Malaysia’s O&G industry very much alive

March 6, 2014

Dateline 2014-01-27, Business Times:

SEVERAL years ago, there were suggestions that Malaysia would become a net importer of oil by this year. Will this happen?

Well, one thing for sure is that Malaysia was also predicted to become a net importer of oil and gas in 2009. And that didn’t happen.

Then, it was said again that this would happen in 2010, but as months went by, it did not happen either. The hydrocarbon continued to become the largest contributor to the Malaysian economy.

But, we should remind ourselves that hydrocarbon is not a commodity that we can manufacture or grow to sustain output. It has been produced and developed through a long period of natural process, and, of course, with God’s will.

So, whatever the predictions, efforts to make new discoveries, particularly in complex and challenging oil and gas reserves, must continue. Enhancing oil recovery in existing depleting fields and exploring opportunites in deeper water must not be overlooked either.

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Malaysia to review oil companies’ readiness to supply Euro 4 gasoline, diesel by 2015

March 4, 2014

Interesting. You ready? Dateline 2014-01-21, Platts:

Malaysia has launched a study to review the readiness of oil companies to supply Euro 4-equivalent gasoline and diesel throughout the country by 2015, an official said Tuesday.

“We have just started the study and it should be completed in two months,” an official with the Malaysia Automotive Institute under the purview of the Ministry of International Trade and Industry, said.

“It will basically look at the readiness of the oil and gas industry to supply Euro 4 standard fuels by 2015,” he said, adding that the study is conducted by the MAI together with other government bodies.

Malaysia has set June 1, 2015 as the roll-out date for the new Euro 4-equivalent fuels, known as Euro 4-M, from the current Euro 2-equivalent standard.

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Malaysia’s Trans Peninsular Pipeline Project: Will It Take Off? – Analysis

February 28, 2014

Going through Kedah and Kelantan. Not in this political lifetime.

Dateline 2014-01-16, Albany Tribune (what?):

MALAYSIA’S TRANS Peninsular Pipeline Project (TPP) between Kedah on the west coast and Kelantan on the east seems to have been revived. First proposed in 1994, the project had experienced some difficulties in the initial years and came to a halt in 2010. If realised, the 310-km pipeline will move oil from the coastal city of Yan in Kedah to Bachok in Kelantan and out to the South China Sea.

The New Straits Times reported that during the Fifth World Chinese Economic Forum held in Kuala Lumpur in October 2013, China had shown interest to revive the privately-funded TPP, estimated to cost more than US$7 billion. Chinese President Xi Jinping has yet to confirm how this is to be carried out.

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Oil and gas sector propelling into another year of overdrive

February 18, 2014

Really? No slowdown in contracts?

Dateline 2014-01-08, Borneo Post:

On the back of booming 2013, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) believes that the oil and gas sector will continue to be on overdrive in 2014.

The research arm pointed out that the overall sector did spectacularly well in 2013 with stocks under its coverage gaining an average of 75 per cent on a year to date (YTD) basis.

“The significant share price gains are no surprise as around RM30 billion of domestic contracts (inclusive of international wins, the total rise to RM43.3 billion) were dished out in 2013, which is a far cry from the circa RM10 billion contract wins in 2012,” it opined.

Despite significant share price appreciations, Kenanga Research expects further gains as it believes there are still ample project awards in 2014 to act as catalysts.

In addition there will likely be no slowdown in contracts flow this year.

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Petronas Carigali awards 5-yr contract for design, engineering

February 17, 2014

I see that for Ranhill, the game is afoot.

From The Star, dateline 2014-01-07:

Petronas Carigali Sdn Bhd has awarded a five-year umbrella contract to four local engineering services contractors to undertake the design and engineering services for its facilities involved in the oil and gas industry.

Petronas Carigali, which is Petroliam Nasional Bhd’s upstream unit, said on Tuesday the four companies were Technip Consultant (M) Sdn Bhd, Perunding Ranhill Worley Sdn Bhd, RNZ Integrated (M) Sdn Bhd and MMC Oil & Gas Engineering Sdn Bhd.

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Petronas Confident In Bumiputera Firms’ Ability, Says MOGSC

February 15, 2014

Dateline 2013-12-27, Malaysian Digest.com:

The contracts worth about RM300 billion awarded by Petronas to Bumiputera firms in the last five years show their high level of competitiveness and credibility, said the Malaysian Oil and Gas Services Council (MOGSC).

MOGSC president Sofiyan Yahya said Bumiputera firms’ level of activity in the oil and gas industry can be seen in the council, 90 per cent of whose 450 members are Bumiputera companies.

“MOGSC is willing to support Bumiputera firms who want to venture into this sector,” he told Bernama.

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Malaysia’s Hibiscus finds oil in Oman

February 14, 2014

Dateline 2012-12-25, The Star:

Hibiscus Petroleum Bhd, the first special-purpose acquisition company (SPAC) to be listed on the local bourse, has discovered oil in its Oman assets, but the first well is not commercially viable.

The oil and gas exploration outfit told Bursa Malaysia that Masirah Oil Ltd, a jointly controlled entity of Lime Petroleum Plc, had suspended its first exploration well, Masirah North North 1 (MNN 1) in Block 50 Oman, for further evaluation on safety reasons.

The group noted in a press statement that the well had been drilled to a total depth of about 1,000m below the mean sea level.

“Mud losses in two carbonate sections of the well prevented Masirah Oil from reaching its planned target depth,” it said.

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Eye on stock – Barakah Offshore

February 11, 2014

Dateline 2013-12-14, The Star:

AN oil and gas stock which has got the market all excited since its debut on Nov 6 would be Barakah Offshore Petroleum Bhd. Not only has its stock price done well (it’s up 2.4 times to RM1.56 from its offer price of 65 sen), but it has also won a Petroliam Nasional Bhd (Petronas) contract less than two months after its listing.

While trading in Barakah remains suspended as at press time, the stock will likely see further action when trading reopens.

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‘Add’ call maintained for Gas Malaysia stock

February 5, 2014

Dateline 2013-12-13, The Star:

CIMB Investment Bank is maintaining its “add” call on the stock following the Government’s move to raise the price for subsidised gas used by the power sector by 10.9% or RM1.50 to RM15.20 per million metric British thermal unit (mmbtu),

At the same time, the Government has introduced the liquefied natural gas price of RM41.68/mmbtu for gas volumes above 1,000 million standard cu ft per day (mmscfd) consumed by Tenaga Nasional Bhd. This led to an increase in the average electricity tariff in Peninsular Malaysia.

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CIMB Research begins coverage of UMW Oil & Gas with an Outperform

February 1, 2014

Dateline 2013-12-10, The Star:

 CIMB Equities Research has initiated coverage of UMW Oil & Gas (UMW-OG) with an Outperform call as it sets its target price of RM4.57, which is 33.6% above its last traded price of RM3.42.

It said on Tuesday UMW-OG is primarily a drilling company which is benefitting from Southeast Asia’s strong demand for jack-ups and Petronas’s import substitution model.

“Armed with an order book of RM1.4bil, the company is eyeing more jobs as it expands its fleet,” it said.

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