Company Report
PETRONAS LNG corporate summary
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Report summary
PETRONAS' core competency is in Asia and its focus has not wavered. The NOCs portfolio stands at 35 Mt and it remains one of the largest suppliers in the Pacific market. However, as contracted LNG grows, PETRONAS' flexible LNG increases significantly. We forecast flexible LNG growing to over 10MT by 2019. This is a pressing concern as its exposure to the spot market increases its risk of being distressed.
Table of contents
- Executive summary
- Recent developments
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LNG strategy
- SWOT analysis
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Supply strategy
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Key issues to look for
- The Sabah Sarawak pipeline is an Achilles heel, but expect response to high price signals
- Future supply will be more expensive
- and require investment in gas processing facilities
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Countermeasures and solutions
- End-to-end control over gas molecules allows for great flexibility and value capture
- Technology partnerships and consistent investment have delivered a world class facility
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Marketing strategy
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Key issues to look for
- Japanese buyers turn choosy with long-term deals
- Is PETRONAS geared up to trade the 10MT flexible volumes by 2019?
- Does the U-turn in Canada signal an end to PETRONAS’ portfolio diversification efforts?
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Countermeasures and solutions
- PETRONAS pivots to emerging markets with sweeteners
- Dragon LNG a strategic enabler to secure new cross basin partnerships
- PETRONAS could look to Singapore and Peninsular Malaysia for growth
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Key issues to look for
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Key issues to look for
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Supply-demand balances
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Post FID contracted supply
- Supply from Malaysia forms the bulk of PETRONAS' portfolio
- PETRONAS retains some off-take flexibility from its projects
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Committed LNG
- Flexible LNG portfolio
- Volume of flexible supply grows to over 10 Mt by 2019
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Post FID contracted supply
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Value Drivers
- Contract Pricing
- Contracted supply pricing
- Committed sales LNG pricing
- Pricing strategy
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LNG assets
- Gas into LNG
- Integrated approach towards LNG
- Liquefaction capacity
- Operating/Post FID
- Regas capacity
- Shipping
- Risks and uncertainties
Tables and charts
This report includes 10 images and tables including:
- LNG strategy: Table 1
- Table 4: Contracted supply
- PETRONAS' contracted supply
- Table 5: PETRONAS committed sales
- PETRONAS' contracted commitments
- Table 1: PETRONAS' upstream supply to LNG liquefaction plants
- LNG assets: Table 2
- Table 2: PETRONAS' liquefaction capacity
- Table 3: PETRONAS' regasification capacity
- PETRONAS' flexible LNG (mmtpa)
What's included
This report contains:
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