April 2, 2017
Dateline 2017-02-22, Reuters:
Malaysia’s state oil firm Petroliam Nasional Bhd (Petronas) and Saudi Aramco are expected to sign an agreement to collaborate in Malaysia’s Refinery and Petrochemical Integrated Development (RAPID) project, two industry sources said on Wednesday.
Petronas and Saudi Aramco, the state-owned oil company of Saudi Arabia, appear to be closer to agreeing to terms after sources told Reuters last month that Aramco was suspending a planned partnership in RAPID, a $27 billion (22 billion pounds) refining and petrochemical complex in Malaysia’s southern state of Johor.
An agreement is expected to be signed on Monday, said one of the sources who has knowledge of the matter and declined to be identified, during a visit by Saudi Arabia’s King Salman to Malaysia. Neither of the sources had any firm details on the particulars of the agreement.
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Posted by Wata
April 1, 2017
Dateline 2017-02-24, FMT:
Traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by Opec is starting to have the desired effect of drawing down bloated inventories.
Yet in the short-term, the crude released from tankers will weigh on markets and possibly undermine Opec’s goal of achieving a balanced market by mid-2017.
The Organization of the Petroleum Exporting Countries (Opec) and other producers outside the group, including Russia, announced late last year that they would cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, looking to drain a glut that pulled down prices from over US$100 per barrel in 2014 to around US$56.50 currently.
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March 16, 2017
Dateline 2017-02-09, Borneo Post:
Analysts believe that the current outlook for the oil and gas (O&G) sector in Malaysia is turning positive as downside risks to oil prices and share prices are declining, reflecting a more attractive risk-reward profile for investors.
Affin Hwang Investment Bank Bhd’s research arm (AffinHwang Capital) said the current outlook suggested downside risks to oil prices were looking more benign.
“Due to higher oil prices, we believe Malaysia’s sector contract flow could start to improve this as oil majors revisit capital expenditure (capex) plans,” it added in a report yesterday.
The research team pointed out that the decisions made by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC to cut down production has greatly benefited the recent performance of oil prices.
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March 11, 2017
Dateline 2017-02-07, Astro Awani:
The recovery of global oil prices is expected to benefit Malaysian economy as it will lead to domino effect across other sectors and commodities.
According to OCBC Bank, the recovery of oil prices will also be the catalyst for Malaysian export dan supporting the ringgit value.
OCBC Economist Wellian Wiranto said the oil price would hover around US$D65 per barrel by the end of 2017, subsequently contributing positively to national coffers.
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March 9, 2017
Dateline 2017-02-03, Daily Express:
A second ammonia plant will be built at the Sipitang Oil and Gas Industrial Park (SOGIP) as part of the oil and gas industry’s development in Sabah this year.
Disclosing this, Deputy Chief Minister-cum-Industrial Development Minister Datuk Seri Raymond Tan said the project will see Sabah venturing into the natural gas downstream industry and would cost more than the existing Sabah Ammonia Urea Project (Samur) in Siptang.
“Sabah is looking into developing the oil and gas industry as another prospective area to be ventured into like engaging in natural gas development instead of selling our ample natural gas without value adding.
“What Samur does is turn the natural gas into solid substance like fertilisers and the project is worth about RM6 billion.
“Hence, for this year, Sabah will be venturing into another project which is a different one because Sabah will have a bigger share in setting up the second ammonia plant with the cost being more than RM6 billion,” he said at a Chinese New Year luncheon, Thursday.
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March 5, 2017
Not oil and gas, but an interesting trade to look into.
Dateline 2017-02-02, Borneo Post Online:
Malaysia’s first carbon credit rating company hopes to see other states follow Kelantan’s move after the state has given the company 25 per cent of its land mass for forest preservation and to reduce carbon dioxide (CO2) emissions.
Under the United Nations (UN) collaborative programme – Reducing Environment from Deforestation and Degradation (REDD), Climate Change Protector (CCP) Sdn Bhd was given 396,000 hectares of forest to preserve the flora and fauna of the region.
The company, specialising in renewable and sustainable energy, received the project under UN’s REDD initiative for a 30-year concession period with the Kelantan state government.
CCP chief executive officer Tang Too Siah said the recent memorandum of agreement (MoA) signed on January 9 was the Kelantan state government’s initiative to protect the region from illegal and legal mining activities.
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Posted by Wata
March 3, 2017
Dateline 2017-02-01, NST:
The bottoming out of oil prices will give impetus to the consolidation of upstream oil and gas (O&G) service providers in Malaysia, said an industry specialist. Frost & Sullivan Asia Pacific vice-president for energy and environment Ravi Krishnaswamy said companies are getting more confident as crude oil prices start to pick up, making mergers and acquisitions (M&As) a more viable option. Smaller companies find it more difficult to survive, especially where digital technology is concerned, as they are not able to invest and grow and meet the global criteria, he added. “The best thing to do for these smaller players is to look for synergies with other bigger players or get acquired as this would be a more resilient approach. “Although Petroliam Nasional Bhd (Petronas) has been very open about the industry’s need to merge and consolidate, it cannot force these companies to do so, hence the need to encourage such activities instead,” Ravi told NST Business recently.
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February 25, 2017
Stop. Picking. On. TH.
Dateline 2017-01-26, Malay Mail Online:
Pilgrimage fund Lembaga Tabung Haji (TH) said today it recorded a RM1.06 billion cumulative revenue from all its investments in the oil and gas sector, amid claims that it may have lost RM700 million from the move.
TH said its diversified investments in various sectors have enabled it to cover the increasing costs of Haj operations and subsidy for Malaysian pilgrims every year since 2000, which is expected to rise to around RM200 million this year.
“TH is a long term investor in the oil and gas industry. TH first made investment in this sector in 2001 and has recorded a respectable cumulative RM1.06 billion income from all our investments therein,” TH said in a statement here.
The company however did not specify the amount of profit from its investments into the industry.
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Posted by Wata
February 14, 2017
Dateline 2017-01-23, Your Oil & Gas News (yup, that’s the name):
JX Nippon Oil & Energy (JX NOE) is pleased to announce that PETRONAS LNG 9 Sdn Bhd (PL9SB) commenced commercial operations on 1st January.
Last June, JX NOE purchased a 10 per cent stake in PL9SB, which owns the ninth LNG liquefaction train within the PETRONAS LNG Complex in Bintulu, Sarawak, Malaysia. The train has a production capacity of 3.6 million tonnes per annum.
JX NOE’s entry into PL9SB marked its second participation in PETRONAS’ LNG projects, in addition to its existing 10 per cent equity interest in MLNG Tiga Sdn Bhd.
With the addition of the state-of-the-art liquefaction plant owned by PL9SB, the PETRONAS LNG Complex now has the capacity to produce approximately 30 million tonnes per annum. The strategic partnership of JX NOE and PETRONAS will strive towards expanding the LNG business and ensuring a reliable supply of energy for the customers.
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 