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2020-04-24 13:31 | Report Abuse
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is said to have reduced the number of its fully active rigs from 18 to four since oil price began dropping late last year.
The national oil company had shut down or warm-stacked 14 projects until oil price recovers to break even levels, an industry publication reported, quoting sources.
Warm-stacking involves temporarily shutting down operations but maintaining minimal activity as a cost-saving measure.
"Petronas is unable to maintain its operation at the current price because its rigs are mainly in deepwater, which are more expensive to run," the report said, putting the break even level at around US$70 a barrel.
Petronas did not respond to the New Straits Times' queries at press time.
Petronas' purported cost-cutting measure reflects the sentiments of the global oil and gas industry.
In the past few months, oil prices had plummeted from nearly US$100 a barrel to under US$20 a barrel now.
Consequently, oil majors have made substantial budget cuts on the back of the Covid-19 pandemic and the Saudi-Russia price war that has sent the oil prices, particularly the US' crude West Texas Intermediate (WTI), down to historic lows.
Norwegian energy intelligence company Rystad Energy recently said new deepwater projects currently under evaluation by operators in Southeast Asia were likely to face delays.
Rystad said the Limbayong project in Malaysia, Abadi in Indonesia, Shew Yee Htun in block A6 in Myanmar and the Kelidang Cluster in Brunei, were all considered to be at risk in the current oil price environment.
Petronas previously stated that it would strive to maintain its domestic capital expenditure (capex) programme of RM26 billion-RM28 billion this year, while cutting the overseas capex.
Principal Asset Management Bhd, which served 700,000 investors with RM58.2 billion of assets under management as of last year, said there were increasing risks of some Petronas projects being delayed due to prolonged lockdowns and further disruptions in the global supply chain.
The impact of the project delays would likely be cascaded down and adversely affected upstream service providers, Principal chief investment officer Patrick Chang said in a statement today.
"At this juncture, we remain cautious on the oil and gas sector due to the impact of Covid-19 and the expected slowdown in economic activities," he added.
Principal said the spot or cash market prices for benchmark Brent and WTI crudes had recovered to US$20.50 a barrel and US$13.85 a barrel respectively, after dropping to US$16 a barrel and -US$40 a barrel early this week.
The current spot prices, however, were still higher than the levels recorded during the 1998 Asian financial crisis, it added.
Stock
2020-04-24 13:06 | Report Abuse
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is said to have reduced the number of its fully active rigs from 18 to four since oil price began dropping late last year.
The national oil company had shut down or warm-stacked 14 projects until oil price recovers to break even levels, an industry publication reported, quoting sources.
Warm-stacking involves temporarily shutting down operations but maintaining minimal activity as a cost-saving measure.
"Petronas is unable to maintain its operation at the current price because its rigs are mainly in deepwater, which are more expensive to run," the report said, putting the break even level at around US$70 a barrel.
Petronas did not respond to the New Straits Times' queries at press time.
Petronas' purported cost-cutting measure reflects the sentiments of the global oil and gas industry.
In the past few months, oil prices had plummeted from nearly US$100 a barrel to under US$20 a barrel now.
Consequently, oil majors have made substantial budget cuts on the back of the Covid-19 pandemic and the Saudi-Russia price war that has sent the oil prices, particularly the US' crude West Texas Intermediate (WTI), down to historic lows.
Norwegian energy intelligence company Rystad Energy recently said new deepwater projects currently under evaluation by operators in Southeast Asia were likely to face delays.
Rystad said the Limbayong project in Malaysia, Abadi in Indonesia, Shew Yee Htun in block A6 in Myanmar and the Kelidang Cluster in Brunei, were all considered to be at risk in the current oil price environment.
Petronas previously stated that it would strive to maintain its domestic capital expenditure (capex) programme of RM26 billion-RM28 billion this year, while cutting the overseas capex.
Principal Asset Management Bhd, which served 700,000 investors with RM58.2 billion of assets under management as of last year, said there were increasing risks of some Petronas projects being delayed due to prolonged lockdowns and further disruptions in the global supply chain.
The impact of the project delays would likely be cascaded down and adversely affected upstream service providers, Principal chief investment officer Patrick Chang said in a statement today.
"At this juncture, we remain cautious on the oil and gas sector due to the impact of Covid-19 and the expected slowdown in economic activities," he added.
Principal said the spot or cash market prices for benchmark Brent and WTI crudes had recovered to US$20.50 a barrel and US$13.85 a barrel respectively, after dropping to US$16 a barrel and -US$40 a barrel early this week.
The current spot prices, however, were still higher than the levels recorded during the 1998 Asian financial crisis, it added.
Stock
2020-04-24 13:04 | Report Abuse
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is said to have reduced the number of its fully active rigs from 18 to four since oil price began dropping late last year.
The national oil company had shut down or warm-stacked 14 projects until oil price recovers to break even levels, an industry publication reported, quoting sources.
Warm-stacking involves temporarily shutting down operations but maintaining minimal activity as a cost-saving measure.
"Petronas is unable to maintain its operation at the current price because its rigs are mainly in deepwater, which are more expensive to run," the report said, putting the break even level at around US$70 a barrel.
Petronas did not respond to the New Straits Times' queries at press time.
Petronas' purported cost-cutting measure reflects the sentiments of the global oil and gas industry.
In the past few months, oil prices had plummeted from nearly US$100 a barrel to under US$20 a barrel now.
Consequently, oil majors have made substantial budget cuts on the back of the Covid-19 pandemic and the Saudi-Russia price war that has sent the oil prices, particularly the US' crude West Texas Intermediate (WTI), down to historic lows.
Norwegian energy intelligence company Rystad Energy recently said new deepwater projects currently under evaluation by operators in Southeast Asia were likely to face delays.
Rystad said the Limbayong project in Malaysia, Abadi in Indonesia, Shew Yee Htun in block A6 in Myanmar and the Kelidang Cluster in Brunei, were all considered to be at risk in the current oil price environment.
Petronas previously stated that it would strive to maintain its domestic capital expenditure (capex) programme of RM26 billion-RM28 billion this year, while cutting the overseas capex.
Principal Asset Management Bhd, which served 700,000 investors with RM58.2 billion of assets under management as of last year, said there were increasing risks of some Petronas projects being delayed due to prolonged lockdowns and further disruptions in the global supply chain.
The impact of the project delays would likely be cascaded down and adversely affected upstream service providers, Principal chief investment officer Patrick Chang said in a statement today.
"At this juncture, we remain cautious on the oil and gas sector due to the impact of Covid-19 and the expected slowdown in economic activities," he added.
Principal said the spot or cash market prices for benchmark Brent and WTI crudes had recovered to US$20.50 a barrel and US$13.85 a barrel respectively, after dropping to US$16 a barrel and -US$40 a barrel early this week.
The current spot prices, however, were still higher than the levels recorded during the 1998 Asian financial crisis, it added.
Stock
2020-04-24 13:03 | Report Abuse
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is said to have reduced the number of its fully active rigs from 18 to four since oil price began dropping late last year.
The national oil company had shut down or warm-stacked 14 projects until oil price recovers to break even levels, an industry publication reported, quoting sources.
Warm-stacking involves temporarily shutting down operations but maintaining minimal activity as a cost-saving measure.
"Petronas is unable to maintain its operation at the current price because its rigs are mainly in deepwater, which are more expensive to run," the report said, putting the break even level at around US$70 a barrel.
Petronas did not respond to the New Straits Times' queries at press time.
Petronas' purported cost-cutting measure reflects the sentiments of the global oil and gas industry.
In the past few months, oil prices had plummeted from nearly US$100 a barrel to under US$20 a barrel now.
Consequently, oil majors have made substantial budget cuts on the back of the Covid-19 pandemic and the Saudi-Russia price war that has sent the oil prices, particularly the US' crude West Texas Intermediate (WTI), down to historic lows.
Norwegian energy intelligence company Rystad Energy recently said new deepwater projects currently under evaluation by operators in Southeast Asia were likely to face delays.
Rystad said the Limbayong project in Malaysia, Abadi in Indonesia, Shew Yee Htun in block A6 in Myanmar and the Kelidang Cluster in Brunei, were all considered to be at risk in the current oil price environment.
Petronas previously stated that it would strive to maintain its domestic capital expenditure (capex) programme of RM26 billion-RM28 billion this year, while cutting the overseas capex.
Principal Asset Management Bhd, which served 700,000 investors with RM58.2 billion of assets under management as of last year, said there were increasing risks of some Petronas projects being delayed due to prolonged lockdowns and further disruptions in the global supply chain.
The impact of the project delays would likely be cascaded down and adversely affected upstream service providers, Principal chief investment officer Patrick Chang said in a statement today.
"At this juncture, we remain cautious on the oil and gas sector due to the impact of Covid-19 and the expected slowdown in economic activities," he added.
Principal said the spot or cash market prices for benchmark Brent and WTI crudes had recovered to US$20.50 a barrel and US$13.85 a barrel respectively, after dropping to US$16 a barrel and -US$40 a barrel early this week.
The current spot prices, however, were still higher than the levels recorded during the 1998 Asian financial crisis, it added.
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Stock: [ONEGLOVE]: ONE GLOVE GROUP BERHAD
2020-04-28 05:05 | Report Abuse
0.14?