Falling oil prices hit O&G players

June 23, 2015

Title says O&G player, article focuses on bashing RNZ Petrofac. First, there must have been a whistleblower (good play, sir). Second, follow the money trail, which companies and Da… individuals make money out of this revelation? Third, will they pay my invoices?

At press time, calls went unanswered… huh, do you know that RNZ offices are closed Friday afternoon?

Dateline 2015-05-18, Daily Express:

Industry players are starting to feel the impact of the drop in global crude oil prices, which led oil and gas giant Petroliam Nasional Bhd (Petronas) to defer capital expenditure and reduce operational spending.

One such player, Petrofac-RNZ, has implemented a voluntary separation scheme (VSS) for its employees based in its Kuala Lumpur head office, sources say.

The VSS was offered last month to its permanent employees based in its Kuala Lumpur head office with Job Grade 19 and below only. Petrofac-RNZ also has offices in Sabah and Sarawak.

Petrofac-RNZ is a member of Petrofac Group. It provides engineering and consulting services to the offshore oil and gas sector, including oilfield services to the international oil and gas industry.

A check on its website showed that a big portion of its jobs in Malaysia were for Petronas’ exploration and production arm, Petronas Carigali Sdn Bhd.

…

 

1 Comment | investment, Malaysia, oil and gas | Tagged: , , | Permalink
Posted by Wata

Saturday Star 2015-06-20– Job Opportunities

June 22, 2015

Ramadan Kareem. May Allah accept our efforts. Donate to your favourite charity, 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.

  • Kebabangan Petroleum Operating Company (KPOC to friends) has an itty-bitty spread. Operations is looking onshore and offshore operations, offshore installation manager, asset integrity engineer. Apply here, or snail mail to: Kebabangan Petroleum Operating Comp Sdn Bhd, Level 52, Tower 2, PETRONAS Twin Towers, KLCC, 50088 KL, Malaysia.
  • I’m looking for jobs for 3Q2015. Send me y0ur POs.
  • An associate of mine is looking for a technical safety part-time adviser. Needs to be needle sharp with respect to QRAs, and HSE safety cases. A calm demeanor to handle nonsensical questions from young engineers helps as well. Either that, or a drinking problem.
  • Nothing much in the news.

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? Go visit the mee bandung / asam pedas stall in front of the Petaling Jaya Police Station (don’t ask).

Seen the Episode VII new trailer? Ff you say “What is episode Vii?”, I disown you.

Join the Star Wars Fever:

Star Wars Trilogy Episodes IV-VI (Blu-ray + DVD), Star Wars Trilogy Episodes I-III (Blu-ray + DVD), Heir to the Jedi: Star Wars

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

PKR reveals more losses for Tabung Haji in deal with oil and gas company

June 21, 2015

I suggest you investigate (and invest) in THHE. The share prices will awake, same time as The Force. Really.

Dateline 2015-05-18, TMI:

Lembaga Tabung Haji has also incurred millions of ringgit in losses from another investment with an oil and gas company, PKR said today, even before questions about the pilgrims’ fund’s purchase of land from debt-ridden 1Malaysia Development Bhd (1MDB).

Tabung Haji’s purchase of shares from oil and gas support services counter Ramunia Holdings Bhd, resulting in losses based on the current price of its shares, had gone unnoticed, PKR lawmaker Rafizi Ramli (pic, right) said today when debating the Capital Markets and Services (Amendment) Bill 2015 in the Dewan Rakyat.

The Pandan MP said that in 2007, Tabung Haji had progressively bought shares in Ramunia Holdings, and by the end of 2008 held 25% of the company’s shares, which it purchased for between RM1 and RM1.40 per share.
In June 2012, the company was renamed TH Heavy Engineering to reflect the fund’s interest in the company.
Currently, the shares are trading at 30 sen per share, Rafizi said, which meant that Tabung Haji had incurred losses worth millions of ringgit from this one investment alone.

 

…

 

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

LNG’s adverse impact on Petronas and Malaysia

June 20, 2015

Dateline 2015-05-18, The Star:

The earnings of state-owned Petroliam Nasional Bhd (Petronas) and the country’s current account are expected to come under pressure in the next few months due to the steep drop in the average price of spot liquefied natural gas (LNG).

LNG prices track crude oil prices and have more than halved, with the average spot price down as of April to US$7.60 mmbtu (million British thermal units)since oil prices started their downward descent last July.

LNG makes up two-thirds of Petronas’ total oil and gas production, and with contract agreements up for renewal, analysts pointed out that earnings would be hit.

…

 

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Posted by Wata

Malaysia’s Petronas to delay start-up of Johor petrochemical complex

June 19, 2015

As if this is new news.

Dateline 2015-05-18, ST:

Malaysia’s state-owned oil and gas company Petronas is delaying the start-up of its huge RAPID refining and petrochemical complex in the southern state of Johor until mid-2019, back from early that year, its top executive said on Monday.

“For the refinery, the start up will be middle of 2019. That is the current schedule,” President and Group Chief Executive Officer Wan Zulkiflee Wan Ariffin said on the sidelines of the Asia Oil and Gas Conference in Kuala Lumpur.

All of the engineering, procurement and construction contracts have been awarded for the refinery, while the petrochemical plant is still being tendered, he said.

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Posted by Wata

PGB records RM1.7b profit after tax

June 18, 2015

Dateline 2015-04-30, NST Online:

Petronas Gas Bhd (PGB) recorded profit after tax of RM1.7 billion despite declining crude oil prices, ringgit depreciation and a challenging economy.

Its chairman Datuk Manharlal Ratilal said 2014 was a strong year for the company in terms of performance and revenue.

“Overall, 2014 was a strong year for PGB as it has generated RM4.4 billion in revenue, a 13 per cent or RM500 million increase from last year.

“Our market capitalization closed at RM44 billion at year end, making PGB one of the largest corporations on Bursa Malaysia. Dividend paid was 55 sen  per ordinary share.”

The improved performance was mainly attributed to its full year operation from its liquefied natural gas (LNG) Regasification Terminal in Sungai Udang, Malacca as well as Gas Transportation Agreements with Petronas.

…

 

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

Chem E Car – The Judges

June 17, 2015

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

Malaysian oil and gas players should explore consolidation opportunities: Wan Zulkiflee

June 16, 2015

Dateline 2015-05-18, NST:

The oil and gas industry should leverage on the opportunities posed by the current low oil price environment, and prepare itself for when the global market recovers, says Petroliam Nasional Bhd (Petronas) president and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin.

“Following the repercussion of the oil price drop, companies scrambled to relook their business processes and cost structures in frantic efforts to drive down expenditures.

“This presents an opportunity in itself, if we view it not only as a stop-gap measure, but take the effort to ensure that processes and cost structures are redesigned for simplicity, and to support long term lower operating costs and higher efficiency.

…

 

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

Saturday Star 2015-06-13– Job Opportunities

June 15, 2015

Happy Vung Tau week. 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’m looking for jobs for 3Q2015. Send me y0ur POs.
  • An associate of mine is looking for a technical safety part-time adviser. Needs to be needle sharp with respect to QRAs, and HSE safety cases. A calm demeanor to handle nonsensical questions from young engineers helps as well. Either that, or a drinking problem.
  • Nothing much in the news.

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? Go visit the mee bandung / asam pedas stall in front of the Petaling Jaya Police Station (don’t ask).

Seen the Episode VII new trailer? Ff you say “What is episode Vii?”, I disown you.

Join the Star Wars Fever:

Star Wars Trilogy Episodes IV-VI (Blu-ray + DVD), Star Wars Trilogy Episodes I-III (Blu-ray + DVD), Heir to the Jedi: Star Wars

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

Opportunities Prevail in the SEA Offshore Oil and Gas Services Market amidst Dwindling Oil Prices, says Frost & Sullivan

June 14, 2015

Slow new cycle. I’m milking my sources for all they are worth.

Dateline 2015-05-13. Marketwatch:

…

“A lot of different players ranging from large multinational companies to medium- to small-sized regional and local companies have been driving total market revenues,” he added.

As the shallow water oil fields in Asia start to mature, O&G companies are facing the pressure of declining production. As a result, O&G companies based in countries such as Malaysia and Indonesia are developing deepwater fields. With Malaysia and Indonesia witnessing the highest exploration activity in Southeast Asia, these countries will become the largest markets for O&G offshore support services and pipeline services.

Nevertheless, existing challenges such as tackling the high risks of working in remote locations, extreme weather, and shortage of highly skilled human resources could reduce deepwater drilling to some extent. This, along with the need for offshore O&G service providers to comply with complex government regulations, could negatively impact the market growth.

…

 

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

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