Is it time to bet on O&G?

August 23, 2018

Please, bet on IGL.

Dateline 2018-06-18, The Edge:

With the stock market, particularly construction counters, roiled by major policy changes under the new Pakatan Harapan administration, the oil and gas (O&G) sector may be ripe for a relook as crude oil prices have been maintained at fairly decent levels.

Pong Teng Siew, the head of research of Inter-Pacific Securities Sdn Bhd, told The Edge Financial Daily there could be selective gems, especially in the O&G space, which could benefit from stronger oil prices as the worst appears to have passed.

Recent financial results pointed to an improvement, and for some even a turnaround in their performance.
Velesto Energy Bhd is one, posting a net profit of RM5 million for the first quarter ended March 31, 2018, compared to a net loss of RM104.1 million in the corresponding quarter a year ago. In the preceeding quarter ended December, its loss was a whopping RM980.5 million.

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Diving: Tenggol 2018-04 Pt 3 of 3

August 22, 2018
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Pipeline Technical Day 2018-09 (Hotel Armada, Petaling Jaya)

August 20, 2018

My Technical Division is Hosting the above event on 20th September, 2018.

Mr. Soren Hauch has a M. Sc. in Offshore Engineering and more than twenty years of experience in the offshore oil and gas industry, working in Denmark (2yrs), Norway (5yrs), United States (5yrs) and Malaysia (13yrs).

Soren is an experienced pipeline engineering professional with a R&D, service provider and operator background. Particular strengths are pipeline design and project execution with a thorough knowledge of industry best practice, regulatory requirements and trends.

Mr. Marian Copilet is currently holding the position of Technical Solutions Manager at Asia Pacific Oceaneering Services (Malaysia). He provides support to Oil & Gas operators, installers and design houses in the Asia-Pacific region. He works with customers very early in the sales cycle, from Concept through to Pre-FEED and FEED stages, to develop optimum solutions to field development challenges. Take a leading role in the preproposal clarification process, ensuring that customer specifications and other documents are well-understood by other OUS personnel. Mr. Copilet has more than 30 years of working experience.

Mr. Gareth Campbell is Regional Sales Manager for Asia Pacific based in Kuala Lumpur. His primary focus is promoting STATS’ range of pipeline isolation, intervention, repair and subsea equipment. He has played a key role in supporting STATS’ track record of successful isolation projects and long-term Emergency Pipeline Repair System (EPRS) contracts with international operators and contractors. Prior to relocating to Malaysia Gareth was Business Development Manager based at STATS global headquarters in Aberdeen, Scotland. Previous to joining STATS in 2011 as a contracts engineer, Gareth was a commercial analyst with GE Oil & Gas.

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Sarawak to use documents found in London last year in Petronas suit

August 20, 2018

Dateline 2018-06-17, FMT:

Sarawak will use documents related to the 1963 Malaysia Agreement which were found in London last year as a reference in its fight for rights to oil and gas produced in its territory.

State Law, State-Federal Relations and Project Monitoring Assistant Minister Sharifah Hasidah Sayeed Aman Ghazali said the documents, discovered by a team of lawyers which she led, could serve as evidence on the state’s rights.

“We will definitely use the documents that we obtained in London; they are certified true copies not just photostated. These will be used to assist us as evidence later in court,” she said when asked about Sarawak’s preparations in facing Petronas’ attempt in the Federal Court to seek a declaration that the Petroleum Development Act 1974 was also valid for the petroleum industry in Malaysia.

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Businesses to pay more for piped gas from July 1

August 19, 2018

Dateline 2018-06-13, The Star:

Businesses and high-end condominiums which receive natural gas through the pipe system will have to pay more under a scheduled increase with effect from July 1.
Gas Malaysia said on Wednesday these customers will have to pay higher tariffs after it imposes the surcharge of 77 sen, raising the tariff to RM23.80 per one million British Thermal Units (BTU).
The incentive based regulation (IBR) framework sets the base tariff for a regulatory period of three years from January 2017.
The company said it had received the go-ahead from the Energy Commission to raise the surcharge under the mechanism for the tariffs following the global increase in gas prices.
The IBR allows changes in the gas costs to be passed through via the Gas Cost Pass Through (GCPT) mechanism every six months.
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Time to reverse the flow of oil revenue, says SAS

August 18, 2018

Dateline 2018-06-13, Borneo Post:

Solidariti Anak Sarawak (SAS) founder Peter John Jaban said it is time for Sarawak to consider keeping 95 per cent of oil revenue for the state and give the balance to the federal government.

“It is time to reverse the flow – with Sarawak giving the federal government five per cent of the oil revenue and keeping the remaining 95 per cent for the people of Sarawak,” he said.

Speaking to reporters after a gathering at the Kuching Waterfront yesterday to show support for the Sarawak government, Peter John said that revenue from oil sits at the heart of the autonomy issue which has been the principal driver of policy and feeling in Sarawak over the past few years.

“The question is simple – whether the people of the Borneo states should receive the benefits of the resources that have been part of their territory since long before Malaysia was even conceived.

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Listing of Petronas unlikely

August 17, 2018

Dateline 2018-06-13, The Edge:

ONCE again, there is talk of a possible flotation of national oil company Petroliam Nasional Bhd (Petronas). Speculation about such a move makes the rounds every few years. Listing Petronas, it is said, could be one way to help cut down the country’s debt, which has breached the RM1 trillion mark, or a little more than 80% of gross domestic product.

But will it take place?

“It was first mooted some 10 years or so ago by merchant bankers when the government was looking to attract foreigners to invest in Malaysia … it was the same time Synergy Drive (which later morphed into Sime Darby Bhd around 2007) was created. It involved the merger of Kumpulan Guthrie, Golden Hope and Sime Darby. A plantation giant was created but did it achieve what it was supposed to do? Did foreign investors come flocking in?” asks a director of an oil and gas company.\

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Sabah should join Sarawak to fight Petronas

August 16, 2018

Dateline 2018-06-13, FMT:

It was reported on June 5 that Petronas had gone to court to seek a declaration that under the Petroleum Development Act 1974 (PDA), the national oil company had exclusive rights over oil and gas resources in Malaysia.

Petronas’ move is in response to Sarawak’s announcement on March 7 that it had assumed full control of oil and gas resources within its territorial boundaries.

The legal test initiated by Petronas is shaping up to become a battle royale between a corporate body and a founding state of Malaysia.

After the Cabinet meeting on June 6, Prime Minister Dr Mahathir Mohamad said the federal government would leave it to the court to decide on the dispute between Sarawak and Petronas, clearly washing his hands over what could be a tenacious battle between federal and state rights.

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Diving: Tenggol 2018-04 Pt 2 of 3

August 15, 2018
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Sapura Energy discovers ninth gas discovery offshore Sarawak

August 14, 2018

Dateline 2018-06-11, NST:

 Sapura Energy Bhd’s subsidiary Sapura Exploration and Production (Sarawak) Inc (Sapura E&P), together with its partners Sarawak Shell Bhd and Petronas Carigali Sdn Bhd, has discovered its ninth gas exploration well in offshore Bintulu, Sarawak.

The discovery followed the completion of its 2017 drilling campaign within the SK408 Production Sharing Contract (PSC).

In an exchange filing today, the Pepulut-1 exploration well was drilled and encountered high quality reservoir, which is located in Block SK408.

“This successful gas discovery is attributed to the strength and capabilities of our exploration, subsurface and drilling teams whose combined expertise has resulted in a number of significant discoveries.

“This series of successful results is founded on our work in understanding the geologic fundamentals of the region” said its president & group chief executive officer Tan Sri Shahril Shamsuddin.

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