Tanjung Offshore adopts whistle-blowing policy in push for transparency

In a bid to provide greater transparency, Tanjung Offshore Bhd (TOB) has implemented a whistle-blowing policy to provide directors and employees with a platform to raise their concerns on any malpractices within the group.

Chairman Datuk Mohd Hafarizam Harun said the move was aimed at strengthening corporate governance within the group, taking a cue from recommendations of a forensic audit by Ferrier Hodgson triggered by several "contentious transactions".

Sektor minyak dan gas tambah 52,300 pekerjaan menjelang 2020

Sektor minyak dan gas dijangka menambah 52,300 pekerjaan, kebanyakannya untuk pekerja berkemahiran tinggi, menjelang 2020, kata Menteri di Jabatan Perdana Menteri Datuk Seri Abdul Wahid Omar.

Beliau berkata, kerajaan sedang membangunkan modal insan yang besar dalam sektor itu dengan mengeluarkan lebih daripada 16,000 profesional teknikal berkemahiran tinggi dan bergaji tinggi.

Bilangan pekerja berkemahiran dalam sektor juga dijangka berkembang apabila Kompleks Petroleum Bersepadu Pengerang di Johor memasuki aliran dalam masa terdekat, katanya pada pelancaran Asia Centre for Reliability and Efficiency (ACRE) Schlumberger, di Zon Bebas Pelabuhan Klang hari ini.

1MDB hampir cagar minyak dan gas asli di laut Terengganu

Belum reda kontroversi pembelian tanah 1Malaysia Development Berhad (1MDB) oleh Lembaga Tabung Haji, bekas menteri besar Terengganu Datuk Seri Ahmad Said mendakwa 1MDB pernah hendak mencagarkan minyak dan gas asli di laut Terengganu, namun keputusan itu ditarik balik, lapor Sinar Harian.

Ahmad berkata urus niaga tersebut hampir dilaksanakan sewaktu syarikat itu mempunyai hubung kait dengan Terengganu Investment Authority (TIA) ketika penubuhannya pada awal 2008.

SapuraKencana wins USD269 million oil and gas services contracts overseas

SapuraKencana Petroleum Bhd, Malaysia's biggest oil and gas services firm by market value, said today its subsidiaries have won contracts worth up to USD269 million (RM968 million) in Mexico, Indonesia, India and Vietnam.

"The award... is expected to contribute positively towards the earnings and net assets per share of SapuraKencana for the financial year ending January 31, 2016," it said in a local stock exchange filing.

Petronas to allocate RM2.1 billion yearly for Sarawak contractors

Petronas has agreed to allocate RM2.1bil of its oil and gas contracts exclusively to Sarawak-based contractors annually.

Assistant State Communications Minister Datuk Lee Kim Shin revealed this during Chinese New Year, saying it was one of the outcomes reached in the on-going negotiations between Sarawak, the federal government and the national oil company for more oil royalties for the state.

Lee called it a boon for the state economy and attributed it to Chief Minister Tan Sri Adenan Satem for taking a firm stand on the "poor deal" the state has been getting for decades.

"It is due to his strong stand on oil royalty. He put up a very strong petition to Petronas to give more royalty or other benefits to Sarawak.

"For example, Petronas now has agreed to a few things, for example, a minimum of RM2.1bil worth of contracts to Sarawakian companies," Lee said here.

"Also, Petronas will give more shares of subsidiary companies, meaning that Sarawak will benefit more.

"All this while, Sarawakian companies were just sub-contractors. The main contractors came from outside. Most of our companies have been in the oil and gas industry for more than 100 years. We have the most experience."

Petronas Carigali cuts salaries by 20%

Petronas Carigali Sdn Bhd has asked its staff to take a 20% pay cut in view of the challenging market conditions caused by low global oil prices, a source told SunBiz.

According to a memo obtained by SunBiz, Petronas Carigali indicated that a 20% reduction in current salaries would be required effective May 1, 2015.

The company said in the memo that it intends to continue investing to sustain production levels despite the low oil price environment affecting its expenditure and projects feasibility. However, it would be challenging to do so at the current cost structure and as part of its cost optimisation efforts, the company has decided to revise salary rates.

Sabah mahu ambil alih cari gali minyak

Ketua Menteri Sabah Datuk Seri Musa Aman berkata kerajaan negeri bercadang mengambil alih eksplorasi Marginal Oil Field di Sandakan kerana pendekatan itu menguntungkan dan tidak terlalu bergantung harap kepada pencarian ekuiti semata-mata.

"Bukan saja kami (kerajaan negeri) minta penambahan royalti (minyak) tetapi juga minta Marginal Field di Sandakan yang telah diluluskan oleh Petronas. Kami mahu ambil alihnya," katanya dalam sesi soal jawab pada persidangan Dewan Undangan Negeri.

Petronas, HHI to sign US$1.1 bln novation agreement with MISC

Petronas and Hyundai Heavy Industries Co Ltd (HHI) have agreed to enter into a novation agreement with MISC Bhd that will involve an expenditure of about US$1.1 billion.

The agreement is for the novation of Shipbuilding Contracts (SBCs) between Petronas and HHI to the shipping company, for the construction and delivery of new LNG carriers (Newbuild LNGCs).

In conjunction with the novation agreement, Petronas via its indirect subsidiary Petronas LNG Sdn Bhd (PLSB) has also agreed to enter into Time Charter Parties (TCPs) for the charter of the Newbuild LNGCs.

BASF, Petronas Chemicals to build 2-EHAcid plant in Malaysia

Germany's BASF and Malaysia's Petronas Chemicals Group Bhd will build the first Southeast Asian plant producing 2-Ethylhexanoic Acid (2-EHAcid), the companies said on Monday without disclosing the cost.

The plant, located in Malaysia, is expected to start production in the fourth quarter of 2016 and will have a total annual capacity of 30,000 metric tonnes of 2-EHAcid, the companies said in a statement.

2-EHAcid is a chemical intermediate used in the production of synthetic lubricants as well as oil additives

Petronas' slumping profits

In tandem with the steep decline in oil prices, Petroliam Nasional Bhd (Petronas) is expected to report less than RM10bil in pre-tax profit for its soon-to-be released fourth-quarter results for the financial year 2014 (FY14), say industry sources.

The price of Brent crude has more than halved from the high of US$115 recorded in mid-June last year to about US$55 a barrel currently, with the slide largely happening in the final three months of the year.

For the current year of operations, analysts are expecting Petronas, which is expected to announce its 2014 fourth-quarter results in the next few weeks, to record a sombre set of results.