March 29, 2012
Start reviewing your power consumption habits now.
Dateline 2012-03-05:
Petronas today reiterated its unwillingness to continue selling subsidised gas to national power company Tenaga Nasional Bhd (TNB) for the generation of electricity.
The state oil firm’s president and chief executive, Datuk Shamsul Azhar Abbas, said Petronas’s offer to supply TNB with gas below market rates was a “one-off” affair and that the government should help pay for any future subsidies on gas.
“Never have we mentioned in the past that that’s going to be a continuous kind of handout to TNB,” he told reporters at Petronas headquarters here today.
“It’s supposed to be one-off because we pity them, begging all over… that they don’t have enough cash now to operate efficiently.”
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Posted by Wata
March 15, 2012
Dateline 2012-02-24:
A citizens movement in Sabah, calling themselves ‘Oil for Future Movement’ (OFF) wants Petronas to repay all the PTPTN (National Higher Education Fund Corporation) study loans taken by Sabahan students.
OFF chairman Phillip Among said it is only logical for Petronas to help out Sabah students if the federal government wants to give real meaning to its slogan “People First, Performance Now”.
He said thousands from Sabah who had taken study loans from the government-controlled PTPTN are now jobless and have become victims of the scheme which is now demanding they repay their respective aids.
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Posted by Wata
March 14, 2012
For an engineer’s contest, doesn’t the client pay for submission of the bid?
Dateline 2012-02-23:
Petroliam Nasional Bhd. is asking engineers to compete for a contract to build a new liquefied natural gas train in Malaysia.
JGC Corp. will compete for the project against a joint partnership of Chiyoda Corp. and Saipem SpA, Malaysia’s state oil company said today in an e-mailed statement. Petrona plans to build a ninth train at its LNG complex in Bintulu, Sarawak, increasing output capacity by 3.6 million tons a year, it said. The project is scheduled to start in the fourth quarter of 2015.
The new train will require as much as 850 million standard cubic feet a day of natural gas coming from offshore fields near Sarawak, the company said.
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Posted by Wata
March 11, 2012
Dateline 2012-02-22:
Petronas Gas Bhd’s revenue for the quarter ended Dec 31, 2011 stood at RM921.2 million, an increase of RM28.5 million as compared to the corresponding quarter previous year.
In a filing to Bursa Malaysia, the company said the increase was mainly due to higher gas processing revenue and utilities sales.
The group’s revenue for the nine-month period ended Dec 31, 2011 was RM2,765.1 million, an increase by RM131.3 million as compared to corresponding year-to-date mainly due to higher gas processing revenue and utilities sales
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Posted by Wata
March 10, 2012
Dateline 2012-02-20:
Malaysia’s national oil firm, Petronas, will offer next month its first cargo of Sepat sweet crude to load in May as it starts production from marginal oilfields to reverse declining output, industry sources said today.
The producer plans to offer 250,000 barrels of the crude every month, they said.
The Sepat field, offshore East Malaysia, came on stream late last year and production has peaked at 8,800 barrels per day, a source said.
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Posted by Wata
March 9, 2012
Dateline 2012-02-18:
As the authorities finalise their recommendations for the price of gas, analysts are concerned over the profitability of utility companies while Tenaga Nasional Bhd (TNB) is tackling its gas supply shortage.
In a report, OSK Research head of research Chris Eng said that previously, any gas price hike had been accompanied by a corresponding increase in electricity prices to compensate for the higher fuel costs.
“Do note that in Malaysia currently, all fuel costs are borne by TNB and the utility will only be able to maintain its profit margin by passing on any fuel cost increases to consumers via higher electricity prices,” he said.
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Posted by Wata
March 8, 2012
Dateline 2012-02-17:
SapuraCrest Petroleum Bhd (SapCrest) and Kencana Petroleum Bhd (Kencana) are forecasted to see boosted earnings from a shared floating, production, storage and offloading (FSPO) contract, possibly in the near term.
The two oil and gas players separately announced agreements with their Berantai marginal field partner Petrofac Energy Developments Sdn Bhd (Petrofac) to each acquire 24.5 per cent interest in Berantai Floating Production Ltd (BFPL) for US$85.7 million cash.
BFPL would invest in an FPSO that would be used for the project. Petrofac would retain 51 per cent of BFPL and each equity partner would also provide a shareholders’ loan to BFPL to finance the FPSO investment and conversion although BFPL would also likely secure external financing.
RHB Research Sdn Bhd (RHB Research) stated in a research note, “While we still like the prospects of the merger (SapCrest-Kencana) which will create a large and formidable competitor for regional oilfield services (and especially for projects in Malaysia), we believe there could be some profit taking in the near term.
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2 Comments | business opportunity, Malaysia, oil and gas | Tagged: Kencana, SapuraCrest | Permalink
Posted by Wata
March 6, 2012
Would you agree?
Dateline 2012-02-16:
Lim Guan Eng chastised the Najib administration today for failing to keep Tan Sri Hassan Marican within its ranks, saying the former Petronas CEO’s latest appointment in Singapore showed Malaysia’s failure to plug its talent leak.
The Penang chief minister referred to Hassan as a rare talent and expressed sadness that the latter has been widely appreciated abroad and among big multinational corporations “but not at home”.
“This is extremely sad, especially when Tan Sri Hassan is widely credited as the man who turned Petronas into the leading international oil and gas company that it is today,” Lim said in a statement.
The Malaysian Insider yesterday cited a report by news portal Energy Asia revealing that Hassan is set to become chairman of Singapore Power Limited (SP) in June, succeeding Ng Kee Choe who will retire on June 12.
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Posted by Wata
March 4, 2012
And SOGCA wants 50% as well… And maybe Terengganu, Kelantan and Kedah want 50% too?
Dateline 2012-02-16:
The Sabah Oil and Gas Contractors Association (Sogca) wants Sabahans to look beyond the 5% oil royalty which the state is currently receiving from Petronas and instead seek at least half of every ringgit that is made from its oil and gas exports.
“We should not be asking for the royalty or the (oil) blocks… that’s secondary. We should be asking that for every ringgit taken from our oil revenue, at least 50 sen or 30 sen be given back to us, either directly or indirectly. That would be much fairer,” said Iskandar Malik, its president.
He also mocked local leaders for believing they had accomplished something important and triumphantly proclaiming to the media as though it was a coup whenever Petronas announced that it was giving some huge projects to Sabah.
Iskandar explained that this is because in one way or other, Petronas would still make its money out of Sabah people.
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1 Comment | business opportunity, Malaysia, Malaysian election | Tagged: SOGCA | Permalink
Posted by Wata
March 3, 2012
50% Royalty? Pleeze…
Dateline 2012-02-16:
Sabah State Reform Party (STAR) on Wednesday said that if Sabah were to receive 50 per cent oil royalty from Petronas, it would not even need Federal allocation to develop the state.
Its Deputy Chairman, Daniel John Jambun said this in response to a statement by Sabah BN Secretary Datuk Abdul Rahman Dahlan who said that Sabah would be compromised if Federal allocation or funds under the Malaysia Plan is reduced so as to pay the proposed 20 per cent oil royalty.
“Abdul Rahman forgot that under the Tenth Malaysia Plan (10MP), Sabah and Sarawak combined, are getting only about RM9 billion as compared to about RM100 billion for the Peninsula.
“At this rate of allocation, Sabah is actually getting less than RM1 billion per year throughout the five-year Malaysia Plan.
“As such, the Federal allocations are not much and hardly fulfil all the development needs of Sabah,” he said in a statement.
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Leave a Comment » | business opportunity, Malaysia, Malaysian election, oil and gas | Tagged: Malaysia Plan, royalty, Sabah, star | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 