Malaysia Key Projects and Business highlights
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On the first half 2013, Malaysia confirmed the previous trends to become a key players of the Oil & Gas and Petrochemical sector in Asia-Pacific region with Petrolian Nasional Bhd (Petronas) multiplying upstream and downstream initiatives with major international oil companies such as: Basf, ConocoPhillips, Murphy Oil Corporation (Murphy), Shell or Total.
With the third largest reserves of oil and gas in Asia after China and India, Malaysia realized in 2010 that it could become a net importer in the near future if new investments were not made in exploration and production to compensate the natural depletion of the existing fields.
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Malaysia offshore reserves are estimated to 10 billion of barrels oil equivalent (boe) from which only 3 billion boe are commercially identified.
In this context, the Malaysian Government published in 2010 the Economic Transformation Program (ETP) to list and promote the development of more than 105 marginal fields.
In 2011, the government improved its offer in reducing the taxes from 38% to 25% to the foreign companies investing in these marginal fields.
As a first result, the oil and gas production increased in Malaysia by 3% on first quarter 2013 over the same period last year to 1.69 million boe/d.
As many of these marginal fields contain higher sulfide and carbon dioxide, Petronas is encouraging the foreign companies to introduce new technologies and proposed them to share the risks in investing in these fields through the Risk Security Contracts scheme.
In parallel to its intensive upstream activities, Malaysia is also pushing forward the midstream sector with liquefied natural gas (LNG) import and regasification terminal projects and the $20 billion Refinery And Petrochemicals Integrated Development (RAPID) project.
In supporting multi-billion capital expenditure in the downstream sector, Malaysia intend to reduce its petrochemical balance on import petrochemical products and to create thousands jobs since each $billion invested downstream opens three times more employment opportunities than in the upstream sector.
In this spirit, Malaysia is now pushing hard to increase the local content of all the greenfield projects.
Murphy and Petronas to increase size of Block H FLNG
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The El Dorado, Arkansas-based, Murphy Oil Corporation (Murphy) and the Malaysian national oil company Petronas are revising upward the design of their floating liquefied natural gas (FLNG) vessel for the development of the Block H, offshore Sabah in Malaysia.
Petronas calls for competitive FEED on Sepat project
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Since 2010, the national oil company (NOC), Petrolian Nasional Bhd (Petronas), has decided to put efforts to develop marginal fields offshore Malaysia.
Around the Malaysian peninsula, Petronas identified 106 marginal oil fields representing more than 580 million barrels of crude oil that it cannot ignore any longer.
Petronas calls for tender RAPID Package 8 EPCC
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The Malaysia national oil company (NOC) Petronas has sent the invitation to bid (ITB) to the pre-qualified engineering companies for the Package 8 of the Refinery And Petrochemicals Integrated Development (RAPID) project despite the one year delay announced earlier.
With an estimated $20 billion capital expenditure, the RAPID project is the largest ever Petronas project downstream.
Basf Petronas Chemicals invest $500 million in Gebeng
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The German chemical global leader Basf and the Malaysian Petronas Chemicals Group Berhad (Petronas) have decided to expand their joint venture Basf Petronas Chemicals (Basf–Petronas) with a world-scale integrated aroma ingredients complex at Gebeng, near Kuantan, on the east coast of the Malaysia peninsula.
Malaysian RNZ wins FEED contract on Bardegg-2
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The national oil company (NOC) Petronas selected the local engineering services provider RNZ Integrated (RNZ) to perform the front end engineering and design (FEED) of the Baram Delta Gas Gathering phase two (Bardegg-2) project on the Baronia field offshore Miri in the Sarawak province in Malaysia.
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