Wednesday, 2 March 2011
PETRONAS performed badly in all three key sections.
'Reporting on Anti-Corruption Programme',
'Organizational Disclosure' and
'Country-Level Disclosure for International Operations'.
PETRONAS' respective scores were 30, 38 and zero percent, compared to the average scores of 43, 65 and 16 percent.
UK's BG Group, India's Oil and Natural Gas Corporation and Norway's Statoil top the three sections respectively with scores of 93, 100 and 69 percent.
PETRONAS was ranked in the bottom 25 percent of the 20 international and 24 national oil companies surveyed.
PETRONAS is the biggest revenue earner for this country.
how is the marginal field defined? H
ow are the local players chosen?
How is the foreign technology partner selected?
How did we come up with a ballpark figure of RM 800 million?
Who provided that figure?
Why can't it assign PETRONAS Carigali for instance to partner with the Petrofac for instance?
"hey guys, you want to make money? Here's the deal.
We want to appoint a foreign player to extract oil and gas from our marginal fields. Don't worry marginal is a misnomer- plenty of oil and gas there. But you people can share by being equity partners to these people. Just get the capital and join them.
They are your technology partner. They do the work, maybe you get to supply support services and other things. PETRONAS will oversee and make sure you make money. And we will also be fulfilling our political objectives- fast tracking the capabilities of the chosen local ones."
The contractors now assume all the risks (?) and get compensated when they strike oil or gas? Will they get to recover all their set up costs? They get to share the value that's above the costs? How will the sharing be structured?