Oil and gas service providers cannot afford to be ‘choosy’, says UMW chief

June 27, 2015

Yeah, I can:

Dateline 2015-05-19, TMI:

UMW Oil & Gas Corp Bhd’s (UMW O&G) chief said support service providers in the industry could not afford to be “choosy” as lower crude oil prices led to fewer contracts in the market.

UMW O&G president Rohaizad Darus said the number of contracts available had declined by 30% compared to a year earlier.

“Service providers in the oil and gas industry now cannot be choosy about the work they take,” Rohaizad told reporters after UMW O&G’s annual general meeting here today.

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Falling oil prices hit O&G players

June 23, 2015

Title says O&G player, article focuses on bashing RNZ Petrofac. First, there must have been a whistleblower (good play, sir). Second, follow the money trail, which companies and Da… individuals make money out of this revelation? Third, will they pay my invoices?

At press time, calls went unanswered… huh, do you know that RNZ offices are closed Friday afternoon?

Dateline 2015-05-18, Daily Express:

Industry players are starting to feel the impact of the drop in global crude oil prices, which led oil and gas giant Petroliam Nasional Bhd (Petronas) to defer capital expenditure and reduce operational spending.

One such player, Petrofac-RNZ, has implemented a voluntary separation scheme (VSS) for its employees based in its Kuala Lumpur head office, sources say.

The VSS was offered last month to its permanent employees based in its Kuala Lumpur head office with Job Grade 19 and below only. Petrofac-RNZ also has offices in Sabah and Sarawak.

Petrofac-RNZ is a member of Petrofac Group. It provides engineering and consulting services to the offshore oil and gas sector, including oilfield services to the international oil and gas industry.

A check on its website showed that a big portion of its jobs in Malaysia were for Petronas’ exploration and production arm, Petronas Carigali Sdn Bhd.

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PKR reveals more losses for Tabung Haji in deal with oil and gas company

June 21, 2015

I suggest you investigate (and invest) in THHE. The share prices will awake, same time as The Force. Really.

Dateline 2015-05-18, TMI:

Lembaga Tabung Haji has also incurred millions of ringgit in losses from another investment with an oil and gas company, PKR said today, even before questions about the pilgrims’ fund’s purchase of land from debt-ridden 1Malaysia Development Bhd (1MDB).

Tabung Haji’s purchase of shares from oil and gas support services counter Ramunia Holdings Bhd, resulting in losses based on the current price of its shares, had gone unnoticed, PKR lawmaker Rafizi Ramli (pic, right) said today when debating the Capital Markets and Services (Amendment) Bill 2015 in the Dewan Rakyat.

The Pandan MP said that in 2007, Tabung Haji had progressively bought shares in Ramunia Holdings, and by the end of 2008 held 25% of the company’s shares, which it purchased for between RM1 and RM1.40 per share.
In June 2012, the company was renamed TH Heavy Engineering to reflect the fund’s interest in the company.
Currently, the shares are trading at 30 sen per share, Rafizi said, which meant that Tabung Haji had incurred losses worth millions of ringgit from this one investment alone.

 

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Malaysian oil and gas players should explore consolidation opportunities: Wan Zulkiflee

June 16, 2015

Dateline 2015-05-18, NST:

The oil and gas industry should leverage on the opportunities posed by the current low oil price environment, and prepare itself for when the global market recovers, says Petroliam Nasional Bhd (Petronas) president and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin.

“Following the repercussion of the oil price drop, companies scrambled to relook their business processes and cost structures in frantic efforts to drive down expenditures.

“This presents an opportunity in itself, if we view it not only as a stop-gap measure, but take the effort to ensure that processes and cost structures are redesigned for simplicity, and to support long term lower operating costs and higher efficiency.

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1MDB predecessor tried to use T’ganu’s oil and gas

June 13, 2015

Really? I did not know that TIA morphed to 1MDB.

Dateline 2015-05-12, Malaysiakini:

Terengganu Investment Authority (TIA) – the predecessor of 1Malaysia Development Bhd (1MDB) – tried to use Terengganu’s oil and gas assets as collateral, way back in 2008, former Terengganu menteri besar Ahmad Said revealed yesterday.

TIA was renamed as 1MDB in 2009 after it was taken over by Putrajaya.

Speaking in the Terengganu state assembly yesterday, Ahmad said the state government, however, pulled out of the deal due to a numerous problems.

“This was one of the reasons the Prime Minister (Najib Abdul Razak) was angry with me, including other problems which ended with (the state government) pulling out,” Ahmad (right) is quoted as saying by Malay daily Sinar Harian.

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Tough year ahead for Malaysia’s oil and gas sector

May 12, 2015

Can I adopt a godfather, please?

Dateline 2015-04-07, Malay Mail:

Malaysia’s oil and gas (O&G) sector’s mergers and acquisitions (M&As) this year are expected to fall slightly to US$5 billion (RM18 billion) from US$5.7 billion last year.

Deloitte Malaysia Energy and Resources Leader, Nizar Najib, said some firms may have cashed out to launch acquisitions but the others may not have the means to undertake M&As due to depletion in their order books.

“The acquisitions would likely be more domestic-focused as Malaysian firms were interested to consolidate locally,” he told Bernama at the Deloitte South-East Asia Oil and Gas Summit 2015 here today.

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Platts to include Malaysia’s Pengerang terminal in Singapore pricing process

May 8, 2015

And, introducing in the red corner, Singapore GIC’s next takeover target:

Dateline 2015-03-30, Rueters:

Oil pricing agency Platts said on Monday it will include the Pengerang oil terminal in the southern Malaysian state of Johor in its Singapore price assessment process from May 1.

The move is expected to offer traders more flexibility in loading cargoes and improve market liquidity, traders said.

Apart from landed storage tanks in Singapore, Platts currently recognises loadings from Pasir Gudang, Tanjung Langsat, Tanjung Bin and certain floating storage units in nearby waters for its Singapore price assessment process.

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Malaysia willing to work with Singapore on regional oil pricing

April 17, 2015

See, we could have stored crude when it was USD45 a barrel.

Dateline 2015-02-27, The Malaysian Insider:

Malaysia is willing to work with Singapore to become part of a regional oil pricing area, including offering land for storage the island state lacks, the head of a Malaysian state body coordinating a major new oil hub said.

Despite being an oil and gas exporter, Malaysia lacks sufficient storage and refineries to allow it to act as a pricing hub like Singapore, Europe’s ARA hub (Amsterdam, Rotterdam and Antwerp) or Houston in the United States.

In a bid to remedy this, Malaysia is building the Pengerang Integrated Petroleum Complex (PIPC) at its southern most point in Johor state, about 10km east of Singapore.

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Rafizi to fight for viable retail oil industry

March 17, 2015

Why the long faces? Oil prices go up and down. When they go back up to USD100 this 2H2015, will there be an outcry from the retailers?

Dateline 2015-01-08, FMT:

Pandan MP Rafizi Ramli has warned that profit margins in the retail oil industry are being squeezed between advance purchases of oil by station owners, reduction in pump prices at monthly intervals as the oil market declines, and government taxes.

He called for pump prices to be fixed on a weekly basis and station operators be allowed to collect petrol and diesel supplies on a consignment basis as the practice is elsewhere in the world.

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Petronas may slash domestic investment 30 pct as crude slumps -sources

March 15, 2015

Dateline 2015-01-07, Reuters:

Malaysian state oil firm Petronas may slash capital expenditure even more than it has signalled because the continuing rout in oil prices has hurt revenue, with domestic spending facing cuts of about 30 percent, sources said on Wednesday.

Some domestic and international projects that may become unprofitable due to the continued decline in oil prices could be shelved by Petronas, or Petroliam Nasional Bhd, three sources with knowledge of the matter said.

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