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Petronas under pressure as low gas prices force review of strategy in Canada, Vietnam

Jose Barrock & Jenny Ng
Jose Barrock & Jenny Ng8/7/2017 08:00 AM GMT+08  • 6 min read
Petronas under pressure as low gas prices force review of strategy in Canada, Vietnam
(Aug 7): Two weeks ago, the usually quiet Petroliam Nasional (Petronas) made two significant announcements. The first, made early on the morning of July 26, said the national oil company was putting on hold plans for the development of a US$29 billion ($3
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(Aug 7): Two weeks ago, the usually quiet Petroliam Nasional (Petronas) made two significant announcements. The first, made early on the morning of July 26, said the national oil company was putting on hold plans for the development of a US$29 billion ($39.3 billion) gas facility on Lelu Island, British Columbia, Canada. It had been grappling with the plans for five years or so.

Then the next day, it announced that its unit, PC Vietnam, would be handing over Blocks 1 and 2 at the Cuu Long basin, offshore Vietnam, to Vietnam Oil and Gas Group, the host authority, when the 26-year production sharing contract (PSC) for the blocks expires in September.

Petronas president and CEO Wan Zulkiflee Wan Ariffin tells The Edge Malaysia in an exclusive interview recently: “[Despite all that has happened,] it’s business as usual; these are purely commercial decisions.

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