PETALING JAYA: The government is working closely with Petronas to draw up incentives for industry players to optimise the nation’s oil output, and in the process boost the industry and set the stage for Malaysia to emerge as a pivotal regional hub for oilfield services.
“Petronas will be announcing specific incentives for the oil and gas sector in due course.
We will wait for them,” Minister in the Prime Minister’s Department Datuk Seri Idris Jala said yesterday.
“They will announce it at the right time,” he told reporters after opening Schlumberger’s financial hub and Asian headquar-ters here.
Schlumberger is a leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide.
Idris said Petronas, as
one of the top oil compa-nies in the world, would champion and lead the development of the oil, gas and energy industry in Malaysia by sharing its experiences and technical expertise.
The presence of multinational companies like Schlumberger would certainly play an important role to boost the industry moving forward, he added.
When asked what kind of incentive companies can expect, he said it would very much depend on Petronas.
“Petronas works with production sharing contractors.
“There are specific production sharing contracts that they have given out to specific operators such as Shell
and ExxonMobil and
some of the contracts are expiring and some will continue.
“When a contract nears expiration, after negotiation, they will obviously announce particular incentives for particular operators when they renew the contract,” he added.
— Bernama