Current Market Price for Crude Oil is USD65.20 per barrel (28 Jul2019 2:16pm) average production cost is USD30.00 per barrel therefore net profit value = USD65.20 - USD30 = USD35.20 per barrel Therefore Petronas is earning net profit of USD35.20 x 170,000 barrels per day= USD5,984,000 per day which is about RM23,936,000 per day(Rate USD1=RM4). Natural gas output (680,000 barrels) net income was RM113 Million per day while Crude oil output per day is 170,000 barrel with per day net income of RM25,753,000 based on official 2017 figure, making a total of about RM139 Million per day.
Petronas' Sarawak o&g fields generate average of 850,000 barrels of oil
By Bernama - August 18, 2017 @ 9:58pm
KUCHING: Petroliam Nasional Bhd (Petronas) currently has 60 oil and gas- (O&G) producing fields in Sarawak producing an average of 850,000 barrels of oil equivalent per day, said its President/Group Chief Executive Officer, Datuk Wan Zulkiflee Wan Ariffin.
He said the Sarawak’s O&G sector in Sarawak had since also extended further downstream, adding that the first chemicals manufacturing facility in Bintulu was set up in 1980.
Petronas started its network of retail fuel stations in mid-1980s, he said
“There are now 81 service stations operated by Sarawakians, delivering fuel to the state’s thriving cities as well as its remotest areas.
“These accomplishments demonstrate our continuous commitment to grow in Sarawak and add value to its O&G resources,” he said.
Wan Zulkiflee said this at the the contract signing ceremony between Petronas Carigali Sdn Bhd and Brooke Dockyard and Engineering Works Corp here today.
He said Sarawak has well-placed ambitions to become a significant O&G hub in the region and Petronas was honoured to play a key role in realising this vision.
“As custodian of the nation’s O&G resources, Petronas is committed to work together with the state government to support its growth aspirations,” Wan Zulkiflee said.
He said part of this commitment included contributing to Sarawak’s socio-economic development as a long–term value driver, adding that so far Petronas had invested RM140 billion to develop the state’s O&G sector.
“We are also pleased to be actively involved in developing local capabilities. To-date, 420 Sarawak companies were registered as Petronas vendors.
“Nearly 5,000 Sarawakians are working for Petronas here as well as across its global operations,” he said.
Wan Zulkiflee said since 2010 Petronas had spent nearly RM400 million on education and human capital development and the education development programmes had benefited over 5,000 Sarawakian students and 15 educational institutions.
He said through its involvement in the state’s O&G industry, Petronas has had the privilege of collaborating with several key local partners.
“As a high-performing merit-based organisation, we are proud to have worked with Sarawakian companies that have lent their expertise to Petronas’ projects,” he said.
Wan Zulkiflee said the Petronas partnership with Brooke Dockyard started 20 years ago, adding that the renewal of ties today marked a significant milestone in the companies’ relationship with Sarawak.
“It is a testament of our commitment to support the state’s aspiration to grow local expertise that add value to the industry. We are pleased to be associated with Brooke Dockyard, a company that is equally committed to this cause,” he said.
Petronas today signed two contracts worth RM480 million with Brooke Dockyard and Engineering Works Corp to undertake work on Bokor Phase 3 Re-development and Anjung Gas Development projects offshore Sarawak.
The first contract, worth approximately RM290 million and awarded on April 12 this year, was for the provision of front-end engineering design and detail engineering, procurement, construction, installation and commissioning of three wellhead platform for the Bokor Phase 3 Re-development project.
The second contract, estimated at RM189 million and awarded on April 25, 2017, was for the provision of engineering, procurement, construction and commissioning of one wellhead platform and jacket for Anjung Gas Development Project, 200km offshore Bintulu.
Source: NST News in PDF
Production cost estimation:
United Kingdom, it costs $52.50 to produce a barrel of oil -
Brazil costs nearly $49 per barrel
Production costs around $41 a barrel in Canada.
United States, production costs are $36 a barrel
Saudia Arabia and Kuwait can pump a barrel of oil for less than $10, on average.
Iraq can produce oil for about $10.70 per barrel.
USD52.50+49+41+36+10+10+10.7/7 = USD29.88 per barrel
Average Production cost USD30.00 per barrel
Related Article:
What it costs to produce a barrel of oil
