March 21, 2019
Dateline 2019-02-19, NST:
Skilled local workforce has helped major oil and gas (O&G) cushion the global weak oil prices, ringgit fluctuations and foreign exchange (forex losses) over the past few years.
Analysts said companies such as Petroliam Nasional Bhd (Petronas), Sapura Energy Bhd, Alam Maritim Bhd, Barakah Offshore Bhd and others has hired local professionals and technical and vocational education and training (TVET) graduates to reduce costs, which is part of the companies’ cost cutting measures.
Sunway University Business School Professor of Economics Dr Yeah Kim Leng said the O&G sector is a very specialised high technology sector which requires a lot of specialised skills to work at oil rigs and fabrication yards.
“In the early days, these niche areas required foreign expertise and was dominated by expatriates but now firms such as Petronas and Sapura no longer hire foreign professionals but source local engineers from the O&G field.
“This in turn has enabled the country to save a lot in terms of foreign exchange as it is very expensive to pay the foreign engineers.
“Now Malaysia is able to produce its own local oil and gas engineers, technicians and supervisors,” Yeah told NST Business recently.
March 15, 2019
And congratulations Mohd Yazid Ja’afar .
Dateline 2019-02-08, Sarawak Tribune:
Malaysian oil and gas services and equipment (OGSE) companies must diversify their businesses to remain competitive amidst signs of greater market volatility in 2019, said Malaysia Petroleum Resources Corporation (MPRC).
Deputy chief executive officer Mohd Yazid Ja’afar said while oil prices had risen since the beginning of the year, concerns about a supply glut and weakness in the global economy would keep prices on a tight leash, as evident from the general cautiousness of global oil companies and their continuous push for cost efficiencies.
March 14, 2019
Dateline 2019-02-11, Malay Mail:
The oil and gas (O&G) industry, Malaysia’s second highest export earner after electrical and electronics, will continue to be a focus area for the government this year amid the volatility in oil prices.
International Trade and Industry Deputy Minister Ong Kian Ming said while tackling weakening crude oil prices, Malaysia was also giving attention to downstream products.
“We are giving attention to downstream products and do expect (investment) activities due to the Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang.
March 13, 2019
Note that the article is focussing on downstream activities, not us muck in the mud folks.
Dateline 2019-02-07, The Sun:
More of Malaysia’s oil and gas services and equipment (OGSE) companies are expected to set their sights on the downstream sector mainly in the maintenance, repair and overhaul (MRO) segment with the completion of Petronas’ Pengerang Integrated Complex (PIC) in southern Johor said Malaysia Petroleum Resources Corp (MPRC).
According to its “Top 100 OGSE Companies in Malaysia FY2017” report, while volatility of the oil price is expected to persist in 2019 global oil and gas development activities are expected to increase in the coming years, with operators aiming to move forward to develop new offshore fields, particularly those located in deep waters.
September 9, 2018
Dateline 2018-06-24, Malaysiakini:
On Friday, the Federal Court dismissed Petronas’ application for leave to challenge Sarawak’s aspirations to reassert regulatory control over its own oil and gas.
The Federal Court also struck out Petronas’ application for an order preserving the status quo which, at least for now, appears to enable Sarawak to proceed with its intention of implementing its own oil and gas regulatory regime by July 1.
As much as we welcome it, Sarawakians must be cautious in embracing the Federal Court decision.
Petronas’ leave application was dismissed solely on the grounds that the declaratory relief sought did not come within the exclusive original jurisdiction of the Federal Court.
August 25, 2018
For the historical books
Dateline 2018-06-19, The Edge:
PETROLIAM Nasional Bhd’s (Petronas) court challenge of Sarawak’s claim of regulatory authority over oil and gas activities in the state has sparked a barrage of political responses and an angry backlash.
There was an outcry over the perceived trampling of state rights over oil and gas wealth in Sarawak. Many also began to question Pakatan Harapan’s pre-election promise to increase oil royalty to 20%.
But court documents viewed by The Edge indicate that the national oil company is pursuing a more precise question: who is in charge of upstream oil and gas activities in Sarawak?
For Petronas, it is a question that needs an urgent answer because operational continuity and investor confidence, which are vital to attract future investments, are at stake.
August 23, 2018
Please, bet on IGL.
Dateline 2018-06-18, The Edge:
With the stock market, particularly construction counters, roiled by major policy changes under the new Pakatan Harapan administration, the oil and gas (O&G) sector may be ripe for a relook as crude oil prices have been maintained at fairly decent levels.
Pong Teng Siew, the head of research of Inter-Pacific Securities Sdn Bhd, told The Edge Financial Daily there could be selective gems, especially in the O&G space, which could benefit from stronger oil prices as the worst appears to have passed.
Recent financial results pointed to an improvement, and for some even a turnaround in their performance.
Velesto Energy Bhd is one, posting a net profit of RM5 million for the first quarter ended March 31, 2018, compared to a net loss of RM104.1 million in the corresponding quarter a year ago. In the preceeding quarter ended December, its loss was a whopping RM980.5 million.