Local natural gas price cannot go in line with spot price: MGA

May 4, 2019

Dateline 2019-03-27, NST:

Malaysian Gas Association (MGA) says local natural gas price adjustments cannot go in line with fluctuating spot liquefied natural gas (LNG) prices.

This is because they are subject to long-term contracts with large industrial customers.

MGA said in Malaysia, the contracts offer them certainty in terms of managing their operations, with the natural gas price adjustments predicted beforehand.

It said the current global LNG prices are low as a result of a temporary imbalance in the supply-demand equilibrium.

“For now, Asian spot LNG prices have fallen because of oversupply given the new supply capacity in the United States and Australia, coupled by weakening demand owing to a milder-than-expected winter.

“Historically, such temporary imbalances are generally restored within a short time which will then increase the spot LNG prices,” it said in a statement.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Anniversary – Exxon Valdez

May 3, 2019

My apologies, I missed this year’s anniversary.

EPMI engineers never forget.

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Shout Out – 2019-07 ICOSSE ’19

May 2, 2019

Here’s an event done in conjuction with IEM, from July 1-3. You don’t get CPD points, as far as I know. They are looking for sponsors, so dig deep, and send people and money their way. I don’t have any links with the organizer.

8th International Congress on Sustainability Science & Engineering. The 8th International Congress on Sustainability Science & Engineering serves as the international platform for innovation in sustainability science and engineering.

You can download the brochure here, and send an abstract here.

Leave a Comment » | Chemical | Tagged: , | Permalink
Posted by Wata

Murphy Oil sells Malaysia assets to PTTEP for $2.1 billion, turns toward home

May 1, 2019

Dateline 2019-03-21, Reuters:

Murphy Oil Corp is exiting Malaysia with a $2.13 billion sale of its oil and gas assets there to Thailand’s PTTEP and said it will use the proceeds to pay down debt, buy back shares and fund potential deals in the United States.

Besides the enterprise value of the sale, PTT Exploration and Production Public Co Ltd (PTTEP), a unit of state-owned PTT PCL, will also pay Murphy Oil up to $100 million as a bonus if certain exploration projects show results before October 2020, the companies said on Thursday.

The deal between Murphy and PTTEP comes as M&A activity is heating up in Malaysia’s oil and gas sector, where global companies pursuing expansion plans are spotting opportunities.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Exclusive – Murphy Oil closing in on sale of Malaysian oil, gas assets to PTTEP: sources

April 30, 2019

Dateline 2019-03-21, Reuters:

Murphy Oil Corp is nearing a deal to sell its Malaysian oil and gas assets to Thailand’s PTTEP PCL, people familiar with the matter said, in the latest energy M&A transaction in the Southeast Asian nation.

The independent U.S. oil and gas exploration and production company could announce a deal, valued at just over $2 billion (1.52 billion pounds), with the Thai energy company as early as Thursday, said one source, who declined to be identified as the news is not public.

Reuters reported in November, citing sources, that Murphy Oil was in talks to sell the assets after an unsolicited bid that could fetch between $2 billion to $3 billion.

…

Leave a Comment » | Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

KPOC files RM125m claim against MMHE

April 29, 2019

Dateline 2019-03-18, The Star:

Kebabangan Petroleum Operating Company (KPOC) has filed a RM125mil claim against Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) over a contract dispute at an oil field north of Sabah.

MMHE said on Monday its major subdiary Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE Sdn Bhd) had received a notice of arbitration dated March 13 from KPOC.

The first contract was for the fabrication of the topsides for the Kebabangan field, about 135km northwest of Kimanis, Sabah betweem KPOC and Sime Darby Enginering Sdn Bhd. The contract was dated Sept 20, 2011.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

O&G a ‘sunset industry’, time to explore other resources, senator says

April 28, 2019

Blaze of Glory (Youtube).

Dateline 2019-03-18, FMT:

Senator Adrian Lasimbang has urged the Sabah and Sarawak governments to explore the use of other natural resources instead of focusing on the “sunset industry” of oil and gas.

“Everyone keeps talking about the oil royalty under the Malaysia Agreement 1963, as if it is the only thing we can develop.

“But if the climate change movement becomes serious, the oil and gas industry will definitely be hit. Countries will be forced to cut emissions, and Sabah and Sarawak will be affected,” he said.

…

Leave a Comment » | oil and gas | Tagged: | Permalink
Posted by Wata

MGA advocates natural gas as a perfect partner to renewables

April 27, 2019

Dateline 2019-03-15, Bornoe Post:

With the Ministry of Energy, Science, Technology, Environment and Climate Change’s (MESTECC) recent focus on expanding the contribution of renewables sources to the power sector, the Malaysian Gas Association (MGA) strongly advocates the increasingly important role that natural gas plays globally in transitioning to a sustainable energy mix and how Malaysia can emulate this to ensure the nation’s energy sustainability.

With MESTECC’s 2019 Initiatives striving to achieve 20 per cent renewable energy capacity mix and eight per cent savings through energy efficiency by 2025, the inherent properties of natural gas as the cleanest burning fossil fuel, makes it the perfect partner to achieve these targets.

…

Leave a Comment » | oil and gas, renewables | Tagged: , | Permalink
Posted by Wata

Petronas to start offering oil products from new refinery in April

April 26, 2019

Dateline 2019-03-13, Reuters:

Malaysia’s state energy firm Petronas expects to start offering oil products from its new refining-petrochemical complex in April as the project moves toward full commercial production in October, a senior company official said.

The initial products would not meet commercial specification yet as trial runs are still under way, Arif Mahmood, Petronas’ executive vice president and CEO of downstream, said on the sidelines of the CERAWeek energy conference in Houston.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Ten years before known oil, gas reserves run dry

April 25, 2019

Dateline 2019-03-13, Malaysiakini:

Malaysia’s oil and gas reserves are expected to be depleted by 2029 based on its current output, according to the Economic Affairs Ministry.

The ministry told the Dewan Rakyat today that Petronas will have to continue exploration efforts domestically and abroad in order to ensure Malaysia’s fuel supply was sustainable.

“However, (hydrocarbon) exploration involves a very high cost, around 70 to 80 percent of the cost of production, due to the complexity and risks faced by Petronas,” said the ministry.

This was said in reply to Hasan Arifin (BN-Rompin) who also asked about the volume of Malaysia’s oil and gas reserves.

…

Leave a Comment » | oil and gas | Permalink
Posted by Wata

« Previous Entries
Next Entries »