New Straits Times

Oil giant ready to work with state-owned O&G companies

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NATIONAL oil corporatio­n Petroliam Nasional Bhd (Petronas) is prepared to work with state entities to develop oil and gas (O&G) resources, provided it is based on the regulatory framework.

Sarawak last year set up Petroleum Sarawak Bhd (Petros) to venture into upstream O&G activities. Sabah also has a similar state-owned entity, Sabah Internatio­nal Petroleum Bhd, which was set up in 2014.

“For us there is no problem as long as the current framework with the Petroleum Developmen­t Act is in place. We would like to work with Petros if they want to be a service provider or PSC (production sharing contract) contractor,” Wan Zulkiflee said at a briefing recently.

He said the nature of Petronas’ collaborat­ion with state O&G entities would have to be resolved between the federal and state government­s.

Earlier, Wan Zulkiflee highlighte­d Malaysia’s unique advantage of having a single point of contact for foreign investors when it comes to the developmen­t of its O&G resources.

“Our regulatory environmen­t is very special. Petronas is the single point of contact for any foreign company. If we go to other countries, the point of contact is not always consistent.

“There can be misalignme­nt in terms of what the ministry wants, what the regulator wants, etc. We don’t have that in Malaysia. I can say this because we are involved in many, many countries,” he said.

Wan Zulkiflee said the Malaysian Petroleum Management unit in Petronas, headed by Muhammad Zamri Jusoh, can help investors on a wide range of matters including their developmen­t plans, securing rigs, operationa­l problems and audit.

“Very few regulators have the experience of a contractor. Zamri and his team have hands-on practical experience as a contractor. I think this is one of the unique value propositio­ns that we have in terms of ease of doing business in Malaysia,” he added.

 ??  ?? Malaysia’s regulatory environmen­t is special as Petronas is the single point of contact for foreign investors when it comes to the developmen­t of the country’s oil and gas resources.
Malaysia’s regulatory environmen­t is special as Petronas is the single point of contact for foreign investors when it comes to the developmen­t of the country’s oil and gas resources.
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