Challenges in SPAC land

August 14, 2014

Dateline 2014-06-14, The Star:

HOW much control should Special Purpose Acquisition Companies (SPACs) exert over the assets they acquire? This is a question that is increasingly becoming a moot point with listed SPACs.

Here’s one indication of this: According to sources, Reach Energy Bhd, the oil and gas SPAC seeking a listing on Bursa Malaysia, has tweaked one the clauses in its prospectus relating to control over the assets it hopes to buy. It has now stipulated that it will seek to secure majority control over the assets it buys into.

Apparently this was done to ensure there was no confusion in this area going forward.
SPAC guidelines from the start, had a very strict view on this matter. The rules initially required SPACs to secure both majority ownership and management control over the assets they buy. Subsequently, the rules were loosened after taking into consideration the dynamics of certain industries such as the minerals and resources industry that includes oil and gas.

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Ball and Globe Valves

August 13, 2014

In the industry, you use a throttling valve to regulate the flow of fluid. This type of valve may be a globe valve, needle valve, or some other type of that ilk. The valve may not be designed to ensure that, at full closed position, liquid cannot seep through the valve.

Adhering to the Unix philosophy, the isolation task is taken up by a block valve, which can be a gate valve, ball valve, butterfly valve (not so much).

Here’s an example in civilian life where a globe and ball valve are used in series to allow control of the water rate, yet guarantee a tight-shut off to conserve resources.

20140627_132218

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Talisman Said to Be Reviewing $4b Asia Assets for Possible Sale

August 13, 2014

Dateline 2014-06-13, Jakarta Globe:

Canada’s Talisman Energy is reviewing its Asian oil and gas portfolio, valued at about $4 billion, which could lead to a partial or full sale, people familiar with the matter said.

Talisman, Canada’s number five independent oil producer, has been slimming its operations and cutting debt in an effort to boost its share price to satisfy disgruntled and activist investors such as Carl Icahn.

The review marks a major shift in business strategy for a company that classifies its Asian portfolio as a core asset, and the review will force Talisman to make some tough choices.

It is unclear whether it will opt to sell the entire portfolio or retain some assets, the people added. A partial listing of the assets is one of the options being discussed, they added.

Talisman plans to put $2 billion worth of assets on the market in the next 12 to 18 months, after raising $6.6 billion through asset disposals since 2011, according the company website. The company does not disclose the names of the projects it plans to sell as part of its restructure.

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Petronas to conduct safety measure in affected Lawas pipeline

August 12, 2014

You mean, there are no safety measures as of now? Be alarmed.

Dateline 2014-06-13, Malay Mail:

Petronas is conducting (a) blowdown as a safety measure prior to start repair work following the recent fire at the Sabah-Sarawak Gas Pipeline (SSGP) in Lawas, Sarawak.

Petronas Sarawak Regional Office in a statement here said the process to completely remove residual gas in the affected section of the pipeline is scheduled tomorrow from noon to 3pm, near Merapok.

It said relevant authorities including the Fire and Rescue Department, Royal Malaysian Police and Lawas District Office have been notified.

“Members of the public are advised not to be unduly alarmed upon hearing continuous loud sound throughout the process.

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Saturday Star 2014-08-09 – Job Opportunities

August 11, 2014

Eid Mubarak.

Buy my recommendations, or through my Amazon store. Or get the Young Turks series (all 4 books). Where are those corporate sponsors? Or throw donations at me. I need RM360 to get The Star ePaper.

  • Murphy is looking for a senior structural engineer.  Send your CV here.

Support your local bookshop!  Bookalicious at The Summit Subang is a good choice. I think they focus on trilogies, quadrilogies, and other ologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Those of you who have dropped my name, thanks!

Food choice of the week? How if you visit Vietnam, how about visiting and updating GoHalalVietnam! for your food needs. For your other needs, talk to your local tour guide/ concierge / man on the street.

Some books for you to turn those bad numbers’ frown upside down.

  

Proofiness: The Dark Arts of Mathematical Deception, Bad Science: Quacks, Hacks, and Big Pharma Flacks, How to Lie with Statistics

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Petikan dari ‘Pantang di Cabar’

August 10, 2014

Tentang kelalaian yang merugikan:

..

Penjualan minyak di stesen kesemuanya secara tunai. Justeru apabila sesebuah stesen membuat pesanan untuk mendapat stok seterusnya dari Depoh mereka dikehendaki membayar secara tunai juga. Selalunya mereka mengemukakan ‘Draf Bank’ bersama borang pesanan pembelian sebelum stok yang dikehendaki boleh dihantar ke stesen masing-masing. Setiap pesanan sesebuah muatan lori tanker berharga diantara 25 hingga 30 ribu Ringgit. Sesetengah stesen memerlukan hantaran dua tiga lori sehari. Ini menyebabkan  kelewatan untuk mendapat ‘Draf Bank’ sebagai bayaran tunai sehingga stesen-stesen berkenaan selalu keputusan bekalan lalu menjejaskan nama baik PETRONAS.

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Dapatkan buku ini dan buku buku lain dalam siri ini di sini.

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Ophir Production to Develop Ophir Oil Field Offshore Terengganu, Malaysia

August 10, 2014

Dateline 2014-6-12, Rigzone:

Scomi Energy Services Bhd (SESB or Company) announced Wednesday that Ophir Production Sdn Bhd (OPSB), a joint venture firm — in which SESB’s wholly-owned subsidiary Scomi D & P Sdn Bhd (SDP) has a 30 percent interest — signed a seven year Small Field Risk Service Contract (SFRSC) with Malaysia’s national oil and gas company Petroliam Nasional Berhad (Petronas) June 11 to develop and produce petroleum from the Ophir field, offshore Terengganu, Malaysia.

OPSB will execute the approved Field Development Plan (FDP) with planned development activities, which include the drilling of wells, the installation of a production platform and export and storage of oil via a floating storage facility. The development phase will cost an estimated $135 million, with first oil production expected in 18 months.

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Malaysia hunts for pirates after oil tanker hijacking

August 9, 2014

Dateline 2014-06-12, South China Morning Post:

Malaysia is hunting for a group of machete-wielding pirates who hijacked a tanker off its eastern coast, stealing a million litres of oil, in the latest in a spate of attacks in its waters, an official said on Thursday.

Pirates hijacked the Malaysia-registered tanker MT Budi Mesra Dua last Saturday off Bintulu in the oil-rich Sarawak state as the ship sailed from neighbouring Singapore.

“Ten machete-wielding pirates boarded the ship, which was carrying about a million litres of diesel. They took control of the tanker for about 10 hours,” Mohamad Sufi Mohamad Ramli, a local commander with the Malaysian Maritime Enforcement Agency said.

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Apply global transparency benchmark to oil income, Putrajaya told

August 8, 2014

Dateline 2014-07-11, The Malay Mail (I used to love reading this paper in Egypt):

Malaysia should adopt an international standard on the handling of oil, gas and mineral revenue to provide clarity on how Putrajaya spends the tens of billions in petroleum revenue it receives yearly, a PKR MP said today.

Lembah Pantai MP Nurul Izzah Anwar said the Norway-based Extractive Industries Transparency Initiative (EITI) would publicise the details of contracts and enable the Malaysian public to know how much oil and gas companies are paying Putrajaya.

She also pointed out that Myanmar, which is regularly accused of being repressive,  has announced that it would implement the EITI.

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IEM Shout Out – Talk on Mastering Physical Laws: Reminders to Engineers

August 7, 2014

This is a shout out for the IEM. My Technical Division will be having a talk on Saturday 9th August, 2014 by Ir. Al-Khairi. It’ll be at 9:00am (makan-makan at 8.30am) at Wisma IEM. Due to the topic, I expect a lot of our friendly law enforcement and massive camera presence

 

A physical law or scientific law, according to the Oxford English dictionary, “is a theoretical principle deduced from particular facts, applicable to a defined group or class of phenomena, and expressible by the statement that a particular phenomenon always occurs if certain conditions be present.”Wikipedia.
So if the physical laws are always true than we can repeat success every time when the success conditions are presents. Similarly we can avert failures or even predict poor consequences whenever the conditions are met.
As long as we live in this earth the physical laws will always govern us. The questions are:

  • Are you aware of the physical laws that govern your life?
  • How can you benefits from the laws?

To be successful, you must not beat the physical laws. You must use the laws to your advantage. The physical laws are always present. We just don’t realize how to get the laws working to our favours.
To fly, you don’t ignore gravity. You use the understanding of gravity to defy falling down.
This talk will expand on the physical laws in experiential manner for you to uncover your hidden potential and what has hindered you from success. The physical laws can be used in all aspect of your life, management, business, relationship.
This talk will not only change the way you think about physics. It will make you be part of the physical world.

Ir. Al-Khairi has 20 years of experience in research, cement, oil and gas, petrochemical, oleo chemicals industries and health care facilities. He has gained various experiences in design, construction, testing and commissioning, operate and maintain facilities and plants from various multinational companies both abroad and locally. He has served in various roles as engineers and manager to the plant and facilities.

You can register here and download the flyer here.

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