June 1, 2018
Dateline 2018-04-01, 360 Feed Wire:
Hibiscus Petroleum Bhd (HIBISCS; MYX: 5199) is pleased to announce that its indirect wholly owned subsidiary SEA Hibiscus Sdn Bhd (SEA Hibiscus) has completed its acquisition of a 50% participating interest in the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (North Sabah PSC or PSC) and the joint operating agreement (JOA) in relation to the PSC.
To recap, SEA Hibiscus had, on 12 October 2016, entered into a conditional sale and purchase agreement (SPA) with Sabah Shell Petroleum Company Limited and Shell Sabah Selatan Sdn Bhd (collectively Shell) to acquire Shell’s participating interests in the PSC between Petroliam Nasional Berhad (PETRONAS), Shell and PETRONAS Carigali Sdn Bhd (PETRONAS Carigali), and the JOA between Shell and PETRONAS Carigali for the total purchase consideration of US$25 million.
The North Sabah PSC includes 20 offshore platforms across four producing fields located in the South China Sea, off the west coast of Sabah, and the Labuan Crude Oil Terminal located in the Labuan Federal Territory, in Malaysia. The fields have been producing since 1979 and the PSC provides the Group with operatorship and production rights up to 2040.
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Posted by Wata
May 29, 2018
IGL SERVICES SDN BHD is glad to invite you to take part in our training course that listed below:
Trainer: Ir Razmahwata Mohd Razali
Venue: Hilton, Petaling Jaya
For Further Information & Registration: Visit here
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Posted by wahidahzakaria
May 28, 2018
Dateline 2018-03-27, Borneo Post:
There is a possibility of lower Petronas equity stakes in East Malaysian production sharing contracts (PSCs).
AmInvestment Bank Bhd (AmInvestment Bank) yesterday said that as the aim of these new regulatory regime is to ensure a higher share of the state’s hydrocarbon revenues to be deployed to Sarawak, there was a possibility that the state may assume half of Petronas’ equity share in the production sharing contracts (PSC) in the state, besides novating the federal government’s royalty of five per cent.
“As Sabah may follow suit, these new considerations which will entail another bureaucratic layer of approvals may weigh down Petronas’ final investment decisions in East Malaysia – notwithstanding closely-guarded negotiations currently between these concerned parties,” it forewarned in a report following the Offshore Technology Conference Asia (OTCA) held last week.
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Posted by Wata
May 27, 2018
I guess this go derailed, huh?
Deadline 2018-03-01, Malay Mail:
The Ministry of Domestic Trade, Cooperatives and Consumerism has no plans yet to review the fuel commission rate for petrol station operators and will wait until after the 14th General Election to decide on the matter, says its minister Datuk Seri Hamzah Zainudin.
“The current system is well received by the public and we do not intend to make any changes now.
“I have received the memorandum from the Bumiputera Petrol Dealers Association (Bumipeda) have met up with them,” he told reporters after attending a feast at Kampung Tapah, Selama near here today.
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Posted by Wata
May 27, 2018
Dateline 2018-03-24, The Star:
WHILE a cautious outlook is being projected for the upstream oil and gas (O&G) sector this year, national oil company Petroliam Nasional Bhd (Petronas) is confident that the challenges facing the industry can be overcome with the proper strategies in place.
Petronas executive vice-president and upstream chief executive officer Datuk Mohd Anuar Taib says the company already has a growth plan outlined for it.
“When people ask me about the outlook, you have to be positive in this business.
“We will work towards a plan that we have, which is capital and operational discipline,” he said during a briefing in conjunction with the Offshore Technology Conference Asia 2018 earlier this week.
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Posted by Wata
May 26, 2018
Dateline 2018-03-22, Rigzone:
Sapura Exploration and Production (Sarawak) Inc. (Sapura E&P) announced Thursday that it has commenced gas production at the B15 field, located within the SK310 production sharing contract (PSC) area offshore Sarawak in East Malaysia. Output figures for the field were not revealed.
Discovered in December 2010, the B15 gas field achieved the milestone within two years of the sanction of its field development plan.
The B15 development comprises a processing platform with a 21-mile pipeline tied into existing infrastructure for onwards transmission into the Malaysia Liquefied Natural Gas (MLNG) complex at Bintulu, Sarawak.
“This milestone achievement at B15 was achieved on schedule and within budget,” Tan Sri Dato’ Seri Shahril Shamsuddin, president and group CEO of Sapura Energy Berhad, which owns Sapura E&P, said in a company statement.
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Posted by Wata
May 25, 2018
Dateline 2018-03-21, NST:
Sapura Energy Bhd secured a contract from Mubadala Petroleum to undertake engineering, procurement, construction, installation and commissioning (EPCIC) works for the Pegaga gas development field in Block SK320, offshore Sarawak.
The contract was awarded to its wholly owned subsidiary, Sapura Fabrication Sdn Bhd by Mubadala Petroleum following the Final Investment Decision by Mubadala Petroleum and its partners Petronas Carigali Sdn Bhd (PCSB) and Sarawak Shell Bhd.
“This is our sixth contract win since the beginning of the year. It’s a good start for us. We are proud to be working with a highly respected company such as Mubadala Petroleum and supporting its first development in Malaysia,” said Sapura Energy president and group chief executive officer Tan Sri Shahril Shamsuddin.
Sapura Energy views the increased capital spending by oil and gas firms is an indication that the industry is making a gradual shift towards better times amidst renewed optimism.
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Posted by Wata
May 24, 2018
Dateline 2018-03-20, NST:
Oil and gas players should keep the operating costs in check and continue to remain vigilant as the industry outlook remains uncertain.
Petroliam Nasional Bhd (Petronas) president and chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said it is imperative to continue to be vigilant in maintaining cost discipline and drive for efficiency.
“There is a concern here that with the oil price recovery, costs are showing signs of increasing at a worrying rate. This is likely being driven by a premature exuberance among industry players.
“If we do not keep these escalating costs in check, the industry as a whole runs the risk of negating the value we have gained from intensive cost-efficiency efforts over the last three years,” he said during his address at the Offshore Technology Conference 2018 (OTCAsia 2018).
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Posted by Wata
May 22, 2018
IGL SERVICES SDN BHD is glad to invite you to take part in our training course that listed below:
Trainer: Mohd Rashdan Attan
Venue: Hilton, Petaling Jaya
For Further Information & Registration: Visit
here
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Posted by wahidahzakaria
May 21, 2018
Dateline 2018-03-21, Upstream Online:
Malaysia’s national oil company Petronas has delayed the potential divestment of a significant stake in Block SK 316 offshore Sarawak, East Malaysia that is home to the giant Kasawari gas field.
There has been a delay in the process, PTTEP President Phongsthorn Thavisin said on the sidelines of OTC Asia. The Thai national upstream player is still interested in coming on board this gas-rich acreage and would “normally be interested in 10% to 20% of such a prize, added Phongsthorn.
Petronas is set to this year decide whether to line up a partner for Block SK 316 or whether to solely pursue the exploitation of Kasawari, which has an estimated recoverable resource of 3 trillion cubic feet of gas.
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 