ID :
64761
Mon, 06/08/2009 - 19:39
Auther :
Shortlink :
https://oananews.org//node/64761
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PETRONAS URGES GOVTS TO SOLVE AMBALAT ISSUE
KUALA LUMPUR, June 8 (Bernama) -- The Malaysian and Indonesian governments
need to solve the issue over the disputed oil and gas-rich Ambalat block before
anything can proceed, said Petroliam Nasional Bhd's (Petronas) president/chief
executive officer, Mohd Hassan Marican.
"There is a moratorium on the Ambalat block. Both governments must come to
some sort of arrangement before anything can happen.
"On our side we respect the moratorium," he told a media briefing after
addressing the 14th Asia Oil and Gas Conference here today.
Four years ago, Petronas awarded an exploration concession to the
Anglo-Dutch company Shell in Ambalat, off the East Kalimantan coast.
Until now the exploration job is still pending.
According to a source met on the sidelines of the conference, a meeting
would be held in Malaysia tomorrow to discuss the Ambalat issue.
"A delegation from the Indonesian Defence Ministry is expected Tuesday.
Maybe they will meet the Malaysian defence minister," the source, who does not
wished to be identified, said.
Earlier, in his welcoming address, Hassan said as the financial crisis
ushered in an era of government intervention, industry players needed to
reach out and better engage the government to address ongoing flaws in the
existing market system.
"While regulated markets are a powerful force for development, they are
notoriously and inherently myopic, further contributing to the boom-bust cycle
in our industry," he said.
Hassan said greater collaboration was required to formulate sensible, sound
and sustainable energy policies to address urgent industry priorities such as
access to resources, fiscal stability, capital availability, energy efficiency,
research and development and climate change.
"Over the years we have seen too many instances of well-intentioned but
misinformed policies leading to unforseen, negative outcomes, such as global
mandates for biofuels contributing to the rise in food prices and
unintentionally leading to an increase in poverty levels.
"The scale and complexity of the challenges now require all of us to rally
and work together to preserve the industry through these difficult times and
just as importantly prepare it to meet future needs," he said.
He said the global oil demand this year was expected to fall by about 2.6
million barrels per day (bpd), a pace of contraction close to the level in the
early 1980s.
"Spare crude oil capacity meanwhile is expected to rise to 6.4 million bpd,
equivalent to about eight percent of world oil demand.
"This, however, has yet to achieve the peak spare capacity of 17 percent of
world demand reached in 1985," he said.
-- BERNAMA
need to solve the issue over the disputed oil and gas-rich Ambalat block before
anything can proceed, said Petroliam Nasional Bhd's (Petronas) president/chief
executive officer, Mohd Hassan Marican.
"There is a moratorium on the Ambalat block. Both governments must come to
some sort of arrangement before anything can happen.
"On our side we respect the moratorium," he told a media briefing after
addressing the 14th Asia Oil and Gas Conference here today.
Four years ago, Petronas awarded an exploration concession to the
Anglo-Dutch company Shell in Ambalat, off the East Kalimantan coast.
Until now the exploration job is still pending.
According to a source met on the sidelines of the conference, a meeting
would be held in Malaysia tomorrow to discuss the Ambalat issue.
"A delegation from the Indonesian Defence Ministry is expected Tuesday.
Maybe they will meet the Malaysian defence minister," the source, who does not
wished to be identified, said.
Earlier, in his welcoming address, Hassan said as the financial crisis
ushered in an era of government intervention, industry players needed to
reach out and better engage the government to address ongoing flaws in the
existing market system.
"While regulated markets are a powerful force for development, they are
notoriously and inherently myopic, further contributing to the boom-bust cycle
in our industry," he said.
Hassan said greater collaboration was required to formulate sensible, sound
and sustainable energy policies to address urgent industry priorities such as
access to resources, fiscal stability, capital availability, energy efficiency,
research and development and climate change.
"Over the years we have seen too many instances of well-intentioned but
misinformed policies leading to unforseen, negative outcomes, such as global
mandates for biofuels contributing to the rise in food prices and
unintentionally leading to an increase in poverty levels.
"The scale and complexity of the challenges now require all of us to rally
and work together to preserve the industry through these difficult times and
just as importantly prepare it to meet future needs," he said.
He said the global oil demand this year was expected to fall by about 2.6
million barrels per day (bpd), a pace of contraction close to the level in the
early 1980s.
"Spare crude oil capacity meanwhile is expected to rise to 6.4 million bpd,
equivalent to about eight percent of world oil demand.
"This, however, has yet to achieve the peak spare capacity of 17 percent of
world demand reached in 1985," he said.
-- BERNAMA
