Petronas - an unusual NOC

Low oil prices have hurt, but Petronas is adapting

This summer, Malaysia's Petroliam Nasional Berhad (Petronas) delivered the world's first floating liquefied natural gas facility, beating Shell's Prelude vessel by more than a year. PFLNG Satu will process up to 1.2m tonnes a year of LNG, from shallow waters in Malaysia's Kanowit gasfield, 180km offshore Sarawak. Prelude will be three times bigger, but Petronas got there first. A second floating-LNG vessel, with processing capacity of 1.5m t/y, is under construction for use at the deep-water Rotan field and might be ready in the next two or three years. Once proved at Kanowit and Rotan, the technology could be rolled out to Malaysia's many other stranded gasfields or to projects overseas. Fl