Extract from “Tuah Jebat” – Warisan Perintis

November 5, 2016

 

Unit Tindakan Khas (UTK) telah mengakhiri era kewujudan mereka apabila termaktub semua perjanjian PSC yang selebihnya. Pada masa mereka merangka dan merundingkan PSC, yang turut tertubuh ialah Jabatan Pemasaran Antarabangsa atau “International Marketing Department (IMD)” bagi mengagih minyak mentah ke pasaran antarabangsa dan Jabatan Pemasaran Dalam Negeri atau “Domestic Marketing Department (DMD)” untuk penjualan bahan petroleum di dalam negeri, khususnya melalui stesen-stesen servis.

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Malaysia’s Petronas sees higher demand as focus turns to energy security

May 22, 2022

Dateline 2022-04-27, Zawya:

Malaysian state energy firm Petronas is seeing growing demand for gas as the world lifts COVID-19 restrictions and prioritises energy security due to Russia’s invasion of Ukraine, its chief of upstream operations told Reuters on Wednesday.

Petronas, the world’s fourth-biggest producer of liquefied natural gas (LNG), has seen high demand from Europe, Japan and South Korea since last year, said Adif Zulkifli.

“We are producing the maximum that we can now. There’s a lot of requests for more cargoes in Bintulu,” said Adif, referring to Petronas’ massive LNG complex in the eastern state of Sarawak.

“To increase production is not as easy,” because of under-investment in recent years, he said.


Malaysia’s biodiesel group opposes reduction of biofuel mandate

May 21, 2022

Dateline 2022-04-26, Reuters:

Malaysia should not cut its biodiesel mandate as it would lead to a crash in crude palm oil prices, a biodiesel producer group said on Tuesday, after Indonesia’s export ban on the edible oil spurred concerns over its use in fuel versus food.

The Malaysian Palm Oil Board (MPOB), an industry regulator, told Reuters on Monday countries should slow the use of the edible oil as biofuel to ensure adequate supply for use in food, warning of a supply crisis following Indonesia’s ban.


Govt to kick off 15 initiatives this year to grow OGSE industry

May 20, 2022

Hahahahahaha.

Dateline 2022-04-26, The Edge:

The Economic Planning Unit (EPU) and Malaysia Petroleum Resources Corporation (MPRC) plan to kick off 15 initiatives this year under the National Oil & Gas, Services and Equipment (OGSE) Industry Blueprint 2021-2030.

Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said the 15 initiatives, aimed at strengthening and growing the OGSE industry, will continue to address systemic issues confronting the sector, specifically in the areas of technology, talent, and funding.

“EPU, alongside MPRC, will continue to work closely with ministries, agencies, Petronas, industry players and relevant stakeholders to realise the vision and goals set out in the OGSE blueprint,” he said at the second steering committee meeting for the blueprint.


Govt looking at targeted fuel subsidy mechanism, says Mustapa

May 19, 2022

This happen?

Dateline 2022-04-26, FMT:

The government is likely to introduce a targeted fuel subsidy mechanism, especially for the lower income group, to cushion the impact of rising crude oil prices.

Economic affairs minister Mustapa Mohamed said the government was still working on a suitable structure and expected it to be completed soon.

He also noted that the finance ministry was currently looking at whether the government was able to bear the subsidy as prices for RON95 petrol and diesel remained for the time being.


Petronas Dagangan Bhd says in close communication with Finance Ministry on fuel subsidy bills

May 18, 2022

Dateline 2022-04-25, The Star:

Petronas Dagangan Bhd (PDB) is in close communication with the Ministry of Finance on the increase of fuel subsidy bills amid the rising global crude oil prices.

PDB managing director/chief executive officer Azrul Osman Rani said PDB understood the current predicament with the higher crude oil prices impacting Malaysia and other nations.

“If we look at Thailand today, we are looking at RON95 equivalent to RM5 (per litre). In Singapore, it is close to RM10 (per litre).


How Sapura Energy got into the mess it is in

May 17, 2022

Dateline 2022-04-23, The Edge:

Sapura Energy Bhd is on the verge of bankruptcy, only three weeks shy of the 10-year anniversary of the mega-merger between SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd, which created SapuraKencana Petroleum Bhd back in mid-May 2012.

Its name was changed to the current one at end-March 2017.

From a merger valuation of RM11.85 billion, Sapura Energy’s market capitalisation swelled to RM28 billion in early 2014, following the acquisition of Seadrill’s rig business and Newfield’s Malaysian assets. At its peak, Sapura Energy was the world’s second largest integrated oil and gas service provider.


Petronas signs production sharing contract for Block SK247 off the coast of Sarawak

May 16, 2022

Dateline 2022-04-22, The Edge:

Petroliam Nasional Bhd (Petronas) has signed a production sharing contract (PSC) with its new investor SK earthon Co Ltd and Sarawak-owned oil and gas company Petroleum Sarawak Exploration & Production Sdn Bhd (PSEP) for Block SK247 off the coast of Sarawak.

Block SK427 is located within the prolific area of Balingian and Tatau hydrocarbon provinces covering an area of 3,349 sq km, according to Petronas in a statement on Friday (April 22).

“The block is situated in a proven hydrocarbon system and has promising hydrocarbon potential to be unlocked. Several significant hydrocarbon discoveries were made in 2021 in the Balingian province near the block, namely Sirung-1 and Hadrah-1 wells,” Petronas said.


PSA: Rescue Kitties looking for forever home.

May 15, 2022

Good day. Rescue kitties looking for a forever home. Spay your pets. Or kill your unwanted humanely.
Please spread the word. Our office can’t take any more rescue cats. We don’t have enough keyboards.


Petronas signs PSC with SK Earthon

May 15, 2022

Who now?

Dateline 2022-04-23, Malaysian Reserve:

PETRONAS has signed a Production Sharing Contract (PSC) with SK earthon Co., Ltd. (SK earthon) and Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP) for Block SK427 off the coast of Sarawak.

SK earthon, a wholly owned subsidiary of South Korea’s SK Innovation Co., Ltd is the operator of Block SK427 with 85 percent participating interest while PSEP, the Sarawak-owned oil and gas company, holds the remaining 15 percent.

Signing on behalf of PETRONAS was Senior Vice President of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan, while SK earthon was represented by its Director and Head of Exploration & New Venture Office, Suntaek Bang, and PSEP by its Director and Chief Operating Officer, Dr James Foo.


How Sapura slipped on falling oil prices and Covid-19

May 14, 2022

Dateline 2022-04-20, FMT:

Sapura Energy Bhd (SEB) is likely to remain the biggest corporate story in Malaysia for some time to come.

Tumbling oil prices and a global pandemic led to its fall, but the failure of a major stakeholder to act decisively to save the company may just bury it.

For the financial year ended Jan 31, 2022, the company reported an RM8.9 billion loss, one of the largest in Malaysian corporate history.