Petronas lost rm17b in petroleum revenue

Kuala Lumpur: Petronas reported a loss of around RM17 billion in petroleum revenue from March until June this year throughout the Movement Control Order (MCO) period until before the Recovery MCO took effect.

In a brief written reply to Tuan Noor Amin Ahmad’s (PH-Kangar) question in Parliament on the loss of petroleum income throughout the implementation period, Prime Minister Tan Sri Muhyiddin Yassin also said the federal government has no intention of amending the Petroleum Development Act 1974 (PDA 1974) at this point in time.

Earlier reports say throughout the MCO period, economic sectors in general were closed to curb the spread of Covid-19.

During the early stage of the MCO, global crude oil price benchmark Brent fell to US$20.37 per barrel in early March, its lowest level this year, from US$51.80 in February.

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Meanwhile, FASTsubsea, a joint venture between FSubsea and Aker Solutions, and Petronas subsidiary Petronas Research Sdn Bhd, have signed a Joint Industry Project contract to develop and test a low-cost, topside-less subsea multiphase pump. According to the agreement, Petronas Research will support the development and testing programme while FASTsubsea will bring the product to the market in 2022. Aker Solutions chief technology officer John Macleod said in a statement that getting participation from a large operator such as Petronas is a significant achievement, not least given the current industry conditions.

Alexander Fuglesang, Managing Director of FASTsubsea, said the game-changing FASTsubsea technology allows operators to more rapidly extract additional hydrocarbons from existing offshore wells and installed infrastructure. End users are drawn to the technology as increased recovery now can be done in a much more sustainable way, and at up to 50 percent lower capital expenditure (capex) investment than conventional subsea pumping systems, which is key in this market environment, he said.

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The participation from Petronas Research comes in addition to the RM5.1 million (NOK 11 million) commitment from the Research Council of Norway, and allows engineering activities to start immediately. The project is still open for two further operators to join as Joint Industry Project partners, which would provide the opportunity to influence and gain early access to the ground-breaking technology, said the statement.

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