Petronas adjusts to oil price

August 7, 2015

Dateline 2015-06-14, TMI:

Petroliam Nasional Bhd (Petronas) will continue to implement cost-cutting measures, concentrate on profitable projects, as well as eye opportunistic acquisitions abroad to adjust to the “ups and downs” of oil price.

Its Executive Vice-President/Chief Executive Officer of Upstream, Datuk Wee Yeow Hin, said this time people thought the oil price will be soft for a little bit longer.

“Therefore all companies, including us, are adjusting our capital expenditure (capex),” he said.

Unlike the previous cycle in 1998/1999 whereby the price stabilised by 2000, and during the 2008 global recession where it went down to US$45 per barrel to recover by 2009, this time there is no indication that the oil price will pick up to US$100 per barrel in the next three to four years.
Wee said for oil, short-term duration contract will be one year, unlike liquefied natural gas, where the contracts could last 20 to 30 years.

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Petronas to keep focus on ‘cool and sexy’ gas business

August 6, 2015

I guess ‘cool’ because of refrigeration units, and ‘sexy’ because of the strippers? And why isn’t a ‘Malaysian’ publication not using  Dato’ and spelling Yiaw wrong?

Dateline 2015-06-14, FMT:

Petronas will remain focused on the “cool and sexy” natural gas business for the long-term, said its executive vice-president Wee Yeow (sic) Hin.

“Demand for LNG will always be there and it is expected to triple by 2035, from 210 million tonnes in 2010 to 500 million tonnes in 2030 and reaching 600 million tonnes in 2035,” he said in an interview with Bernama.

He said there were about 30 LNG supply projects globally at present and the number was expected to double to 60 projects by 2030.

“This year there are about 36 countries importing LNG and by 2030 it is expected to grow to 50 countries.

“Japan, Korea and Taiwan will remain as large and important markets but the biggest volume growth would come from India, China and Asean,” he said.

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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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