Sarawak CM: Petros board members must be very experienced

October 15, 2017

Dateline 2017-09-02, FMT:

Sarawak Chief Minister Abang Johari Tun Openg said for a person to be appointed as a board member of the newly formed Petroleum Sarawak Berhad (Petros), he or she must be very experienced in the oil and gas industry.

He was responding to a question posed by a reporter who asked when he was going to appoint a Dayak representative to the Petros board of directors.

“Actually, there is already a Dayak representative in the board by the name of Mohd Medan Abdullah, who is a Muslim Kelabit,” he said here today.

The Chief Minister’s Office had recently announced the appointment of former state secretary Hamid Bugo, who once served with Malaysia LNG Sdn Bhd in Bintulu, as chairman of Petros. Hamid has also been chairman of oil and gas company Sapura Resources Bhd since March last year.

The other Petros board members announced are Sharbini Suhaili, Zuraimi Sabki and Heng Hock Cheng, whom Abang Johari had described as “experienced industry professionals with very strong and proven track records and had served in key positions in the oil and gas industry”.


Sarawak will announce Petros concessions as soon as GE14 is called, says analyst

October 10, 2017

Dateline 2017-08-29, The Malaysian Insight:

SARAWAK is expected to publicise oil concessions, having settled a legal question over ownership of a continental shelf off its shores, as soon as the general election is called, said a prominent political analyst.

Professor James Chin, director at the Asia Institute at the University of Tasmania, was speaking on newly-formed state oil company  Petroleum Sarawak Bhd (Petros), whose board members were announced by the state government last Friday.

“Sarawak recently set up Petros because it is preparing for the day the federal government will recognise that the continental shelf belongs to Sarawak, so there’s a commercial entity ready to take over immediately.

“But the reason why all this is not announced because the election is not yet announced. Once the election is announced, all these concessions will be announced to the public,” he said.

 


Hamid Bugo appointed chairman of Petros

October 8, 2017

Dateline 2017-08-25, FMT:

The Sarawak Chief Minister’s Office has announced the appointment of Hamid Bugo as chairman of the newly formed oil and gas company Petroleum Sarawak Berhad (Petros).

In a statement today, it said the other board members appointed were Mohammad Medan Abdullah, Sharbini Suhaili, Zuraimi Sabki and Heng Hock Cheng.

Hamid is a former state secretary who had served with Malaysia LNG Sdn Bhd in Bintulu.

Chief Minister Abang Johari Openg announced the formation of Petros, a wholly state-owned company, on Aug 6.

He said then that its board members would comprise Sarawakian professionals within the industry.


Setting up Petros a good move — See

September 14, 2017

Sovereign wealth fund? Yeah, if that happens, can I ghostwrite “State + Business? Socialism Wins!”

Dateline 2017-08-10, Borneo Post:

The unprecedented step taken by the state administration to incorporate Petros, a Sarawak wholly-owned oil and gas company, as a vehicle to actively participate in the extraction and development of the state’s oil and gas is most welcomed by all Sarawakians, said Batu Lintang assemblyman See Chee How.

See, who is state PKR vice chairman, said Petros should be a sovereign wealth fund, which is a Sarawak-owned investment fund, answerable to the Sarawak Legislative Assembly to invest in, accumulate and manage the funds in the course of its exploration, management and development of all upstream and downstream petroleum-related projects in Sarawak.


Malaysia’s Sarawak State Announces Formation Of Oil And Gas Company Petros

September 3, 2017

Consider this more of recording history, rather than relating news.

Dateline 2017-08-07, Nikkei Asian Review:

Petros, a petroleum exploration and production company owned by a Malaysian state government, has been officially formed, national news agency Bernama reported on Monday citing the state’s chief minister.

Petros was formed by the state of Sarawak to participate in the extraction of oil and gas in Sarawak “while still pursuing its request for a 20% royalty” from national oil company Petroliam Nasional, Bernama reported.

 


Venturing upstream through Petros

August 15, 2017

Historical, but hey. Though, my memories of state owned industries being successful is not that great. And I would be more interested in the O&G roadshow. And the PSC terms for Petros.

Dateline 2017-07-05, Borneo Post online:

The state-owned oil and gas (O&G) company is expected to commence operations early next year.

According to Chief Minister Datuk Amar Abang Johari Tun Openg, ‘Petroleum Sarawak’ – or Petros – is going to be ‘100 per cent owned’ by the state government, which would then work together with national petroleum company Petronas.

“Hopefully, the name (Petroleum Sarawak) is OK – nobody will be using that name, Petros.

“The company is expected to be in operations within six month because we must get our side ready for us to get involved in the upstream oil and gas activities,” he told reporters after the launch of Board of Engineers Malaysia (BEM) roadshow here yesterday.

Abang Johari, who is also in-charge of Sarawak O&G, said at the moment the state does not have its own company that solely looks after upstream operations.