We are known to have rich reserves of natural gas. So why is Petronas facing a shortage in gas supply, which has resulted in crippling losses for Tenaga Nasional?
Source: Petronas Financial Results Announcement quarter ended 30 June 2011
Jan 312011
As petrol pump prices rise steadily (another increase in RON 97 price has just been reported), here’s a less well known trend: Malaysian oil production has been gradually falling since peaking in 2004.
This graph should be of concern to all Malaysians. Notice the production-consumption gap narrowing.
Graphic credit: http://www.eia.doe.gov
That’s why they are dishing out contracts for ‘enhanced’ oil recovery. Continue reading »
Jan 232011
Petronas may soon dish out mega contracts for local and foreign firms to develop marginal oil fields. And reports say the frontrunners are believed to be Kencana Petroleum Bhd and SapuraCrest Petroleum Bhd.
“The local players will tie up with foreign oil and gas majors in a consortium where the former would have a minor role as it is something new to them. The locals need to learn,” The Star quoted an industry source as saying. (In other words, the locals can’t handle the job themselves?)
According to Kencana’s Annual Report for 2010, Mokhzani Mahathir has a 39 per cent interest in the firm, mostly via Khasera Baru Sdn Bhd. Continue reading »
