Malaysia NEWS

Asia needs to reach net zero before the world can do so, Tengku Muhammad Taufik said when asked about his views on the world’s net-zero targets. Encompassing fossil fuels as part of the energy base, at least for the first half of the century, is needed if the world wants to move itself away from energy shocks, the Petronas CEO added.

Thailand’s national upstream company PTTEP is set to imminently spud its latest wildcat on Block SK 438 offshore Sarawak, East Malaysia, where the company’s aim is to discover more gas reserves for a potential cluster development or a tie-back to existing facilities.

Sarawak Shell Berhad (SSB), a subsidiary of Shell plc, has completed the sale of its stake in two offshore production sharing contracts (PSC) in the Baram Delta to Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP).

Malaysia’s energy giant Petronas has no choice but to future-proof itself to enable the company to deliver sustainable value both as a national oil company and global energy player, according to chief executive, Tengku Muhammad Taufik.

Petronas is aiming to take out 11.6 million tonnes of CO2 of emissions by 2025 and has identified depleted fields to apply CCS technology.

Malaysian state-owned energy giant Petronas has signed a deal with compatriot SMJ (SMJSB) to farm out a key stake in the Samarang production sharing contract offshore Sabah, East Malaysia.

KUALA LUMPUR, March 24 (Bernama) - Petroliam Nasional Bhd (Petronas) has signed a memorandum of understanding (MoU) with Schlumberger WTA (Malaysia) Sdn Bhd (Schlumberger) to jointly explore opportunities in the areas of susta inability,digital and Internet of Things (loT) technologies,as wellas research and development (R&D) projects.

KUALA LUMPUR (Jan 12): The Bursa Malaysia Energy index was up in Wednesday (Jan 12) morning trade after crude oil prices leapt by nearly 4% overnight. At 10:15am, the Bursa Malaysia Energy Index — which tracks oil and gas (O&G) counters — had added 10.38 points or 1.43% to 738.73 points. At the time of writing, five out of six of the sector’s top active counters were in positive territory, namely Sapura Energy Bhd (up 10% to 5.5 sen), SAPNRG-WA (up 16.67% to 3.5 sen), Reservoir Link Energy Bhd (up 4.55% to 57.5 sen), Bumi Armada Bhd (up 2.06% to 49.5 sen) and Hibiscus Petroleum Bhd (up 3.05% to 84.5 sen).

Petronas Carigali, the upstream subsidiary of Malaysian national oil company (NOC) Petronas, has made a gas discovery at the Hadrah-1 wildcat exploration well of Block SK411, located in the shallow waters of Balingian province about 170 kilometres northwest off the coast of Sarawak, Malaysia. The Hadrah-1 well was successfully drilled to a total depth of 1,850 metres in November 2021 and encountered gas within an approximately 200-metre thick sequence of high-quality sandstone and carbonate reservoirs, Petronas said today.

Kuala Lumpur, Dec -30 - Natural gas, the Cleanest hydrocabon, has an important role to play in carbon emission reduction, especially in Malaysia.

KUALA LUMPUR (Dec 28): Petroliam Nasional Bhd (Petronas) said on Tuesday (Dec 28) it expects a positive outlook for 2022 to 2024 for the national oil company on a recovery in crude oil prices, as well as relaxation of Covid-19 standard operating procedures (SOPs) and directives besides an increase in plug and abandonment projects for planned retirement of oil and gas wells. Petronas said the information in its latest activity outlook report, which covers 2022 to 2024, is accounted for when a specific activity begins and not by contract award. "The outlook for 2022 to 2024 is based on full-year utilisation. Actual numbers may vary based on campaign durations and/or optimisation, project deferment and cancellation, etc. Actual numbers are based on data as at October 2021.

KUALA LUMPUR (Dec 17): More than 600 billion barrels equivalent of the world’s commercially recoverable oil and gas reserves are facing high or extreme risks from more frequent storms and floods, rising sea levels and temperature extremes. In its Climate Change Exposure Indices released on Thursday (Dec 16), risk consultancy Verisk Maplecroft said Saudi Arabia, Iraq and Nigeria are among the oil and gas producing countries where the risk of climate-related events disrupting the flow of oil to global markets is the highest.

Thai oil and gas company PTTEP has made an oil and gas discovery from the first exploration well, Sirung-1, in Block SK405B, off the coast of Sarawak, offshore Malaysia. The well, spudded in January, was drilled to a total depth of 2,538 meters where it encountered a significant oil and gas column of more than 100 meters, in the clastic reservoirs. An appraisal well is scheduled in near future to assess the upside resources, PTTEP said

Royal Dutch Shell will not raise salaries for most of its employees this year as it looks to save cash amid an overhaul of the company. There will be as many as 9,000 job losses over the next two years, with cuts already announced in Netherlands, UK and Malaysia. In July, Chief Financial Officer Jessica Uhl told analysts that halted bonus payouts would save the company about $1billion.

Petroleo Brasileiro (Petrobras) has signed a Letter of Intent (LoI) with Malaysia's MISC Berhad for the charter of a floating production, storage and offloading (FPSO) vessel, to be deployed at the Mero field. The Mero field is an ultra-deepwater oilfield situated approximately 180km offshore Rio de Janeiro in the Libra block, Brazil. The FPSO is expected to commence operation in the first half of 2024.

Indonesian state-run, PT Pertamina inked a framework agreement with Malaysia's Petronas to sell and buy crude this year. The deal, which was announced through a statement yesterday, will see Petronas and Pertamina swapping crude produced in the Malaysian fields of Kikeh, Kimanis and Kidurong with crude from Indonesian fields of Jabung and Ketapang. The agreement follows up from Petronas and Pertamina's plan last year to exchange crude.

Production & Development major, EnQuest has secured a production sharing contract (PSC) from Petronas for the Block PM409, offshore Malaysia. Enquest landed the contract through its wholly-owned subsidiary EnQuest Petroleum Production Malaysia (EnQuest) in partnership with Petronas Carigali (PCSB). While EnQuest will have an operating interest in the block with 85% stakes, while PCSB has the remaining 15% interest.

Petronas has set up a $350 million venture capital arm. The state firm's newly-launched Petronas Corporate Venture Capital is for industrial and energy investments. "The fund will act as a minority stakeholder in early to growth-stage companies", said the company. Petronas is Malaysia's largest employer and contributor to government revenue. The company has also informed that it is looking for investment opportunities in North America, Europe and Asia Pacific.