Tuesday, October 19

Southeast Asia remains as Petronas’ key strategic market

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Southeast Asia will remain Petroliam Nasional Bhd’s (Petronas) key strategic market in expanding its core business, while being committed to develop its gas assets in Canada and Mexico, said its Senior Vice-President of Corporate Strategy, Mohamed Firouz Asnan.

 

KUALA LUMPUR: Southeast Asia will remain Petroliam Nasional Bhd’s (Petronas) key strategic market in expanding its core business, while being committed to develop its gas assets in Canada and Mexico, said its Senior Vice-President of Corporate Strategy, Mohamed Firouz Asnan.

He said the state-owned oil company always looked for potential upstream investments, particularly in Myanmar and Indonesia.

“Southeast Asia remains our heartland, this is our backyard. Where we want to look at is we want to do more in Myanmar and Indonesia.

“As for Malaysia itself, we got plenty of opportunities here,” he told reporters on the sidelines of the Offshore Technology Conference Asia 2018 here today.

Mohamed Firouz was one of the speakers at the Country Session: Malaysia session.

On business in Canada, he said, Petronas was currently focusing on monetising its assets and looking at expansion beyond domestic market.

“There are several markets that we are trying to extend, perhaps at the market in the (same) region possibly the United States.

“The LNG (liquefied natural gas) is our play, (but) we are looking at all options,” he said.

Canada holds the second largest gas resources in Petronas’ portfolio after Malaysia.

On other developments, Petronas had recently won six deepwater exploration acreages in Mexico, positioning the company as the second largest gross acreage holder in offshore Mexico with a total of nine blocks.

Further strengthening the company’s presence in West Africa, Petronas has recently signed a farm-out agreement with Australia’ FAR Ltd for a 40 per cent interest in the offshore petroleum licences of Blocks A2 and A5 located offshore Gambia. – Bernama