent news reports that both were the front runners for the risk service contract (RSC) for the Tanjung Baram field in Sarawak, worth an estimated US$100mil to US$200mil (RM330mil to RM660mil).

…

Leave a Comment » | Malaysia, oil and gas | Tagged: , , | Permalink
Posted by Wata

Is Petronas strategy bearing fruit?

May 6, 2014

Dateline 2014-04-26, Malaysia Chronicle:

EXPLORATION AND PRODUCTION – National oil company went into deeper waters and complex fields the past four years

Petroliam Nasional Bhd (Petronas) has embarked on an aggresive exploration and production strategy, testing new play types in deeper waters and complex fields the past four years, which have proven fruitful.

Petronas president and chief executive officer Tan Sri Shamsul Azhar Abbas said this has helped the group unlock new reserves in Malaysia that were only years ago considered too challenging and costly.

“For the second year running, we have increased domestic production, thanks to our enhancement of initiatives,” he said at the opening of the Offshore Technology Conference Asia 2014, here, yesterday.

…

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Oil and gas sector remains rising star

April 29, 2014

Dateline 2014-03-24, Malaysia Chronicle:

TWO weeks ago, Prime Minister Datuk Seri Najib Razak said the oil and gas industry is a rising star and is expected to contribute significantly to Malaysia’s economic growth this year.

This should perhaps ease earlier concerns that Malaysia will become a net importer of oil and gas by the end of this year.

Indeed, Petroliam Nasional Bhd (Petronas) has been aggressively exploring its domestic hydrocarbon acreage with the aim to increase reserves as well as production capacity. At the same time, the national oil company continues to explore opportunities abroad, having its presence in about 30 countries.

Last year’s financial results highlighted Petronas’ success in carrying out its strategy to sustain profitability and increase production.

…

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Crunch time for Petronas

April 27, 2014

Dateline 2014-04-28, The Star:

PETROLIAM Nasional Bhd (Petronas), facing dwindling production at home, is in a race against time to scour for new oilfields beyond Malaysia’s shores.

But with depleting hydrocarbons on the homefront, where oil has been extracted for well over a century, and stiff competition abroad, how will Petronas fare in the new age of energy?

For Datuk Wee Yiaw Hin, the oil giant’s executive vice-president of exploration and production, this is exactly what Petronas has been planning for.

…

 

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Shell Discovers Oil at Limbayong Field in Offshore Sabah

April 19, 2014

Dateline 2014-03-17, Rigzone:

Malaysia’s national oil and gas company Petroliam Nasional Berhad (Petronas) and Royal Dutch Shell plc announced Monday an oil discovery offshore Sabah, Malaysia.

The discovery was made via the Limbayong-2 well during the appraisal of the Limbayong gas field by Shell. The appraisal well encountered 446 feet (136 meters) of oil bearing sands, and there are plans to conduct more appraisal work on the discovery to determine its recoverable volume.

Petronas’ Executive Vice President of Exploration and Production Wee Yiaw Hin said: “We are indeed pleased with the discovery which affirms the hydrocarbon prospects of Malaysia’s deep water areas.”

Iain Lo, chairman of Shell Malaysia and managing director of Sabah Shell Petroleum Company Ltd said: “This discovery attests to the significant potential in this area and is a positive development for exploration activities in East Malaysia.”

The drilling of the Limbayong-2 appraisal well was carried out by the consortium of Shell Malaysia (35 percent), ConocoPhillips (35 percent) and Petronas Carigali Sdn Bhd (30 percent).

2 Comments | Malaysia, oil and gas | Tagged: , , , | Permalink
Posted by Wata

M’sia O&G sector poised for massive growth

April 15, 2014

Dateline 2014-03-12, The Star:

Deloitte’s O&G (oil and gas) experts say Malaysia’s O&G sector will see between RM26bil and RM30bil in mergers and acquisitions, as well as RM22bil in capital spending on projects, this year.

Deloitte Malaysia corporate finance executive director, Nizar Najib, pointed out that Petronas’s planned capital expenditure of RM300bil between 2011 and 2016, as well as investments in Enhanced Oil Recovery (EOR), marginal fields and deepwater exploration, would likely give a massive boost to the O&G sector in the next few years.

“In the near-term, we expect to see an increase in oil production. Meanwhile, long-term upsides can be expected from gas, and therefore Malaysia is positioning itself to be a regional hub for LNG and petrochemicals through projects such as RAPID, FLNG (floating liquefied natural gas) and overseas acquisition in Canada.”

…

Leave a Comment » | investment, Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Malaysia’s Petronas Q4 profit surges 45 percent

April 11, 2014

I see 12-month bonuses coming up… and a further effort to squeeze small business like moi.

Dateline 2014-03-04, GlobalPost:

Malaysian oil giant Petronas said Tuesday its fourth quarter net profit jumped 45 percent on strong production, making 2013 “one of the best years ever” for the state energy firm.

Net profit for the three months ending December 31 stood at 12.76 billion ringgit ($3.89 billion), up 45 percent from the same period in 2012, while revenue rose 10 percent to 84.8 billion ringgit.

Overall the company’s profit increased 10 percent to 65.59 billion ringgit for the last financial year compared to 2012. Revenue added 9 percent to 317.3 billion ringgit.

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Malaysia’s Petronas to sell Vietnam oilfields for $380m

April 6, 2014

Alamak! Baru nak jual barang kepada mereka.

Dateline 2014-02-27, AsiaOne:

Petroliam Nasional (Petronas) wants to sell its stakes in five offshore oilfields in Vietnam for a combined US$300 million (S$380 million), two company sources said, as the Malaysian state oil firm streamlines its assets and raises funds for expansion.

Petronas, like many other oil companies, is looking to sell aging and less productive oil and gas fields to invest in more profitable assets. The planned asset sale comes as Petronas taps into North America’s shale boom and further develops Malaysian oil and gas fields.

The two sources did not give further details of the fields. They declined to be identified as they are not authorised to speak to the media.

…

Leave a Comment » | Malaysia | Tagged: , | Permalink
Posted by Wata

« Previous Entries
Next Entries »