Latest news with #MohdJukrisAbdulWahab
Reuters
17-06-2025
- Business
- Reuters
Petronas says proposed joint venture with ENI to take 1-2 years to set up
KUALA LUMPUR, June 17 (Reuters) - Petronas' proposed joint venture with Italian energy group Eni ( opens new tab on several upstream assets in Indonesia and Malaysia is expected to take one to two years to set up, said a Petronas executive on Tuesday at the Energy Asia conference. "The whole idea of having this as a combination is to have an independent entity created in order to be self-financed," said Mohd Jukris Abdul Wahab, executive vice president and chief executive of upstream for Petronas.
CNA
17-06-2025
- Business
- CNA
Petronas says proposed joint venture with ENI to take 1-2 years to set up
KUALA LUMPUR :Petronas' proposed joint venture with Italian energy group Eni on several upstream assets in Indonesia and Malaysia is expected to take one to two years to set up, said a Petronas executive on Tuesday at the Energy Asia conference. "The whole idea of having this as a combination is to have an independent entity created in order to be self-financed," said Mohd Jukris Abdul Wahab, executive vice president and chief executive of upstream for Petronas.
Business Times
16-06-2025
- Business
- Business Times
Petronas looks abroad to help cut production costs
[KUALA LUMPUR] Malaysia's state-owned oil and gas company Petronas is looking to expand output from more affordable assets abroad in an effort to cut production costs and rein in declining profits. Petronas is seeking to produce oil at a break-even level of US$50 per barrel, from US$60 to US$70 in the past five years, said Mohd Jukris Abdul Wahab, the chief executive officer of Petronas' upstream business, which includes exploring, developing and extracting oil and gas. The firm will focus more on countries where it already has a presence, including Canada, Suriname, Brazil, Turkmenistan and several South-east Asian nations. Still, Petronas does not rule out going into a new country if it provided 'headroom for us to grow', he added. 'We want to reshape the entire portfolio,' Jukris said in an interview on Jun 13 on the 79th floor of the steel-clad Petronas Twin Towers in Kuala Lumpur. 'We are preparing ourselves, moving into a more volatile environment in the future.' Petronas is shifting its strategy as a drop in crude prices from a recent peak in 2022 slashed profits and forced the company to lower dividends. The state-owned company said earlier this month that it will cut about 10 per cent of its workforce to reduce costs. While crude prices recovered some of the lost ground on Friday (Jun 13) after Israel's air strikes on Iran fuelled concerns of a wider conflict in the Middle East, the supply-demand outlook for oil points to more pressure in the longer term. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 'Any capital deployment for our international asset has got to provide a healthy return,' Jukris noted. 'We are dealing with a lot more risk in some of the geographies that we are present.' Petronas' woes pose a challenge for Malaysia's government, which relies on the company for billions of US dollars in income. The national oil company has pledged RM32 billion (S$9.7 billion) in dividends this year, down from RM50 billion in 2022. The firm said in September that over the 50 years since its inception in 1974, it had injected RM1.4 trillion into the nation's economy through dividends, taxes and cash payments. The company plans to increase the net present value of its international upstream contributions to about 60 per cent within the next five to 10 years, from about 40 to 50 per cent now, said Jukris, who started his career at the firm in 1990. Petronas produces the equivalent of about two million barrels of oil per day in Malaysia and around 700,000 barrels abroad, Jukris said. To maintain this level of production in the face of declining output from older assets the company needs to bring in new fields, he added. Even as Petronas looks for new assets abroad, Jukris is optimistic that Malaysia's reserves will last for 'years to come', because investors keep making new discoveries. He said that there is still untapped potential in the country, including off the coast of Peninsular Malaysia where international oil companies have shown interest to explore. 'For the last 10, 15 years, we have been saying that our reserves will last only 15 years,' Jukris said. 'So today, we will also last another 15, 20 years.' BLOOMBERG
The Sun
16-06-2025
- Business
- The Sun
Petronas, TotalEnergies ink deals to expand upstream partnerships
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) and TotalEnergies SE have signed a strategic cooperation agreement (SCA) and two farm-out agreements (FOAs) to expand their upstream collaboration in Malaysia. The two companies are also advancing their international partnership under the Bobara Production Sharing Contract (PSC) in Indonesia. In a statement today, it said the SCA outlined the potential opportunities both internationally and domestically in strategic areas that cover exploration and production, gas and liquefied natural gas (LNG), carbon footprint reduction and cooperation. 'For Malaysia, Petronas, through its unit, Petronas Carigali Sdn Bhd, and TotalEnergies EP Malaysia will jointly explore several offshore exploration blocks across the country's most prospective hydrocarbon basins. 'Meanwhile, in Indonesia, the group's unit, Petronas Energy Bobara Sdn Bhd and TotalEnergies have successfully finalised the terms of an FOA for the Bobara PSC to unlock a new hydrocarbon resource in Bobara, a frontier ultra-deepwater block located in the Eastern Indonesia region,' it said. The signing ceremony was attended by senior leadership from both organisations, including Petronas president and group chief executive officer (CEO) Tan Sri Tengku Muhammad Taufik Tengku Aziz and its executive vice president and upstream CEO Mohd Jukris Abdul Wahab. TotalEnergies was represented by its chairman and CEO Patrick Pouyanné, and its exploration and production president Nicolas Terraz. Tengku Muhammad Taufik said the signing ceremony marked another significant step forward in the parties' shared commitment to responsible growth and long-term value creation. 'Together, we will pursue and develop advantaged barrels across Malaysia's and Indonesia's frontier exploration blocks. 'Our focus is on maximising high commercial potential while delivering sustainable value for all stakeholders,' he said. Meanwhile, Pouyanné said the strategic collaboration with Petronas, which extends well beyond Malaysia through their multiple joint ventures worldwide, enables the parties to access a large and diverse portfolio in the country, spanning from exploration to production.
Business Times
16-06-2025
- Business
- Business Times
Malaysia's oil giant Petronas looks abroad to help cut production costs
[KUALA LUMPUR] Petroliam Nasional (Petronas), Malaysia's state-owned oil and gas company, is looking to expand output from more affordable assets abroad in an effort to cut production costs and rein in declining profits. Petronas, as the company is known, is seeking to produce oil at a break-even level of US$50 per barrel, from US$60 to US$70 in the past five years, said Mohd Jukris Abdul Wahab, the chief executive officer of Petronas' upstream business, which includes exploring, developing and extracting oil and gas. The firm will focus more on countries where it already has a presence, including Canada, Suriname, Brazil, Turkmenistan and several South-east Asian nations. Still, Petronas does not rule out going into a new country if it provided 'headroom for us to grow,' he said. 'We want to reshape the entire portfolio,' Jukris said in an interview on Jun 13 on the 79th floor of the steel-clad Petronas Twin Towers in Kuala Lumpur. 'We are preparing ourselves, moving into a more volatile environment in the future.' Petronas is shifting its strategy as a drop in crude prices from a recent peak in 2022 slashed profits and forced the company to lower dividends. The state-owned company said earlier this month that it will cut about 10 per cent of its workforce to reduce costs. While crude prices recovered some of the lost ground on Friday (Jun 13) after Israel's air strikes on Iran fuelled concerns of a wider conflict in the Middle East, the supply-demand outlook for oil points to more pressure in the longer term. 'Any capital deployment for our international asset has got to provide a healthy return,' Jukris said. 'We are dealing with a lot more risk in some of the geographies that we are present.' A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Petronas' woes pose a challenge for Malaysia's government, which relies on the company for billions of US dollars in income. The national oil company has pledged RM32 billion (S$9.7 billion) in dividends this year, down from RM50 billion in 2022. The firm said in September that over the 50 years since its inception in 1974, it had injected RM1.4 trillion into the nation's economy through dividends, taxes and cash payments. The company plans to increase the net present value of its international upstream contributions to about 60 per cent within the next five to 10 years, from about 40 to 50 per cent now, said Jukris, who started his career at the firm in 1990. Petronas produces the equivalent of about two million barrels of oil per day in Malaysia and around 700,000 barrels abroad, Jukris said. To maintain this level of production in the face of declining output from older assets the company needs to bring in new fields, he said. Even as Petronas looks for new assets abroad, Jukris is optimistic that Malaysia's reserves will last for 'years to come', because investors keep making new discoveries. He said there is still untapped potential in the country, including off the coast of Peninsular Malaysia where international oil companies have shown interest to explore. 'For the last 10, 15 years, we have been saying that our reserves will last only 15 years,' Jukris said. 'So today, we will also last another 15, 20 years.' BLOOMBERG
