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Sunday, March 21, 2010

Petronas has discovered a huge tract of oil reserves that could significantly reduce oil prices

‘Big oil field find by Petronas’

  • Got to read The Star news on this news headline ... first thing came across my mind, when will the Oil Price reduce in Malaysia?
  • With my white horse civic ....f or a RM 90 full tank and runs for 480 km distance ... it is quite costly for me. A week cost me RM 90 and a month cost me RM 360!
  • What is your fuel cost per month?
  • You can read more on the news below ...

    KUALA LUMPUR: Petronas has discovered a huge tract of oil reserves that could significantly reduce oil prices, claimed former Petronas chairman Tengku Razaleigh Hamzah.
    “I was told it is the biggest oil field this part of the world, and enough to depress oil prices,’’ he told a forum titled “Oil Royalty: A Constitutional Right?” yesterday.

    The forum was organised by the Bar Council to discuss the constitutional aspects of the oil royalty payment.

    Razaleigh said it was the prerogative of the Prime Minister to give Petronas the green light to start extracting oil from the newly-discovered field. He hoped part of the earnings would be channelled to a national heritage trust fund for the future generation and that Petronas would manage the resources well.

    “We hope there is no ‘leakage’, and the money goes back to the people,’’ he added.
    Razaleigh also hoped misunderstandings over the law pertaining to oil royalty payment to Kelantan would be resolved soon, adding the Government should be advised properly.
    Meanwhile, another panellist, Datuk Dr Shad Saleem Faruqi, said parts of the Petroleum Deve­lopment Act were unconstitutional.

    “For example, if oil is found inland, it is unconstitutional for the federal government to stake claim on it. But according to the Act, it gets 5%, which is unconstitutional,” he said.

12 comments:

uLi.佑莉 said...

I drive the same car as you last time ma, you know la, petrol save vehicle ...hehe!

TZ said...

Dear lovely govt, Please manage the resource well... DO NOT just waste on those white elephant projects. you discovered 10 million oil fields also not enough if not manage the resource well.

BTW, dude, do you think it benefit us more or someone else :p

kenwooi said...

please walk the talk my dear government =)

Mei Teng said...

I wonder if that discovery will indeed translate into reduction in oil prices. Let's wait and see.

Anonymous said...

Hello. And Bye.

HenRy LeE ® said...

still considering, bike or car... hmmm.... bicycle la... haha!

Alice Law said...

Nevertheless... a good news for humanbeing... but another terrible news for the earth!! Huhuhu...

foongpc said...

Really? Well, I hope it will reduce the oil prices though I don't want to expect too much!

ChrisAu said...

go Natural Gas! 68 cents only..hahaha

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C.Alv.B said...

Hope the fuel price will not hike again.. :(

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