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Petronas Plans To Maintain Capex At US$12 Billion

KUALA LUMPUR, June 25 (Bernama) -- National oil company Petroliam Nasional Bhd (Petronas) plans to maintain capital expenditure (capex) for its current financial year ending March 31, 2010, at US$12 billion, president and chief executive officer Tan Sri Hassan Marican said today.

Speaking to reporters after announcing the group's results for the financial year ended March 31, 2009, he said that 60 percent of the amount will be utilised for domestic operations and the remaining 40 percent for international operations.

For the financial year just ended, the group increased its capex to RM44.0 billion from RM37.6 billion.

During the year, the group reinvested 21.1 percent or RM21.9 billion of its profit before taxation, royalty and export duties.

The reinvestment was significantly lower compared to other major oil and gas companies.

However, Hassan said that Petronas sees 35 to 40 percent of its profit as a comfortable level for the reinvestment.

The reinvestment is necessary to ensure the group's sustainable operations and to generate future revenue and profit, he said.

On overseas expansion, Hassan said the group was looking to strengthen its presence in the countries that it was already operating.

As at March 31, 2009, Petronas is involved in various activities along the oil and gas value chain in more than 30 countries worldwide.

Asked about the speculation concerning his successor, Hassan said: "There are always speculations on my successor. I think that question needs to be addressed to the government."

He said that under his employment contract, his term will end in February next year.

-- BERNAMA

Malaysia Petronas says oil industry to stay volatile

KUALA LUMPUR, June 8 (Reuters) - The oil industry will stay volatile even after a price rally towards $70 a barrel, as it is still unclear if the rise is due to the broader economy or a new speculative play, the chief of Malaysia's state oil and gas company said on Monday.
Mohd Hassan Marican said the industry is undergoing a further wave of consolidation, as cash-strapped small- to medium-sized firms sell off assets due to lower margins, and that selected international and state-run oil companies will gain from this.
"It is still uncertain whether the increase is due to the 'green shoots' of economic recovery or due to a new speculative play in the commodities and the weakening of the U.S. dollar," Petronas President and Chief Executive Officer Hassan told the annual Asia Oil and Gas Conference.
"Despite the fragile sense of stability emerging in the market, I believe that we can expect continued volatility in the industry for some time to come, reflecting the ongoing developments in the broader economy."
U.S. oil prices jumped to a seven-month of $70.32 on Friday, before easing below $68 on Monday as the U.S. dollar continued to strengthen from its recent weakness. [O/R]
Oil prices have doubled from the low $30s hit last winter, although many in the industry fret that the rise is not fed by fundamentals but by optimism only.
Hassan said that after nearly a decade of limited spare capacity averaging 2.7 million barrels per day (bpd), spare crude capacity this year is expected to rise to 6.4 million bpd, or about 8 percent of world oil demand.
He urged the industry to continue to develop oil and gas fields without excessive disruption due to adverse market conditions in order to moderate the volatility inherent in the industry cycle. (Reporting by David Chance and Chua Baizhen; Writing by Ramthan Hussain, Editing by Michael Urquhart)

Petronas Plans To Maintain Capex At US$12 Billion

KUALA LUMPUR, June 25 (Bernama) -- National oil company Petroliam Nasional Bhd (Petronas) plans to maintain capital expenditure (capex) for its current financial year ending March 31, 2010, at US$12 billion, president and chief executive officer Tan Sri Hassan Marican said today.

Speaking to reporters after announcing the group's results for the financial year ended March 31, 2009, he said that 60 percent of the amount will be utilised for domestic operations and the remaining 40 percent for international operations.

For the financial year just ended, the group increased its capex to RM44.0 billion from RM37.6 billion.

During the year, the group reinvested 21.1 percent or RM21.9 billion of its profit before taxation, royalty and export duties.

The reinvestment was significantly lower compared to other major oil and gas companies.

However, Hassan said that Petronas sees 35 to 40 percent of its profit as a comfortable level for the reinvestment.

The reinvestment is necessary to ensure the group's sustainable operations and to generate future revenue and profit, he said.

On overseas expansion, Hassan said the group was looking to strengthen its presence in the countries that it was already operating.

As at March 31, 2009, Petronas is involved in various activities along the oil and gas value chain in more than 30 countries worldwide.

Asked about the speculation concerning his successor, Hassan said: "There are always speculations on my successor. I think that question needs to be addressed to the government."

He said that under his employment contract, his term will end in February next year.

-- BERNAMA

Malaysia Petronas says oil industry to stay volatile

KUALA LUMPUR, June 8 (Reuters) - The oil industry will stay volatile even after a price rally towards $70 a barrel, as it is still unclear if the rise is due to the broader economy or a new speculative play, the chief of Malaysia's state oil and gas company said on Monday.
Mohd Hassan Marican said the industry is undergoing a further wave of consolidation, as cash-strapped small- to medium-sized firms sell off assets due to lower margins, and that selected international and state-run oil companies will gain from this.
"It is still uncertain whether the increase is due to the 'green shoots' of economic recovery or due to a new speculative play in the commodities and the weakening of the U.S. dollar," Petronas President and Chief Executive Officer Hassan told the annual Asia Oil and Gas Conference.
"Despite the fragile sense of stability emerging in the market, I believe that we can expect continued volatility in the industry for some time to come, reflecting the ongoing developments in the broader economy."
U.S. oil prices jumped to a seven-month of $70.32 on Friday, before easing below $68 on Monday as the U.S. dollar continued to strengthen from its recent weakness. [O/R]
Oil prices have doubled from the low $30s hit last winter, although many in the industry fret that the rise is not fed by fundamentals but by optimism only.
Hassan said that after nearly a decade of limited spare capacity averaging 2.7 million barrels per day (bpd), spare crude capacity this year is expected to rise to 6.4 million bpd, or about 8 percent of world oil demand.
He urged the industry to continue to develop oil and gas fields without excessive disruption due to adverse market conditions in order to moderate the volatility inherent in the industry cycle. (Reporting by David Chance and Chua Baizhen; Writing by Ramthan Hussain, Editing by Michael Urquhart)