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NEWS UPDATES 9 December 2009

Malaysia’s Petronas spends 13.7bn ringgit on exploration and production

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Malaysia’s stateenergy firm Petroliam Nasional Bhd (Petronas) spent 13.7 billion ringgit (1$=3.4 ringgit) on its exploration and production (E&P) business in the first six months ended Sept 30, or 9.8 percent more than in the year-earlier period, reported theStarBiz.

The higher E&P spending was by “upstream subsidiaries for the production and development of various blocks,’’ it said but gave no further information.

The national oil company also spent 2.1 billion ringgit to shore up its shipping segment during the period. According to figures posted on the group’s website, Petronas increased capital expenditure (capex) at home by 27 percent to 13.7 billion ringgit during the period under review, but cut spending overseas by more than half to 5.5 billion ringgit.

This led to a drop in Petronas’ total capex to 19.2 billion ringgit in the first half, down 17.2 percent against 23.2 billion ringgit the year before.

On the production side, Petronas said the group’s total oil and gas output declined in the first six months “due to the implementation of reservoir management plan and flaring reduction efforts.’’

“There has also been an increase in maintenance activities,’’ it said.

Petronas’ oil output stood at 725,800 barrels per day (bpd), while gas production was one million bpd in oil equivalent. Its overseas production made up 275,400 bpd in oil and 367,400 bpd in gas production.


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