November 11, 2021
Dateline 2021-10-30, The Edge:
Sapura Energy Bhd’s latest quarterly loss of RM1.52 billion was a big surprise to the market.
The company, which is 40%-owned by Permodalan Nasional Bhd, was expected to be better prepared having completed its RM10 billion debt refinancing in March. Oil prices doubled from last year to over US$80 (about RM331.28) per barrel. And the group even had a healthy order book of over RM7 billion.
Sapura Energy — arguably the largest Malaysia-listed oil and gas contractor — said that “the decrease was mainly contributed by provisions for foreseeable losses and higher project costs incurred for certain projects during the current quarter”.
August 11, 2021
Dateline 2021-08-XX, Channel News Asia:
One of the most ambitious projects of Petronas, Malaysia’s national oil company, will soon be fully operational.
The Pengerang Integrated Complex (PIC), in the southern state of Johor, is poised to transform the country’s footprint in oil refining and petrochemical production. Spread across 2,550 ha and the result of a US$27 billion investment in partnership with Saudi Aramco, PIC will house a new site of downstream oil operations. However, at a time when the world is increasingly stressing the importance of green development and phasing out fossil fuels, are Malaysia and Petronas making the right bet?
August 1, 2021
Dateline 2021-07-23, The Malaysian Reserve:
FAVELLE Favco Bhd’s (FFB) contract wins are a sign of recovery for the oil and gas (O&G) sector, according to analysts.
MIDF Amanah Investment Bank stated that at least five out of the eight contracts clinched by FFB recently are for offshore activities, including the compressor system and upgrade works.
“We concur with FFB’s positive stance on recovery from the impact of Covid-19 pandemic with the vaccine rollout in the countries.
“The group will continue to be vigilant of the economic recovery, especially in the crane sector.
July 31, 2021
Dateline 2021-07-22, Reuters:
Royal Dutch Shell (RDSa.L) launched the sale of its stakes in oil and gas fields it does not operate off the coast of Malaysia, according to a document seen by Reuters.
The Anglo-Dutch company announced in March that it was considering selling its stakes in the Baram Delta EOR and the SK307 production-sharing contracts which are operated by Petronas Carigali Sdn Bhd, a unit of state energy firm Petronas.
The sale process for the two stakes, launched this month, is being run by investment bank J.P. Morgan, according to the sales document.
July 25, 2021
Dateline 2021-06-23, Reuters:
Malaysian oil and gas service provider Serba Dinamik Holdings Bhd (SERB.KL) must appoint an independent reviewer to address issues raised by the company’s external auditor, the national stock exchange said on Wednesday.
In May, Serba said auditor KPMG had not been able to verify contracts and transactions worth 3.5 billion ringgit ($840.74 million) with 11 customers.
Serba rejected the concerns and has said it saw no issues with the existence or legitimacy of the contracts.
July 8, 2021
For the historical record. And based on no financial savvy, I say buy, buy, buy.
Dateline 2021-05-30, Deal Street Asia:
Malaysian oil and gas service firm Serba Dinamik Holdings Bhd said it did not see any problems with more than 3.5 million ringgit of contracts and transactions questioned by its auditor.
July 7, 2021
Dateline 2021-05-31, ICIS:
Malaysia will go on a nationwide lockdown for two weeks from 1 June, but petrochemical production will continue and is likely be spared from any major disruption given its classification as an essential sector.
For some local downstream plastic manufacturers, however, the lockdown may cause a manpower crunch.
The lockdown was announced on 28 May, following a sharp rise in new coronavirus cases in the country, with only essential economic sectors and services allowed to operate.
“This decision was made after taking into account the current situation of the COVID-19 outbreak in Malaysia, with daily cases surpassing 8,000 and over 70,000 active cases,” Malaysian Prime Minister Muhyiddin Yassin said.
May 24, 2021
Dateline 2021-04-27, Straits Times:
Malaysia is seeking to rescue its ailing oil and gas ecosystem with an ambitious 10-year plan after fuel prices were battered last year by the Covid-19 pandemic.
The National Oil & Gas Services and Equipment (OGSE) Industry Blueprint 2021-2030 comes after nearly two-thirds of over 4,000 vendors fell off the radar, victims of a “double whammy”.
Demand for energy and transportation tanked during the pandemic and this came on top of the rout in oil markets between 2014 and 2016.
May 11, 2021
Dateline 2021-04-05, NST:
The global oil and gas’ upstream sector has seen significant cuts in capital expenditure (capex) with spending below about US$400 billion in 2020.
This was less than half than the peak in 2014, Petroliam Nasional Bhd (Petronas) executive vice president and chief executive officer (upstream) Adif Zulkifli said.
“Companies had to make important decisions to remain resilient by keeping costs low and margins intact. Projects were put on hold, asset equipment impairments saw an upswing and job cuts were widespread within the industry,” he said in a keynote address at the inaugural virtual Re-Imagining Malaysia Assets (Reset) 2021 Conference here today.
December 24, 2020
Dateline 2020-12-08, Straits Times:
Sabah will follow Sarawak in pursuing its rights, particularly where oil and gas are concerned.
Deputy Chief Minister Datuk Seri Jeffrey Kitingan congratulated Sarawak for reclaiming its rights, adding that the Sabah government would ensure the same for the state.
He was referring to the Sarawak government signing a commercial agreement with Petroliam Nasional Bhd (Petronas) on Monday which allows the state, through its subsidiary Petroleum Sarawak Bhd (Petros), to play a bigger role in the oil and gas industry through cooperation with Petronas.
“Kudos to the Sarawak government for reclaiming their rights. It is no secret that the Sarawak government had been doing all the heavy lifting in this fight and we are grateful for their efforts.