To be “Leading Oil and Gas Multinational of Choice”
Petroliam Nasional Berhad (Petronas) was established in 1974 as the national oil company (NOC) of Malaysia.
As a Malaysian Government wholly-owned company, Petronas has fully integrated oil and gas operations in a broad spectrum of the oil and gas upstream–midstream–downstream value-chain.
Upstream, Petronas’s activities include the exploration, development and production of crude oil and natural gas in Malaysia and overseas.
Midstream, Petronas’s business is about the liquefaction, sale and transportation of liquefied natural gas (LNG), shipping and logistics relating to LNG, crude oil and petroleum products.
Downstream, Petronas focuses on:
– Refining and marketing petroleum products
– Processing and transmission of natural gas and the sale of natural gas products
– Manufacture and sale of natural gas products
– Trading of crude oil, petroleum products and petrochemical products
As a state-owned entity, Petronas has the mandate to manage Malaysia’s oil and gas resources in responsible manner, to add value to this national asset and to ensure the orderly and sustainable development of the nation’s petroleum industry.
Over the years, Petronas gained experience and expertise t be increasingly accepted as the preferred strategic partner by the international oil companies (IOCs) and the host countries in overseas operations.
This evolution leads Petronas to set its vision to become a “Leading Oil and Gas Multinational of Choice”.
This vision is to serve Petronas in attracting the most knowledgeable companies to invest jointly in Malaysia and in becoming the preferred partner of IOCs to go global.
Petronas Key figures
– 2011 Revenues: $78,8 billion
– 2010 Revenues: $68,8 billion
– 2009 Revenues: $86,3 billion
– 2011 Earnings: $29,5 billion
– 2010 Earnings: $22,2 billion
– 2009 Earnings: $29,1 billion
– 2011 Capital Expenditure: $11,4 billion
– 2010 Capital Expenditure: $12,1 billion
– 2009 Capital Expenditure: $14,3 billion
Petronas Projects and Business Highlights
As most the national oil companies, Petronas is developing its integrated upstream-downstream business model to generate the highest value from the Malaysian resources in developing the petrochemical sector toward high added value products.
With $20 billion capital expenditure, the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor, Malaysia, is to contribute to this target in order to provide Malaysia with economical and social development, local technology enhancement and high added value export trading business.
But to sustain such large downstream project over the year, Malaysia needs to develop its oil and gas resources with
– Balanced production sharing contracts such as the Block SK320, offshore Sarawak, with MDC Oil and Gas (SK320) Ltd, a subsidiary of Abu Dhabi owned Mubadala Development Company
– Alliance with Dowell Schlumberger (Malaysia) Sdn Bhd to redevelop the Samarang field, offshore Sabah, with up-to-date subsurface technology for an EOR program.
In addition Petronas goes global in taking upstream interests in
– Myanmar where together with partner United National and Gas Limited, Petronas acquired deepwater Blocks MD4, MD5 and MD6
– Iraq whee Petronas took interest in different fields under development such as Manoon and Garraf
Notably, Petronas is in the global race for the floating LNG concept with the first unit under front end engineering and design (FEED) in Technip for the Sarawak FLNG project.
