LNG

Murphy Oil, the US exploration and production company whose Rotan natural gas discovery offshore Malaysia is the subject of a floating LNG joint venture with state energy company Petronas, has returned a third-quarter profit after posting a loss in the same three months of 2017.

Malaysian energy company Petronas said it expected to proceed with a second floating liquefied natural gas project involving a US company after the successful start-up of “PFLNG Satu”, the world’s first production hull deployed over the stranded Kanowit gas field offshore Sarawak.

March 1 (LNGJ) - Malaysian energy company Petronas said it was postponing the Rotan floating LNG venture offshore Sabah as part of cost-cutting measures amid much lower revenues because of the oil slump. “These cuts will impact some of our capital projects,” the company said. “At this point, we have taken the decision to re-phase the Petronas Floating LNG 2 project to be commissioned at a later date than originally planned,” it added. Rotan FLNG was planned to come on stream in 2017 with output of 1.5 million tonnes per annum. Petronas is still on course to deploy the world's first FLNG hull over the Kanowit field, located 180 kilometres offshore Sarawak, Malaysia, in late 2016.The Kanowit FLNG hull is being constructed at the Daewoo Shipbuilding and Marine Engineering shipyard in South Korea.