MTEM mahu Presiden Petronas diganti

March 16, 2013

You can translate yourself.

From Utusan, dateline 2013-02-03:

Sebanyak 47 pertubuhan bukan kerajaan (NGO) ekonomi Melayu mahu Presiden dan Ketua Pegawai Eksekutif Petroliam Nasional Bhd. (Petronas), Tan Sri Shamsul Azhar Abbas meletak jawatan daripada menerajui syarikat khazanah yang menjadi ikon negara ini.

Kesemua NGO yang bergabung di bawah Majlis Tindakan Ekonomi Melayu (MTEM) mendakwa Petronas di bawah kepimpinan Shamsul Azhar gagal menjalankan tanggungjawab dan matlamat penubuhan iaitu meningkatkan ekonomi usahawan bumiputera, khususnya dalam bidang minyak dan gas.

Pengerusi MTEM, Datuk Syed Ali Mohamed Alattas mendakwa, antara punca utama syarikat nadi negara itu gagal dalam penubuhannya kerana lebih mengutamakan syarikat asing yang sebahagiannya tidak mempunyai lesen Petronas seperti termaktub dalam undang-undang.

…

Leave a Comment » | engineering, Malaysian election, oil and gas | Tagged: , | Permalink
Posted by Wata

Malaysian oil firm PETRONAS posts 14 per cent drop in 2012 profit, sees further headwinds

March 13, 2013

Obviously, PETRONAS is now associated with nautical terms now.

From the Times Colonist, 2013-03-07:

Malaysia’s national oil company Petronas said Thursday its profit fell 17 per cent last year, partly due to a shutdown of production in South Sudan, and warned of further headwinds.

Petronas said revenue rose by 1 per cent to 291 billion ringgit ($93.6 billion) but net profit slipped to 49.4 billion ringgit ($15.9 billion) in the financial year ended Dec 31.

It suffered a 45 per cent drop in profit for the last quarter of the year.

Petronas, which is Malaysia’s only Fortune 500 company and the country’s most profitable, attributed the lower profit to rising costs, loss of production in South Sudan and impairment of its Egypt investment.

…

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

GLCs and PLCs

March 5, 2013

Most Malaysians are aware of the definition and commercial-political implications of a GLC. here are some independently compiled lists here, here, here and here.

However, I hypothesize there is such a thing as a PETRONAS linked company. (PLC). What would be the character of these mythological beasts? How about I start by saying one of the following must be present:

  1. The management or grand high poobahs must consist of high ranking ex-PETRONAS staff of  flag country vintage.
  2. Said management is in favour with current PETRONAS grand high poobahs.
  3. PLC may have a indirect, obfuscated,  commercial link with PETRONAS (this eliminates the companies listed in the lobby of Tower 1) or individual flag country staff mentioned above.
  4. Invitations to bid (ITB) will be fabricated such that the PLC capabilities stand out as the only possible candidate for the job.
  5. Missteps by the GLC will be attributed to RLC (rakyat linked companies) working for the GLC.
  6. Always part of PETRONAS mega projects.
  7. The hoi polloi, that is us grunts in trenches always wonder, how the heck did this company AlphaBetaGamma win his job?

Who do you think would meet the above criteria. Lekas-lekas, spew out your answers here.

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

Shamsul Azhar’s award ‘a tribute to Petronas’

February 27, 2013

From the Malaysian Chronicle, dateline 2013-02-19:

The current Petronas team has brought back excitement to the Malaysian oil and gas sector over the past three years.

Petronas president and chief executive officer Tan Sri Shamsul Azhar Abbas said this as he received The Man of the Year Award from The Oil & Gas Year Malaysia 2013 publication yesterday.

Shamsul Azhar said while he was pleased with the recognition, the award is a tribute to the organisation and his Petronas colleagues.

“This award serves as a timely reminder of what we have achieved together in the last three years. Within this period, we have reinvigorated and brought the excitement back to Malaysia’s oil and gas industry.”

…

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

Lundin Remains Bullish on Malaysia Oil and Gas Sector

February 6, 2013

Dateline 2013-01-29:

Having made several discoveries at fields offshore Peninsular Malaysia and Sabah this year, Lundin Petroleum AB remains bullish on Malaysia’s oil and gas sector.

“We remain very optimistic about the Malaysian oil and gas industry and plan to continue to evaluate new opportunities and grow wherever possible,” Lundin Petroleum head of corporate communications Maria Hamilton told Business Times.

On Lundin Petroleum’s capital expenditure in Malaysia for this year, Hamilton said:

“We plan to immediately commence our activities and will only make a decision on drilling and capital investment once we have sufficient time to fully evaluate the new data.”

Lundin Petroleum recently announced that it had been awarded the licence by Petroliam Nasional Bhd (Petronas) to operate a new block, Block PM319, offshore Peninsular Malaysia.

…

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

Marketing Rounds – PETRONAS Gift Policy

January 29, 2013

You mean I missed out on the ‘YES Gift’ policy period? Man…

1-2013-01-17 13.47.14

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

PETRONAS PMU – Should It Be Wholly Malaysian

January 5, 2013

From the website:

PETRONAS was incorporated on 17 August 1974 as the national oil company of Malaysia, vested with the entire ownership and control of the petroleum resources in the country. It has since grown from merely being the manager and regulator of Malaysia’s upstream sector into a fully integrated oil and gas corporation, ranked among the FORTUNE Global 500® largest corporations in the world.

…

From the Petroleum Development Act:

…

2. (1)The entire ownership in, and the exclusive rights, powers, liberties and privileges of exploring, exploiting, winning and obtaining petroleum whether onshore or offshore of Malaysia shall be vested in a Corporation to be incorporated under the Companies Act 1965 or under the law relating to incorporation of companies.

…

Of all the departments in PETRONAS, this is what PMU (insider link here) does:

The Petroleum Management Unit (PMU) of PETRONAS acts as resource owner and manager of Malaysia’s domestic oil and gas assets. It manages the optimal exploitation of hydrocarbon resources and enhances the prospectivity of domestic acreages to attract investment and protect the national interest. One of the key drivers of our business growth is deepwater E&P, with many positive prospects emerging in Malaysian acreages.

Which I think means, they are the MAN when it comes to dictating how the rakyat’s hydrocarbon resources are extracted.

Don’t you think you would want to staff the PMU with Malaysians from the rakyat who will have the national interest in mind? Don’t know about you, and statistics have not been made public, but I think there is a substantial amount of non-Malaysians in this critical organization. Examples are here, here, here. PETRONAS harps about Malaysianization of key positions in oil & gas exploration and production (E&P) companies, but maybe it should look at cleaning up its backyard first. It’s not like they don’t have talent in their other Business Units (BU), for example PCSB. And I am not saying that existing PMU foreign talent is incompetent, but maybe should be located in less critical PETRONAS units.

What say you?

15 Comments | Malaysia, Malaysian election, oil and gas | Tagged: , , | Permalink
Posted by Wata

PETROANS picks (not Khir) Toyo for revamp project at Malaysia gas processing complex

January 2, 2013

Dateline 2012-12-18:

Japan-based Toyo Engineering has been awarded a contract by Malaysia’s Petronas for the rejuvenation and revamp project of the No. 4 gas processing plant located in Kerteh, Terengganu, the firms said on Tuesday.

The plant will have a capacity of 250 million cubic feet/day, according to project officials.

Toyo is slated to provide engineering, procurement, construction and commissioning with a turnkey contract for expanding the plant’s life by another 20 years.

Toyo cited an extensive track record for Petronas projects at Kerteh, including basic design work for prior revamp projects of gas processing plants No. 1 and No. 2.

…

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

Malaysia’s Petronas reports lower profit again

December 15, 2012

Oil prices are low?

Dateline 2012-11-29:

Petronas, which contributes nearly half of Malaysia’s budget revenues, said earnings fell 21.6 percent for the third quarter ending September 30, to 14.4 billion ringgit ($4.7 billion) due to sagging prices and lower crude output.

In September it had reported a 30 percent fall in second-quarter profit.

“Sluggish global economic growth and geopolitical uncertainties remain as key risks to the oil and gas industry,” the company said in its latest financial report.

It also reiterated an earlier warning on full-year earnings, saying “results for the year are expected to be lower than last year”.

…

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

Petronas uses ICES to access deepwater oil

December 6, 2012

Dateline 2012-11-21:

PETRONAS announced that the Gumusut-Kakap field, Malaysia’s second deepwater development, achieved oil production on 18th November.

This first production was achieved via an interim crude evacuation system (ICES) where two production wells from the Gumusut-Kakap field are tied back to the existing Kikeh field’s floating production, storage and offloading (FPSO) unit.

The production is expected to reach a maximum of 25,000 barrels per day (bpd) upon ramping up of the two wells.

The Gumusut-Kakap field is the second deepwater field development in Malaysia after the Kikeh field.

…

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

« Previous Entries
Next Entries »