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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.
Thailand-based E&P major, PTTEP has found an enormous gas field with first well drilled on the SK410B block offshore Sarawak, Malaysia. PTTEP’s Malaysian subsidiary discovered 252m of net gas pay, indicating a multi-trillion cubic feet (tcf) gas discovery. Drilled to a depth of 3,810 m, the Lang Lebah-1RDR2 is supposedly PTTEP’s largest discovery.
Sources have informed that Malaysian state-run Petronas and Saudi Aramco have commenced operations at the new 1.2-million-tons-per-year naphtha cracker. The naphtha cracker is integral to the $2.7 billion joint-venture oil refinery and petrochemical project, Refinery, and Petrochemical Integrated Development (RAPID) is located in Pengerang in the state of Johor, Malaysia.
Malaysian process equipment manufacturer, KNM Group Bhd has landed two contracts worth a combined sum of about RM27.71mil through its subsidiaries. As part of the first contract, the firm will supply air cooler heat exchangers to the Petroleum Refinery and Polypropylene Plant in Nigeria. The second contract will see the firm delivering replacement heat exchangers to Khor Al Zubair’s gas processing plant in Iraq.
Petronas, the leading Malaysian oil and gas company, has announced its results for the first quarter (Q1) of 2019. The company reports a profit after tax (PAT) of about $3.4bn which represents a 9% increase on Q1 2018. Petronas ascribes this rise to higher volumes of sales for petroleum products along with the weakening effect of Malaysian Ringgit against the US dollar.
Fire safety authorities, today, put out a fire at a Malaysian oil refinery owned by state-run oil major, Petronas. An explosion occurred early morning at the Refinery and Petrochemical Integrated Development (RAPID). A testing procedure was ongoing at the project for planned commercial operations later this year. RAPID is a 50-50 joint-venture between Petronas and Saudi Aramco.
Murphy Oil Corp will sell two of its Malaysian assets with an intent to exit Malaysia after two decades and enter U.S. shale oilfields. The company is selling the assets to PTT Exploration and Production Public Co Ltd for $2.13 billion in cash. Murphy has informed that the Thai energy company will pay bonus to Murphy if the exploratory projects start showing results before October 2020.
Malaysian state-run Petronas yesterday released earnings report for the 2018 financial year. The oil major registered 22% hike in profits, to RM55.3 billion in the financial year ended Dec 31, 2018 (FY18) from RM45.5 billion in 2017. President and group chief executive officer of Petronas said that the strong financial performance of the company in 2018 came from its current initiative to enhance operational efficiency and commercial excellence.
Malaysia-based Sapura Energy Bhd has received four new contracts and one extension, which has a collective value of RM760 million ($184.87 million). The integrated oil and gas group will realize three drilling contracts and two contracts for the E&C segment. In Angola, Sapura secured a two-year contract by a Chevron Corp unit. In Malaysia, Sapura extended its separate contract with Sarawak Shell Bhd and Petronas.
Saudi Aramco has entered into a long-term deal with a consortium comprising of TechnipFMC and MHB-owned, Malaysia Marine and Heavy Engineering (MMHE). In a statement given to press, MHB informed that the agreement binds the consortium to provide engineering, procurement, fabrication, transportation, and installation services to Saudi Aramco’s offshore projects. MHB also informed about being awarded a contract by TechnipFMC for the fabrication of the Pluto Water Handling Module.
According to the source, Hibiscus Petroleum, leading E&P Company of Malaysia is focusing on increasing the output two folds by 2021. The company has plans to take the output to 20,000 bpd in UK and Malaysia. But the MD of the company informed that Hibiscus needs $50 million by 2020 to boost the present 10,000 bpd. The E&P Company holds two major producing assets in UK and Malaysia.
Trade sources have revealed that Petronas and Saudi Aramco’s joint-venture Refinery and Petrochemical Integrated Development (RAPID) in Malaysia is all set to receive the first crude oil cargo by end-September. The VLCC Navarin is shipping 1 million barrels each of Saudi Arab Medium crude and Iraqi Basra Light crude to the $27 billion RAPID complex. Operations at the complex will commence from 2019.
As per sources, a meeting was held between Malaysian President, Petroleum Minister and Executive V.P. of Petronas. After the meeting, State Energy Company of the nation issued a statement informing that Petronas is interested in the oil blocks in South Sudan, aiming business expansion. The long halted crude output will be resumed in South Sudan after the five-year conflict. A peace agreement was signed last month regarding the same.
Malaysian oil major, Petronas has adopted the asset optimization software of AspenTech to optimize its asset and maximize profitability at its Refinery and Petrochemical Integrated Development (RAPID) facility in Pengerang, Johor. RAPID which is among six additional facilities is Petronas’ largest downstream investment in Malaysia. PETRONAS has deployed a bunch of other software to improve operational excellence at its facilities.
Malaysia-based Petronas acquired a 30% interest in Rufisque Offshore Profond block, offshore Senegal. The oil giant entered into a sale agreement with Total E&P in Senegal, which is the operator of the Rufisque block. The Rufisque block is spread across 10,357 km², and lies close to several other prospective oil blocks. Société Nationale des Pétroles du Sénégal (Petrosen) is the other partner in the block.
Malaysia’s oil giant, Petronas has released its second-quarter earnings wherein the company has reported a net profit, a jump to RM537.08 million from RM425.93 million. Company’s new LNG regasification terminal in Pengerang contributed to the revenue growth of 15.7%. According to the statement issued by the company, it is positive that the group’s performance will be stable in the near future.
Malaysia’s Bumi Armada has been awarded a $285m contract extension for its FPSO Armada TGT 1 FPSO vessel. The vessel is currently deployed offshore Vietnam. The company informed that the contract with Hoang Long Joint Operating Company, which was signed in 2009, has been extended for a further six years till 2024. HLJOC is a partnership between PetroVietnam EPC, SOCO, OPECO and PTTEP Company.