From The Star – Why government should stop subsidy petrol

March 29, 2011

Ah, if only we had the political will to follow up… though some of the engineering logic stated below leaves a lot to be desired.

Dateline 2011-03-01:

Reason No.1
Malaysia has abundant gas reserves, now standing at 2.35 trillion cu m versus oil reserves of 2.9 billion bbl. In less than 10 years, our oil reserves are going to be depleted. We should tap the potential of natural gas, as it gives us cleaner fuel.

Reason 2
The cost of converting the vehicle to run compressed natural gas (cng) and petrol is between RM3000-RM5000. Again there is a lot of cost saving in the long run as natural gas is less volatile compared to petrol. Again the government to provide incentives for the conversion cost.

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You can subscribe to an online version of the paper at the e-browse site.

3 Comments | business opportunity, Malaysia, oil and gas | Permalink
Posted by Wata

From BT – Roc Oil eyes oil fields off Malaysia

March 27, 2011

New player in the market? Get those CVs updated!

Dateline 2011-03-17:

 

Roc Oil Co, an explorer planning to sell assets in Africa and focus on Southeast Asia and China, wants to tap oil fields off Malaysia to increase production.

Roc intends to bid for rights to develop fields owned by Petroliam Nasional Bhd, Malaysia’s state energy company, Chief Executive Officer Alan Linn said in an interview in Sydney.

The company is interested in as many as five areas, depending on their size, and has joined with a Malaysian partner to pursue the permits, he said yesterday, declining to name the company.

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From the Star – Growth affected if oil prices are too high

March 23, 2011

Imagine how the article would read if it started “Malaysia, as an oil IMPORTING nation…”

Dateline 2011-10-01:

Malaysia, as an oil exporting nation, stands to benefit as oil prices rise up to a certain point where super high oil prices would be more of a drag on the overall economy, said economists.

With oil prices averaging US$90 to US$100 per barrel, oil subsidies by the Government could increase to some RM14bil from RM10.3bil last year. As of Wednesday, Nymex crude oil was trading around the US$104 band.

This subsidy amount of RM14bil is still lower than subsidies in 2008, which amounted to some RM17.6bil.

Hydrocarbon Import and Export

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You can subscribe to an online version of the paper at the e-browse site.

7 Comments | business opportunity, Malaysia, oil and gas | Permalink
Posted by Wata

From the AFP – Malaysia’s Petronas post 74% rise in profits

March 20, 2011

It seems that brownfield work will be the focus of the next quarter century.

Dateline 2011-03-02:

Malaysian state energy firm Petronas said oil prices would stay above $100 over the next few months as it posted a 74 percent jump in net profit, partly helped by the rising cost of crude.

In the three months ended December, the oil giant made 21.21 billion ringgit ($6.99 billion), compared with 12.19 billion a year earlier, while revenue rose 12 percent to 60.04 billion from 53.44 billion, it said in a statement.

But Malaysia’s biggest company warned it would need to start refurbishing or replacing some of its equipment, with many of its oil and gas producing assets between 19 and 28 years old.

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From The Star – Oil price upside risk for Malaysia

March 19, 2011

Dateline 2011-03-01:

The price of crude oil which hit US$100 per barrel recently – its first time in more than two years – is an upside risk for Malaysia as a net exporter.What could stop the country from benefiting from its net exporter status is largely a relapse in the global economic recovery which would affect demand for the commodity.

“Higher oil prices amid strong global demand are an upside risk as Malaysia is a large net exporter of oil,” Nomura International (HK) Ltd told clients in a Feb 25 report.

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You can subscribe to an online version of the paper at the e-browse site.

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From The Star – Drilling for Future Opportunities

March 13, 2011

Dateline 2011-02-26:

THE recent US$800mil risk-service contract (RSC) awarded by Petroliam Nasional Bhd (Petronas) to a consortium formed by two local parties and a foreign player for the development and production of the Berantai marginal oil field, located 150km offshore Terengganu, has drawn enormous interest for more than one reason.

Firstly, it marks the adoption of a new contract, RSC, for development and production of local marginal oilfields (as oppose to the production-sharing contract used for exploration and production works).

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From Bernama – Success Runs Deep In Malaysia’s Oil & Gas Sector

March 12, 2011

If success runs deep, use some of that money to allow our universities to instill a sense of appreciation of engineering in their students, as opposed to creating automatons that give blank (or panicked) looks when asked a tech question.

Dateline 2011-02-24:

As Malaysia enters a new phase in its oil and gas industry, the country received heartening news in mid-February with a large discovery off the shores of eastern Sarawak.

“This is very good news for a sector that is facing declining annual production and the prospect of running out of hydrocarbons that fuel its economy in a space of 15 years and its Economic Transformation Programme (ETP),” said the Oxford Business Group (OBG), a business intelligence consulting group.

It said the discovery should help to temporarily halt Malaysia’s slow declining oil and gas output, dovetailing nicely with moves to boost exploration and production from marginal and deep-water prospects.

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BV Bought Over Scientige Sdn Bhd

March 10, 2011

The story sounds familiar. A certification company buys over an engineering company. Though the last time this happened, I believe the purchaser had no idea what to do with the eng company, as a result staff from said company left for pastures new.

You can link to the full press release here. Here’s a link to Scientige.

3 Comments | business opportunity, oil and gas | Tagged: | Permalink
Posted by Wata

From Bernama – MMHE Q3 Pre-tax Profit Rises 5.5 Per Cent To RM133.3 Million

March 6, 2011

Are you surprised?

Dateline 2011-02-22:

Malaysia Marine and Heavy Engineering Holdings Bhd’s pre-tax profit rose 5.5 per cent to RM113.3 million for the third quarter ended Dec 31, 2010 from RM107.4 million in the same quarter of 2009.

Its revenue, however, declined to RM1.3 billion from RM1.5 billion previously.

In a filing to Bursa Malaysia today, the company said the higher pre-tax profit was mainly contributed by its engineering and construction business.

…

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From The Star – Kencana starts to recoup investment in Berantai oil field in 2 years

March 4, 2011

Dateline 2011-02-21:

 Kencana Petroleum Bhd hopes to start recouping its portion of investment, estimated at US$200mil, in the Berantai marginal oil field development within two years, says chief executive officer Datuk Mokhzani Mahathir.

Kencana is part of a consortium, which includes SapuraCrest Petroleum Bhd and Petrofac Energy Developments Sdn Bhd to develop and operate an oil and gas field in Berantai, Terengganu estimated to cost a total of US$800mil.

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