PETALING JAYA: Petroliam Nasional Bhd (Petronas) has confirmed a gas discovery from the Lang Lebah-2 exploration appraisal well in Block SK410B produc.
Wednesday, 10 Feb 2021 07:08 PM MYT
A Petronas tanker truck drives along a road in Kuala Lumpur, in this September 10, 2013 file picture. Reuters pic
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KUALA LUMPUR, Feb 10 Petroliam Nasional Bhd (Petronas) has confirmed new gas discovery off the coast of Sarawak.
The national oil and gas company announced in a statement today on the new find at the Lang Lebah-2 exploration appraisal well in the Block SK410B production sharing contract (PSC) located in the Central Luconia Province, about 80 kilometres off Sarawak.
PTTEP HK Offshore Ltd is the operator for the block partnering KUFPEC Malaysia (SK410B) Ltd and Petronas Carigali Sdn Bhd.
KUALA LUMPUR (Feb 9): While higher Brent crude prices have fanned interest in oil and gas (O&G) counters listed on Bursa Malaysia, fund managers and heads of research believe not every company is set to benefit immediately from the higher prices.
Areca Capital Sdn Bhd chief executive officer Danny Wong explained that sustained higher oil prices would have macroeconomic benefits which will impact oil producers such as Petroliam Nasional Bhd (Petronas), resulting in possibly higher dividends to the government.
“In general, the high oil price can boost sentiment in the O&G sector. However, investors will have to be selective. Oil majors are still cautious,” he qualified.
According to Maybank Kim Eng CEO Datin Ami Moris, (pic) about 11% of Malaysia’s gross domestic product (GDP) is reliant on extractive industries, namely, oil and gas (O&G), metals and mining as well as oil palm.
PETALING JAYA: Malaysia is highly dependent on carbon-intensive industries and this poses growing risks to the country’s aim to embrace environmental, social and corporate governance (ESG) standards.
As more international funds are factoring in sustainability and societal impact as part of their investment decisions, the government and businesses in Malaysia will need to speed up the adoption of ESG standards to appeal to global investors.