The concession areas are the Sunken Barrier Shoal, Hayter Shoal and Bunbury Shoal, all of which are about 55km offshore from Kota Kinabalu, Sabah but the company did not state the value of the concession. The concession is expected to contribute positively to the group’s earnings for the financial year ending Dec 31, 2023 onwards, until it expires.

Handal Energy Bhd’s 49%-owned associate company Handal Borneo Resources Sdn Bhd has entered into an agreement with Tanjung Aru Eco Development Sdn Bhd (TAED), a unit of Chief Minister of Sabah Inc, for the operation, management, extraction and sale of marine sea sand for a 15-year period in three concession areas.

Yinson Holdings Bhd has secured a contract extension worth RM15.03 million for the charter of its Adoon floating production storage and offloading, stationed at the Antan field off Nigeria. Yinsoon through its indirect unit, Adoon Pte Ltd and Addax Petroleum Development (Nigeria) Ltd, entered into an agreement on Dec 16 to extend the contract until Jan 16, 2023.

PPBL also holds participating interests in the Tartaruga Verde (BM-C-36 concession) and Module III of the Espadarte (Espadarte concession) deepwater fields, as well as three deepwater exploration blocks, C-M-541, C-M-661 and C-M-715, in the Campos Basin.

PPBL recently announced the first oil discovery at the 4-BRSA-1386D-RJS well in the pre-salt Sépia oilfield in the Santos Basin. It has a 21% participating interest in the field.

PPBL will hold a 20% participating interest in the block located in the Campos Basin, while Petrobras (the operator) will hold 30%, TotalEnergies 30%, and QatarEnergy 20%.

Petroliam Nasional Bhd’s (Petronas) subsidiary Petronas Petróleo Brasil Ltda (PPBL) and its partners have won the Agua Marinha exploration block during the first cycle of Brazil’s open acreage under the production sharing regime bid held in Rio de Janeiro.

Quarterly revenue increased 34.8% to RM1.86 billion from RM1.38 billion on higher average natural gas selling prices, in tandem with global market prices, mitigated by lower volume of natural gas sold during the quarter.

Gas Malaysia Bhd recorded a third-quarter net profit of RM95.66 million, up 53.4% from RM62.36 million a year earlier, on higher gross profit, finance income and contributions from joint-venture companies.

The raw materials to be used will not compete with those in the food chain such as used vegetable oils, animal fats, waste from the processing of vegetable oils, and other biomass including microalgae oils to be explored in the mid term

The biorefinery is expected to have a flexible configuration to maximise the production of sustainable aviation fuel for aircraft as well as hydrogenated vegetable oil for on-road vehicles, diesel-powered trains, and marine transportation

Minetech has undertake contracting works for provision of storage tank and pressure vessel maintenance services for Labuan Oil Terminal .

The Ministry of Finance, in a statement on Wednesday, said the ceiling price of RON95 and diesel would remain at RM2.05 and RM2.15 per litre respectively although the market prices of the two products have increased beyond the current ceiling prices.

The retail price of RON97 petrol dropped 20 sen from RM3.75 to RM3.55 per litre, while the prices of RON95 and diesel will remain unchanged for the week beginning Thursday till Dec 21.

DTS which was formerly known as Deleum Primera Sdn Bhd received a letter from Petronas stating that the uplift was effective from Dec 12

Deleum Bhd said Petroliam Nasional Bhd (Petronas) has lifted its suspension against the group's indirect subsidiary Deleum Technology Solutions Sdn Bhd (DTS)

The biorefinery is also expected to have the capability to process about 650,000 tonnes per year of raw materials to produce up to 12,500 barrels per day of biofuels.

The biorefinery will be able to leverage the company’s integrated value chain as well as existing utilities and facilities in PIC

Petroliam Nasional Bhd (Petronas), Eni SpA and Euglena Co Ltd are jointly studying the possibility of developing and operating a biorefinery in the Pengerang Integrated Complex (PIC).

It did not disclose the value of the contract, clinched via its wholly-owned subsidiary Dayang Enterprise Sdn Bhd, as it is based on work orders issued by Petronas Carigali throughout the extended contract duration

Dayang has been awarded a contract amendment and extension to provide offshore maintenance, construction and modification services from Petronas Carigali Sdn Bhd from Sept 20, 2022 to Dec 31, 2023.

The two-year work order was awarded to Tanjung Offshore Services Sdn Bhd under the Pan Malaysia Umbrella Contract, on a call-out basis.

T7 Global Bhd’s unit has secured a work order from Hibiscus Oil & Gas Malaysia Ltd to undertake well workover, and plug and abandonment services.

Yinson’s indirect unit Adoon Pte Ltd entered into an agreement with Addax Petroleum Development (Nigeria) Ltd to extend the contract .

Yinson Holdings Bhd has secured a one-month extension of its floating storage and offloading (FPSO) charter contract called FPSO Adoon for RM16.04 million.

this was offset by non-operating income largely traced to mark-to-market commodity hedging gain, income tax benefits from reduced tax provision due to the financial impact of oil market correction and tax incentives from diesel hydrotreater project

third quarter ended Sept 30, 2022 (3QFY2022) surging 114% to RM4.68 billion from RM2.19 billion on the back of higher sales volume

The group attributed the adverse refining margin to a sharp reduction in cracks, especially for motor gas, as well as a higher crude premium incurred and an increase in stockholding losses due to a significant drop in product prices.

Hengyuan Refining Co Bhd slipped into the red again in the third quarter ended Sept 30, 2022 (3QFY2022), after three consecutive quarters of profit, on adverse refining margin.

PetDag declared an interim dividend of 20 sen per ordinary share for the quarter.

Quarterly revenue climbed 93.43% to RM10.13 billion , its best ever to date and the first time it breached the RM10 billion mark from RM5.24 billion in the same period a year ago, on the back of higher sales volume by 43% and an increase in average selling prices by 35%.

Petronas Dagangan Bhd more than doubled its net profit for the third quarter ended Sept 30, 2022 (3QFY2022) to RM275.97 million from RM119.31 million in the same period last year, mainly due to higher gross profit from all segments, in line with an increase in volume sold during the quarter.

Sapura Energy Bhd has retirned to profitability for the third quarter ended Oct 31, 2022 with a RM10.18 million net profit, from a net loss of RM669.34 million in the previous year’s corresponding quarter, due to lower recognition of provision for foreseeable losses, lower project costs recognised, lower depreciation, higher share of profit from associates and joint ventures, and a favourable foreign exchange gain during the quarter.

The job involves the provision of engineering, procurement, construction, commissioning and installation in relation to the latter’s Gansar project located 190km from Terengganu’s shores.

A consortium led by oil and gas services provider Muhibbah Engineering (M) Bhd has secured a RM322 million contract from Petronas Carigali Sdn Bhd, the exploration arm of Petroliam Nasional Bhd (Petronas),

EPCC+I — of a light weight structure for Duyong brownfield modification and host tie-in.

Yinson Azalea Production Pte Ltd. The scope of work involves engineering, procurement and construction of certain FPSO topside modules, and is expected to be completed within 24 months.

Wah Seong Corp Bhd has secured a contract worth US$127.09 million (RM557.65 million) for the supply of certain floating production storage and offloading (FPSO) modules by Yinson Holdings Bhd. Its indirect wholly-owned subsidiary WS Engineering & Fabrication Pte Ltd was awarded the contract by Yinson's unit

OPEC+ will convene in Vienna on Sunday, and Goldman Sachs said there is a high probability that the cartel will further reduce its oil production quotas, putting upward pressure on prices.

Meanwhile, OPEC+ will convene in Vienna on Sunday, and Goldman Sachs said there is a high probability that the cartel will further reduce its oil production quotas, putting upward pressure on prices.

Demand is probably heading south again in China given what's going on," he said. "I think the key point with China right now is the risk that you get a forced reopening. That means it'll be self-imposed lockdowns where people don't want to get on trains, don't want to get to work and demand goes further south

Goldman noted including the potential for lower demand in China, recession fears, and the European Union's embargo next week on seaborne imports of Russian oil.

CNBC in an interview that Goldman plans to "stick to our guns" with a forecast for $110-a-barrel Brent. That represents more than 30% upside from the current level of around $83.

Despite concerns over China's zero-COVID policy and global recession fears, Goldman Sachs expects Brent crude oil prices to hit $110 a barrel next year.

Jeff Currie, global head of commodities at the investment bank, said Tuesday that the oil outlook in 2023 remains "very positive."