Latest news with #PetroliamNasional
Bloomberg
03-07-2025
- Business
- Bloomberg
Malaysia's Petronas Signs Second LNG Deal With Venture Global
Malaysian energy company Petroliam Nasional Bhd., known as Petronas, has signed a new 20-year deal for liquefied natural gas supply from Venture Global Inc., marking a significant sales and purchase agreement for the US exporter. The deal secures LNG from Venture Global's CP2, the American producer announced on Thursday. The company has raced to finalize the financing required to launch CP2, its third Louisiana export project. The exporter went public earlier this year, scaling back its initial public offering amid investor pushback.
CNA
20-06-2025
- Business
- CNA
Petronas to deliver its first LNG Canada cargo to Japan's Toho Gas in July
TOKYO :An executive from Malaysian state energy firm Petroliam Nasional said on Friday that the first cargo from its portion of supply from the LNG Canada project will be delivered to its customer, Japanese city gas provider Toho Gas, in July. Speaking at an energy conference in Tokyo, Shamsairi Ibrahim, Petronas' vice president of LNG marketing and trading, also said that the company's third floating LNG project is set to commence production in 2027.
Reuters
18-06-2025
- Business
- Reuters
Woodside Energy signs LNG supply deal with PETRONAS unit
June 18 (Reuters) - Australia's Woodside energy ( opens new tab on Wednesday said it has entered an agreement with a unit of Petroliam Nasional ( opens new tab to supply of 1 million tonnes of liquefied natural gas annually to Malaysia starting in 2028 for 15 years.
CNA
18-06-2025
- Business
- CNA
Woodside Energy signs LNG supply deal with PETRONAS unit
Australia's Woodside energy on Wednesday said it has entered an agreement with a unit of Petroliam Nasional to supply of 1 million tonnes of liquefied natural gas annually to Malaysia starting in 2028 for 15 years.
Free Malaysia Today
16-06-2025
- Business
- Free Malaysia Today
Petronas looks abroad to help cut production costs
Petronas announced earlier this month that it will cut about 10% of its workforce to reduce costs. (Reuters pic) KUALA LUMPUR : Petroliam Nasional Bhd (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 (RM212.34) per barrel, from US$60 to US$70 (RM254.76 to RM297.25) in the past five years,' said Jukris Wahab, the CEO 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 Southeast Asian nations. 'Still, Petronas doesn't rule out going into a new country if it provides 'headroom for us to grow',' he said. 'We want to reshape the entire portfolio,' Jukris said in an interview on June 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,' he said. 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% of its workforce to reduce costs. While crude prices recovered some of the lost ground on Friday after Israel's air strikes on Iran fueled concerns of a wider conflict in the Middle East, the supply-demand outlook for oil points to more pressure longer term. 'Any capital deployment for our international asset has got to provide healthy return,' Jukris said. 'We are dealing with a lot more risk in some of the geographies that we are present,' he added. Petronas' woes pose a challenge for Malaysia's government, which relies on the company for billions of dollars in income. The national oil company has pledged RM32 billion (US$7.5 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% within the next five to 10 years, from about 40% to 50% now,' said Jukris, who started his career at the firm in 1990. 'Petronas produces the equivalent of about 2 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've been saying that our reserves will last only 15 years. 'So today, we will also last another 15, 20 years,' Jukris said.
