Petronas’ growing oil discoveries reflect strategy to expand upstream focus

Dateline 2023-01-23, S&P Global:

Robust oil prices had encouraged Petronas to pump funds into the upstream sector, helping the state-run firm to increase its hydrocarbon discoveries sharply in 2022, a sign that the Malaysian oil giant remains focused on traditional businesses while embracing a changing energy landscape.

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Malaysia: PETRONAS signs new Discovered Resource Opportunities PSCs

Dateline 2023-01-18, Energy Pedia:

PETRONAS has signed Production Sharing Contracts (PSCs) for three clusters of Discovered Resource Opportunities (DRO) marketed under the Malaysia Bid Round (MBR) 2022.

The A Cluster was awarded to Ping Petroleum and Petroleum Sarawak Exploration & Production (PSEP), while Dialog Resources and PSEP won the bid for the Baram Junior Cluster. Both clusters are located off the coast of Sarawak.

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Petra Energy Continues Banang Offshore Field Ops for Petronas

Dateline 2023-01-03, Offshore Engineer:

Petra Energy Berhad has secured a contract extension with Petronas for production, operation, and maintenance services at the Banang offshore oil field. The agreement runs until August 6, 2024.

Its scope under the extension includes the provision of production, storage, and offloading facilities; well and reservoir surveillance; production planning and forecasting; routine operations and maintenance; logistics; and inventory and warehousing. Financial details were not disclosed.

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Another year of uncertainty ahead for O&G sector

Didn’t I publish a previous article about being upbeat?

Dateline 2023-01-03, Malaysian Reserve:

THE oil and gas (O&G) sector is expected to run into twin headwinds this year, characterised by the volatility in the energy market and the slowdown of the global economy.

Oil prices were steady and closed higher last Friday, ending 2022 on a gain despite concerns due to weakening demand from top crude importer China and the growing risk of a global recession. This marked a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and China’s lockdowns.

One bright spot for Malaysia is Petroleum Nasional Bhd (Petronas) and the overall positive sentiment towards

its activities for 2023-2025, as well as the national oil giant’s third-quarter net profit which almost doubled to RM30.8 billion from the RM16.3 billion reported in 2021.

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10 hydrocarbon discoveries made in Malaysia

Dateline 2022-12-23, Upstream:

Petronas and its Petroleum Arrangement Contractors (operators) in Malaysia this year have notched up a combined 10 discoveries on the back of buoyant exploration drilling, with the star of the show being Petronas Carigali’s significant Nahara find.

“The year 2022 has been a good year for exploration in Malaysia. I am very pleased with the increased exploration activities where 16 wells were completed, with two more in progress, doubling 2021’s figure,” said Petronas senior vice president of Malaysia Petroleum Management (MPM), Mohamed Firouz Asnan.

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Upbeat outlook on O&G sector

Dateline 2022-12-22, The Star:

Industry observers and analysts are of the general opinion that 2023 could be a bright year for the oil and gas (O&G) industry, by and large mirroring the outlook that local integrated O&G titan Petroliam Nasional Bhd (PETRONAS) has cast on the prospects of the sector as well as its own.

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Petronas, JX Nippon to collaborate on proposal to develop gas fields off Malaysia

Dateline 2022-12-12, Reuters:

Malaysia’s state energy firm Petronas said on Monday it would work with JX Nippon Oil & Gas Exploration Corp on a joint proposal to monetise gas potential in the Bujang, Inas, Guling, Sepat and Tujoh (BIGST) fields located off the shores of peninsular Malaysia.

The BIGST fields are located off Kerteh, Terengganu in eastern Malaysia, Petronas said.

Carbon capture and storage (CCS) technology will be key to monetising the fields as they contain high carbon dioxide, Petronas said, adding that it will be the first CCS project in Peninsular Malaysia.

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Petronas Carigali green lights Malaysia’s giant offshore CCS project

Why not reduce at the source? Because you can’t make a profit.

Dateline 2022-11-29, Upstream:

Malaysia’s national upstream company Petronas Carigali has taken the final investment decision on its Kasawari carbon capture and storage (CCS) — Kasawari phase two — development offshore Sarawak, East Malaysia.

The CCS project, located in Block SK 316 about 200 kilometres offshore Bintulu, is expected to reduce carbon dioxide volumes emitted via flaring by 3.3 million tonnes of CO2 equivalent annually, making it one of the largest offshore CCS projects in the world.

Petronas Carigali’s chief executive Hasliza Othman said: “The FID marks a crucial stage in the progress of CCS solutions.

“This project is expected to become the catalyst in achieving end-to-end CCS capability development within Petronas and the first step in unlocking Malaysia’s potential as a regional CCS solutions hub.”

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PETRONAS Strengthens Methane Emissions Management, Boosts Decarbonisation Efforts via New Alliances at COP27

Dateline 2022-11-11, PETRONAS:

PETRONAS has announced its signatory membership to the United Nations Environment Programme (UNEP)’s Oil and Gas Methane Partnership 2.0 (OGMP2.0), as well as the International Renewable Energy Agency’s (IRENA) global Alliance for Industry Decarbonisation at the ongoing UN Climate Change Conference COP27 in Sharm El Sheikh, Egypt.

These memberships signify the Company’s efforts for greater transparency and drive towards decarbonisation and scaling up of cleaner energy solutions aligned with the Group’s aspiration to achieve Net Zero Carbon Emissions by 2050 (NZCE 2050) to meet the goals of the Paris Agreement.

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Malaysia’s Petronas reports fire at SSGP pipeline

Dateline 2023-11-17, AsiaOne:

Malaysian state energy company Petronas reported a fire at the Sabah-Sarawak Gas Pipeline (SSGP) near Lawas on Wednesday (Nov 16) afternoon, which the Borneo Post online said led to an explosion that killed one person and injured two others.

Petronas could not immediately be reached to comment on the reported fatality and injuries.

The incident is believed to have involved a third-party contractor performing work unrelated to pipeline operations, and a police report has been lodged, Petronas said in a statement.

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