March 2, 2012
Here’s a shocker.
Dateline 2012-02-16:
Prime Minister Datuk Seri Najib Tun Razak said the downstream oil and gas industry will continue to be developed further as it can become a new money spinner for the country.
Citing the example of the Sabah Ammonia Urea (SAMUR) Petronas project, he said urea production would bring double value-added benefits to the country’s exports.
“If we compare with the export of crude natural gas, we lose out on value-added benefits,” he told reporters after officiating the ground breaking ceremony for the SAMUR project here today.
Najib, who is also Finance Minister, said 95 per cent of the urea plant’s output of 1.2 million tonnes, per year, would be exported, raking in foreign reserves of some US$4.8 billion, annually.
He said under the National Key Economic Area, the oil and gas sector is forecast to contribute an estimated RM241 billion towards the nation’s Gross Domestic Product, annually, until 2020.
…
Leave a Comment » | 
business opportunity, Malaysia, Malaysian election, oil and gas | 
Permalink
Posted by Wata
February 29, 2012
Dateline 2012-02-15:
Petroliam Nasional Bhd’s (Petronas) two new gas discoveries offshore Sarawak will continue to fuel the excitement for oil and gas investments in and around the state.
According to an analyst from AmResearch Sdn Bhd (AmResearch), while these new gas finds would need another three to five years of analysis and interpretation of seismic data before progressing to the initial development phase, this would certainly provide excitement to the industry here.
“Sarawak is a major state gas producer and exporter, with the country’s only liquefied natural gas plant located in Bintulu,” the analyst highlighted.
…
Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: Petronas, Sarawak | Permalink
Posted by Wata
February 12, 2012
Dateline 2012-02-02:
A CIMB-led consortium has agreed to take over a multi-billion ringgit oil terminal project in Johor following years of shareholding disputes which hobbled the bunkering facility from the get-go.
Bankers involved in the restructuring of Asia Petroleum Hub (APH), the private company awarded rights to develop the terminal, told Singapore’s Straits Times that shareholding issues have been resolved and CIMB has committed to fund the project to completion.
They told the daily the project was about two-thirds complete and that the new consortium hopes to finish it within 18 months.
“Taking over a project for a bank is a little out of the box, but this is a very viable business and there is no reason why CIMB shouldn’t own it as a major investment,” a banker involved in the deal was quoted as saying.
…
Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: APH, CIMB | Permalink
Posted by Wata
February 8, 2012
Dateline 2012-02-02:
The ExxonMobil subsidiaries in Malaysia today announced that J. Hunter Farris has replaced Mr. Hugh Thompson as the chairman of the ExxonMobil subsidiaries in Malaysia with effect from February 1.
Mr. Thompson will remain as chairman of Esso Malaysia Berhad, ExxonMobil Borneo Sdn Bhd and ExxonMobil Malaysia Sdn Bhd until transition efforts to change in control in these companies are completed, currently expected in April 2012.
…
Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: ExxonMobil | Permalink
Posted by Wata
February 7, 2012
Dateline 2012-02-02:
Petronas Gas Bhd. surged to a record in Kuala Lumpur trading after the stock’s so-called fair value was raised at AMMB Holdings Bhd. to reflect rising demand for natural gas and the prospects of more gas plants in Malaysia.
Shares of the gas distributing arm of state oil company Petroliam Nasional Bhd., or Petronas, jumped as much as 12 percent to 17.50 ringgit, the highest intraday price on record. They traded at 16.06 ringgit at the 12:30 p.m. local time break. Petronas Gas is the third-best performer on the benchmark FTSE Bursa Malaysia KLCI Index today.
…
Leave a Comment » | business opportunity, investment, Malaysia | Tagged: FTSE, PGB | Permalink
Posted by Wata
February 5, 2012
Dateline 2012-02-01:
Malaysia’s national power producer Tenaga Nasional Bhd and state oil firm Petronas will invest in a 2 billion ringgit ($657.46 million) gas plant and liquefied natural gas (LNG) terminal in Borneo island, the Star reported on Thursday.
The Star cited outgoing Tenaga Chief Executive Che Khalib Mohammad Noh as saying the 300 megawatts (MW) and LNG terminal in Malaysian state of Sabah will be operational by 2015.
The Malaysian states in Borneo island often suffer frequent electricity disruptions as there is not enough power supply generation.
…
Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: Sabah, TNB | Permalink
Posted by Wata
February 4, 2012
dateline: none?
Operators are increasingly looking to offshore Asia for opportunities to supply the world’s energy demand, and several new projects are being developed in the region. Total capital expenditures in the region are expected to exceed $90 billion during 2011-2015, a 55% increase from the previous five-year period, according to Infield Systems Ltd.
Malaysia, the site of Offshore Asia 2012, requires the highest percentage share of the estimated capex allocated to all major offshore producing nations in the region. To help meet demand, the Malaysian government is opening up new investment opportunities to enhance output from existing oil and natural gas fields and to advance exploration in deepwater areas offshore Sarawak and Sabah. The target is to increase aggregate production capacity by 5% per year through 2020.
…
Leave a Comment » | business opportunity, investment, Malaysia, oil and gas | Tagged: Offsgire Asia | Permalink
Posted by Wata
February 1, 2012
Dateline 2012-01-27:
Murphy Oil has made a new deep-water gas find near its Rotan discovery in Block H off Malaysia where the company is pursuing a floating liquefied natural gas project led by PETRONAS.
The US operator said the new Bulu find was “a nice gas discovery that will be developed as part of the Rotan floating LNG programme”.
In a conference call, chief executive David Wood said the company would follow up the find with exploration of a nearby and larger potential feature, referring to Bunga Lili.
“Two more Block H wells in Malaysia are budgeted in support of that likely FLNG development.”
Block H already contained the Rotan, Biris and Dolfin discoveries.
…
Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: Murphy, Rotan | Permalink
Posted by Wata
January 31, 2012
Dateline 2012-01-26:
Mere hours before Opposition Leader Anwar Ibrahim flew into Kota Kinabalu for a PKR Chinese New Year gathering, Jeffrey Kitingan issued a policy statement on the federal government’s payment of oil royalty to the oil states.
Jeffrey’s State Reform Party (STAR) wants a hike in the present measly five percent oil royalty to 50 percent, covering both the inner and outer waters. More on this in a while.
Earlier, just before Chinese New Year, the Sabah Progressive Party (SAPP) revealed its economic plan which, among others, held out without much hope for a 20 percent oil royalty. The party’s other ideas for the oil and gas resources are to try and squeeze export duties, excise, and land taxes.
…
Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: star | Permalink
Posted by Wata
January 26, 2012
Dateline 2012-01-17:
Petrofac, the international oil and gas services provider, and its partners, Kencana HL and Bumi Armada, confirmed today first oil has been achieved at the SEPAT offshore early production system in the east coast of Peninsular Malaysia for Petronas Carigali Sdn Bhd.
The project, worth about US$280 million, involves engineering, procurement, construction, installation and commissioning for the full scope of the early production system in a 65-metre water depth.
The project comprises a mobile offshore production unit, a floating storage and offloading facility for the early production of about 20,000 barrels of oil per day, together with all interconnecting subsea pipelines, Petrofac said in a statement to Bernama.
…
Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: Bumi Armada, Kencana, Petrofac | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 