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Annual Report 2 Petroliam Nasional Berhad (Company No. 20076-K) Registered Office: Tower 1, PETRONAS Twin Towers, Kuala Lumpur City Centre, 50088 Kuala Lumpur Malaysia Telephone : +603 2051 5000 Fax : +603 2026 5050 2011 www.petronas.com Annual Report 2011 Annual Report actual look and feel Our Business Crude Natural Oil Gas Exploration, Development and Production Refining Processing Liquefaction Petrochemical Plant Petroleum Petrochemical Liquefied Petroleum Processed Gas/ Liquefied Natural Products Products Gas (LPG) PGU System Gas (LNG) • Transportation Sector - • Industrial Sector - • Residential and • Power Sector • Export Sector Diesel, Gasoline, Jet Fuel Ethylene, Methanol, Commercial Sectors • Industrial Sector and Lubricants MTBE, Polyethylene, Propylene, Urea and VCM Non-exhaustive Our Presence E&P Gas & Power Downstream Exploration & Production (E&P) Africa • Algeria – Development • Cameroon – Exploration & Development • Chad – Development & Production • Egypt – Exploration, Development & Production • Mauritania – Exploration & Production • Mozambique – Exploration • Sudan – Exploration, Development & Production Asia Pacific • Australia – Exploration • Brunei – Exploration • Indonesia – Exploration, Development & Production • Malaysia – Exploration, Development & Production • Malaysia-Thailand Joint Development Area – Exploration, Development & Production • Myanmar – Exploration, Development & Production • Vietnam – Exploration, Development & Production Central Asia • Turkmenistan – Exploration, Development & Production • Uzbekistan – Exploration, Development & Production Latin America • Cuba – Exploration • Venezuela – Development Middle East • Iraq – Development • Oman – Exploration North America • Greenland – Exploration Gas & Power Africa • Egypt – LNG Asia Pacific • Australia – LNG & Infrastructure • Indonesia – Infrastructure • Malaysia – LNG, Infrastructure, Utilities & Power • Thailand – Infrastructure Europe • Ireland – Infrastructure • United Kingdom – Infrastructure, Utilities & Trading Latin America • Argentina – Infrastructure Downstream* Africa • Botswana – Oil Business • Burundi – Oil Business • Cameroon – Oil Business • Chad – Oil Business • Democratic Republic of the Congo – Oil Business • Gabon – Oil Business • Ghana – Oil Business • Guinea Bissau – Oil Business • Kenya – Oil Business • Malawi – Oil Business • Mauritius – Oil Business • Mozambique – Oil Business • Namibia – Oil Business • Réunion – Oil Business • Rwanda – Oil Business • South Africa – Oil Business • Sudan – Oil Business • Tanzania – Oil Business • Uganda – Oil Business • Zambia – Oil Business • Zimbabwe – Oil Business Asia Pacific • China – Oil & Petrochemical Businesses • India – Oil & Petrochemical Businesses • Indonesia – Oil & Petrochemical Businesses • Japan – Oil & Petrochemical Businesses • Malaysia – Oil & Petrochemical Businesses • Philippines – Oil & Petrochemical Businesses • Thailand – Oil & Petrochemical Businesses • Vietnam – Oil & Petrochemical Businesses Europe • Austria – Oil Business • Belgium – Oil Business • Denmark – Oil Business • France – Oil Business • Germany – Oil Business • Italy – Oil Business • Netherlands – Oil Business • Poland – Oil Business • Portugal – Oil Business • Spain – Oil Business • Turkey – Oil Business • United Kingdom – Oil Business Latin America • Argentina – Oil Business • Brazil – Oil Business Middle East • United Arab Emirates – Oil & Petrochemical Businesses North America • United States of America – Oil Business *Includes Engen subsidiaries and marketing and trading offices. ©2011 PETROLIAM NASIONAL BERHAD (PETRONAS) All rights reserved. No part of this document may be reproduced, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the permission of the copyright owner. PETRONAS makes no representation or warranty, whether expressed or implied, as to the accuracy or completeness of the facts presented. PETRONAS disclaims responsibility from any liability arising out of reliance on the contents of this publication. PETRONAS Annual Report 2011 3 Table of Contents Our Business 30 Financial Results 3 Our Presence 38 Exploration & Production Business 5 Corporate Statements 46 Gas & Power Business 6 Corporate Profile 52 Downstream Business 10 Corporate Enhancement Programme 60 Maritime & Logistics Business - A Year On 62 Our People 14 Board of Directors 64 Technology & Engineering 16 Board Committees 68 Health, Safety & Environment (HSE) 18 Executive Committee 72 Awards & Recognitions 19 Management Committee 78 Corporate Social Responsibility 20 President & CEO and Acting Chairman’s Message 82 Main Events 26 Statement of Corporate Governance 90 Glossary 27 Statement of Anti-Corruption 93 Financial Statements 28 Statement on Internal Control 4 PETRONAS Annual Report 2011 Corporate Statements VISION To be a Leading Oil and Gas Multinational of Choice MISSION We are a business entity Petroleum is our core business Our primary responsibility is to develop and add value to this national resource Our objective is to contribute to the well-being of the people and the nation SHARED VALUES Loyalty Loyal to nation and corporation Integrity Honest and upright Professionalism Committed, innovative and proactive and always striving for excellence Cohesiveness United in purpose and fellowship PETRONAS Annual Report 2011 5 Corporate Profile Through its Exploration & Production (E&P) PETRONAS Exploration subsidiary, PETRONAS Carigali Sdn Bhd (PETRONAS Carigali), PETRONAS has at a Glance & Production developed capability as a hands-on operator with a track record of successful oil and PETRONAS, the acronym for Petroliam Business gas developments. PETRONAS Carigali Nasional Berhad, was incorporated on 17 works alongside a number of petroleum August 1974 under the Companies Act, multinational corporations through Production 1965. It is wholly-owned by the Malaysian Sharing Contracts (PSCs) to explore, develop Government and is vested with the entire and produce oil and gas in Malaysia. Abroad, ownership and control of the petroleum PETRONAS continues to strengthen its resources in Malaysia through the Petroleum position by securing new acreages while Development Act, 1974. Over the years, undertaking various development projects. PETRONAS has grown to become a fully integrated oil and gas corporation and is The Petroleum Management Unit of ranked among the FORTUNE Global 500® As custodian of Malaysia’s oil and gas PETRONAS acts as resource owner and largest corporations in the world. resources, PETRONAS is entrusted with manager of Malaysia’s domestic oil and gas the responsibility to develop and add value assets. It manages the optimal exploitation to the nation’s hydrocarbon resources. In of hydrocarbon resources and enhances the early years, PETRONAS focused its the prospectivity of domestic acreages to efforts on managing the production sharing attract investment and protect the national contractors who were exploring Malaysian interest. One of the key drivers of its business acreages, but PETRONAS soon saw the growth is deepwater E&P, with many positive need to take on a bigger and more proactive prospects emerging in Malaysian acreages. role in augmenting the nation’s oil and gas reserves. PETRONAS has also reintensified PETRONAS continues to harness and efforts to strengthen Malaysia’s upstream develop new technologies to maximise industry through the enhancement of fiscal opportunities and further strengthen its terms and the introduction of new petroleum capabilities as part of its ongoing efforts to solutions, leveraging on the Government’s become a leading global E&P player. new tax incentives. 6 PETRONAS Annual Report 2011 At present, PETRONAS commands a sizeable operates the Peninsular Gas Utilisation (PGU) Gas & Power LNG market share in the Far East. Over the system, comprising six processing plants years, PETRONAS has sustained its market and approximately 2,505 km of pipelines Business position and preserved its reputation as a to process and transmit gas to end-users PETRONAS’ Gas & Power Business aspires reliable supplier of LNG, having sold more in the power, industrial and commercial to be a leading integrated gas, liquefied than 7,000 cargoes since the establishment sectors in Peninsular Malaysia. PETRONAS natural gas (LNG) and power player. To of its first LNG plant in 1983. also exports gas for power generation to create greater focus in these core areas of Singapore. growth, the business has been restructured As a global LNG player, PETRONAS is and streamlined into two major portfolios; determined to defend its significant traditional The PGU system is the principal catalyst for Global LNG business and Infrastructure, Far East market and seize opportunities on the development of Peninsular Malaysia’s Utilities & Power business. the growing spot market, while continuing offshore gas fields, the use of natural to grow its LNG presence in the Atlantic gas products for power generation and Global LNG basin. utilities, and the expansion of Malaysia’s petrochemical industry through the use of PETRONAS is also establishing its foothold gas derivative products, such as ethane, in European energy trading, which includes propane, butane and condensates. electricity and carbon trading. PGB is also developing Malaysia’s first Infrastructure, Utilities & LNG Regasification Terminal in Melaka, which is due for completion in July 2012. Power This will facilitate the importation of LNG PETRONAS’ global LNG business comprises
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