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PTTEP Discovers Oil and Gas at Sirung-1 Well, Offshore Malaysia
April 1, 2021

PTTEP Discovers Oil and Gas at Sirung-1 Well, Offshore Malaysia

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

Shell to freeze staff salaries, warns of layoffs in green energy pivot
Feb. 12, 2021
Source: world oil

Shell to freeze staff salaries, warns of layoffs in green energy pivot

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.

Petrobras inks letter of intent with MISC Berhad for Mero 3 FPSO charter
Aug. 18, 2020

Petrobras inks letter of intent with MISC Berhad for Mero 3 FPSO charter

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.

Pertamina and Petronas ink crude swap agreement
Feb. 19, 2020

Pertamina and Petronas ink crude swap agreement

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.

Petronas awards Malaysian offshore block to EnQuest
Dec. 6, 2019

Petronas awards Malaysian offshore block to EnQuest

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 sets up $350mn venture capital arm
Oct. 5, 2019

Petronas sets up $350mn venture capital arm

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.

PTTEP discovers large gas field offshore Malaysia
July 2, 2019

PTTEP discovers large gas field offshore Malaysia

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.

Petronas starts naphtha cracking unit at RAPID
June 20, 2019

Petronas starts naphtha cracking unit at RAPID

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.

KNM secures big work worth RM27.71m
June 15, 2019
Source: The Star

KNM secures big work worth RM27.71m

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 announces its Q1 2019 Profit
June 3, 2019

Petronas announces its Q1 2019 Profit

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 put out at Petronas Refinery
April 12, 2019
Source: Reuters

Fire put out at Petronas Refinery

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 sells its Malaysian assets for $2.13 billion
March 22, 2019

Murphy sells its Malaysian assets for $2.13 billion

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.

Petronas registers 22% hike in net profit
March 9, 2019
Source: NST

Petronas registers 22% hike in net profit

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.

Sapura Energy bags $184.87 million worth of contracts
Jan. 8, 2019

Sapura Energy bags $184.87 million worth of contracts

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.

TechnipFMC-consortium signs deal with Saudi Aramco
Dec. 26, 2018

TechnipFMC-consortium signs deal with Saudi Aramco

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.

Hibiscus to boost future output
Sept. 28, 2018

Hibiscus to boost future output

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.

Petronas & Saudi Aramco’s JV to receive first crude cargo
Sept. 14, 2018

Petronas & Saudi Aramco’s JV to receive first crude cargo

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.

Petronas aims at business expansion
Sept. 12, 2018
Source: World Oil

Petronas aims at business expansion

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.

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