O&G Players Readjusting To Low Oil Price Environment

February 8, 2018

Really?

Dateline 2017-12-20, MD:

The year 2017 saw some improvements in the oil and gas industry as efforts by the Organisation of the Petroleum Exporting Countries (OPEC) and its alliance to readjust the supply-demand equilibrium began to bear fruit.

The move, which started in December last year and the first deal reached between OPEC and major non-OPEC producers since 2001, involved a reduction of 1.2 million barrels per day (bpd) within the 13 OPEC members, excluding Libya and Nigeria.

Meantime, 11 non-OPEC countries — Azerbaijan, Bahrain, Bolivia, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan, and South Sudan — made commitments to cut production by 1.8 million bpd among them.

Following the deal, the international benchmark Brent crude prices have somewhat improved, starting the year at US$56.82 per barrel before retracting to US$44.82 on June 21, and rebounding to US$64.69 on Dec 11 following the decision by OPEC and its non-member alliance on Nov 30 to extend production cuts for the entire 2018.

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Raja Ampat 2017-11 4 of 6

February 7, 2018

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Challenging Year For Labuan’s Oil And Gas Industry In 2017

February 6, 2018

Dateline 2017-12-24, Malaysian Digest:

The year 2017 has been a challenging one for Malaysia’s oil and gas (O&G) hub of Labuan, with the island’s key engine of economic growth continuing to run at a slow pace.

This has somewhat overshadowed Prime Minister Datuk Seri Najib Tun Razak’s announcement of a feasibility study on a bridge to connect Labuan to the Sabah mainland. The proposed link is poised to be an economic game-changer for Labuan once it is put in place.

Notably, a number of O&G companies were shut down or had their operations downsized since last year, but the people here continue to be self-resilient.

Still, in spite of these challenges, the people and business community in the duty-free-island keep reminding themselves that ‘the darkest hour is just before dawn’…positivity, whether in personal life or business, is a choice rather than an outcome.

Many do not believe that Labuan – the only O&G hub in the region – is facing such problems as other oil-producing states and countries are also not spared from being affected badly by the slowdown.

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Saturday Star 2018-02-03 – Job Opportunities

February 5, 2018

Happy worry about a new year week. IGL has pivoted into training, so book your seats now.

We’re thinking of republishing Young Turks of PETRONAS, but it’s a minimum 500 book printing run. Do I have enough interested persons to purchase?

Donate to your favorite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (3 books until I can get YTP republished). Where are those corporate sponsors? Or throw donations at me, my camera dive case flooded, and I need a new replacement. Heck, if you want to send me a Canon 5D Mk III plus dive case, I will not say no.

  • I have a feeling that The Star isn’t the preferred O&G job recruitment portal now, and they have moved adverts to another online presence (I bought a dead tree edition this week). I see more adverts via social media. What do you think, is it a step change that the papers need to embrace?
  • I’m looking for jobs for 2Q2018. Send me your POs.

Food choice of the week? Please patronise King’s Confectionery at IOI Mall. A member of the family is working there while waiting for exam results. Go on, you know you want to a donut (British edition) every 3 hours.

This week, may I suggest you have a peek at Dakwah Corner? They have branches in Subang Parade, PJ Section 14, Ampang Park (okay, forget about the Ampang Park branch)

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Cover Story: Oil & Gas Conundrum

February 4, 2018

Dateline 2017-12-21, The Edge:

MALAYSIA-based oil and gas outfit De Raj Group AG has just received the requisite approvals for a listing on the Frankfurt Stock Exchange in Germany.

When asked why the company opted for a listing so far from home, CEO Vaidyanthan Nateshan says things are difficult in Malaysia, referring particularly to the debt market.

“It’s not the equity market that is tough, it’s the debt market. We are well capitalised and need financing for executing projects. The Malaysian debt market is dead … asset cover here is 2.5 to 3 times while in Europe, it is 0.8 times,” he tells The Edge in a short phone conversation last Friday.

“We have bankers telling us they won’t touch oil and gas companies with a barge pole, so I’m taking the company to Europe.”

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JX Nippon to develop and produce oil and gas from Beryl Gas Field

February 3, 2018

Dateline 2017-12-20, Your Industry News:

Mr. Shunsaku Miyake, President and CEO of JX Nippon Oil & Gas Exploration Corporation is pleased to announce that PETROLIAM NASIONAL BERHAD (“PETRONAS”), the national oil company of Malaysia, has agreed for JX Nippon Oil & Gas Exploration (Malaysia) Limited (President and CEO, Hironori Wasada, “NOMA”) to be entitled to the oil and gas rights of Beryl Gas Field (“Beryl”), and approved the Field Development Plan (“FDP”) for Beryl on 27th October 2017.

Beryl, an already discovered but undeveloped gas field, lies in the shallower zone in the same location as the underlying Helang Gas Field (“Helang”) and Layang Oil and Gas Field (“Layang”) in Block SK10, Offshore Sarawak, for which NOMA has been conducting production operation as operator. NOMA, in accordance with the aforementioned approved FDP, will utilize existing Helang facilities to develop Beryl economically and within a short period of time, with Beryl first gas scheduled for November 2018.

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Shout Out – 2018-02 Talk on “Petroleum Engineering and the Life of Field”

February 2, 2018

My technical division will be hosting a talk on the 10th February, 2018. It is worth 2 CPD points, and held at Wisma IEM. The talk will be presented by Councilman Ir. Abdul Razak Yakob. ‘..not a well-know engineering discipline’, my aching b.

Petroleum Engineering is not a well-known engineering discipline.  It is a niche area where its major contribution is to the Oil & Gas (O&G) Upstream Industry.  This talk will introduce the study of Petroleum Engineering and how it contributes to the industry.  The talk will go into the heart of Petroleum Engineering, the Life of Field.  It is about the process cycle of a field that can take more than 40 years to complete. Each one of these 8 parts is the key to understanding how the industry works.  Well proposal, exploration well, development project planning, development well, production, workover and well services, enhanced oil recovery and field plug & abandonment.  Understanding the Life of Field shall open up the endless possibilities of technical and commercial contribution opportunities to the O&G Industry by all engineers.  This is the time for all engineers to be exposed to the O&G business operations before the next boom!

Ir. Razak Yakob is a Drilling Engineering Consultant and a part time Lecturer for Petroleum Engineering.  Razak has been in the oil and gas industry for more than 20 years, working for companies such as ExxonMobil, Halliburton, Talisman Energy, Petronas Carigali and EQ Petroleum / Uzma Engineering.

His core expertise is in Drilling Engineering with the working experiences spanning from development and exploration, technical support, training, competency development, finance and consultancy. As an independent consultant, he has worked in many parts of the world. He graduated from the Colorado School of Mines with a degree majoring in Petroleum Engineering and a minor in Mechanical Design.  Ir. Razak is the Secretary/Treasurer for the Oil, Gas and Mining Technical Division and an IEM Council Member.  He is also an Industrial Advisory Panel for a university.

Register here, or download the form here.

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Banks continue to provide financing to viable businesses

February 1, 2018

Dateline 2017-12-12, FMT:

Banks will continue to provide access to financing for viable businesses, including the oil & gas (O&G) sector.

The Association of Banks in Malaysia (ABM), in a statement today, said this in response to a report on Sunday in Edge Malaysia titled “Oil and Gas Conundrum”.

ABM, which comprises 27 banks, said all O&G cases have been given due consideration.

“Credit evaluation is conducted on O&G companies similar to loan applications by any other industries.

“Feasibility studies, such as stress test analyses, due diligence and credit evaluation, are conducted as part of the standard assessment procedure to determine eligibility and viability.

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