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Gomen business – ETAC / EAC
January 29, 2021
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Posted by Wata
O&G industry to continue job cuts
January 25, 2021Dateline 2021-01-21, Malaysian Reserve:
WEAKER investments and global shift to low-carbon energy sources are expected to drive job cuts further in the oil and gas (O&G) industry with over 400,000 jobs axed last year alone.
Asia School of Business Assistant Prof Dr Renato Lima de Oliveira expects O&G companies globally to continue to cut their spending as they have yet to recover from the global slump in oil demand due to Covid-19.
National O&G companies like Petroliam Nasional Bhd (Petronas) and Saudi Aramco are further expected to pay hefty dividends to help respective federal governments manage their fiscal deficit as the Covid-19 battle continues.
Petronas has committed to an extra RM10 billion dividend on top of its scheduled RM24 billion dividend to the government for the year 2020. Saudi Aramco also said it would pay US$75 billion (RM303 billion) in dividend to the Saudi government.
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Shell Malaysia to cut 250-300 upstream jobs
January 18, 2021Dateline 2021-01-15, Argus Media:
Shell will cut 250-300 jobs from its upstream operations in Malaysia over the next two years, or around 2pc of the current workforce, calling it a necessary change to ensure it is “in a strong position to capture opportunities in the energy transition”.
Shell announced in September plans to cut 7,000-9,000 jobs over the next two years as part of a structural reorganisation to shift towards a low-carbon future.
Most of Shell Malaysia’s upstream staff will relocate to its principal office in Miri in the Malaysian state of Sarawak. The firm will continue to maintain an office in Kota Kinabalu in Sabah state for downstream businesses and some upstream support. “There are no changes to Shell’s offshore deepwater operations in Sabah,” it said.
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Oil and gas in the new norm
January 12, 2021Dateline 2021-01-09, The Star:
SINCE the collapse of crude oil prices in 2014, the oil and gas (O&G) sector has never been the same.
First came the shale boom in the United States, creating ample supply and potentially changing geopolitics in the process by making the country less reliant on oil imports.
Another sting to the industry was the heavy debts that players struggled to pay back following the oil price rout that took place from 2014 to 2016.
The O&G industry has also been facing declining demand as more countries adopt cleaner and more environmentally friendly methods to generate energy.
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Malaysia’s Petronas says Baram oil output to resume in Q3 after ship accident
January 11, 2021Dateline 2021-01-04, Market Screener:
Malaysia’s state energy firm Petronas said on Monday it expects to resume full production at its Baram facilities, off the state of Sarawak on Borneo island, in the third quarter after halting output in October following an accident.
Petronas declared force majeure at its Miri crude oil terminal on Oct. 29 as a result of the ship collision on Oct. 27 at the Baram field, a company spokesman told Reuters.…
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Norway’s Aker Solutions sued by former Malaysian employee amid graft probe
January 5, 2021Dateline 2020-12-30, FMT:
A former Malaysian employee of Norway’s largest oil services company Aker Solutions has sued the firm, saying it tried to stop her from speaking to authorities about its business practices, an accusation the company denies.
Seetha Kumarasamy, formerly a legal director with the firm, said in a Nov 20 Kuala Lumpur court filing seen by Reuters that Aker Solutions had sued her in 2018 to suppress evidence and prevent her from speaking out amid a corruption probe into the firm’s dealings with Petronas.
Aker Solutions, in a court filing last week, denied the allegation and accused Seetha of breaching her confidentiality obligations to the firm.
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KeTSA introduces three initiatives to encourage use of solar PV
January 4, 2021Dateline 2020-12-29, The Edge:
The Energy and Natural Resources Ministry (KeTSA) is introducing the Net Energy Metering (NEM) 3.0 programme to provide an opportunity for more users to install the solar photovoltaic (PV) systems on the roofs of their respective buildings for electricity bill reduction.
Minister Datuk Dr Shamsul Anuar Nasarah said NEM3.0 would offer a quota of 500 megawatts (MW) from 2021 to 2023.
The NEM 3.0 programme involves three initiatives – Program NEM Rakyat, Program NEM GoMEn (Government Ministries and Entities) and Program NOVA programme (Net Offset Virtual Aggregation).
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Wata - Malaysian Oil and Gas Engineer 