January 25, 2014
Bargain, I would have thought. Malaysian Digest, dateline 2013-12-09:
Sona Petroleum Bhd, an oil and gas (O&G) cash shell, has identified a new oil field asset in Indonesia to buy after failing to clinch a deal in September.
Sources claim that Sona Petroleum is looking to buy a 100% stake in a Sumatra oilfield which is producing 1,500 barrels of oil per day. The oilfield is also said to have the capability of ramping up production to 4,000 barrels a day.
Sona Petroleum is currently conducting a due diligence on the assets and if it is favourable expects to conclude the deal by early next year. Sona Petroleum has been actively scouring for oilfields. It had reviewed one in Australia, but had since abandoned the idea.
Back in September, there was wide speculation that Sona was looking to take up a stake in Singapore-listed RH Petrogas Ltd, an O&G company controlled by Sarawak tycoon Tan Sri Tiong Hiew King. However that deal didn’t come through.
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Posted by Wata
January 22, 2014
Methinks the reporter messed up the title. Also, is it implicit the SOGT never told local residents what to expect during an emergency flaring? Dateline 2013-12-09, The Star:
The country’s first integrated oil and gas terminal is set to be operational by early next year after undergoing several months of a commissioning process.
Project director Noor Illias Mohd Idris said the commissioning process of the RM3.8bil Sabah Oil and Gas Terminal (SOGT) in Kimanis was due to begin soon.
“This is one of our biggest projects and is capable of processing 1.25 million standard cubic feet of gas and 260,000 barrels of oil daily,” he said at a media briefing yesterday.
During the commissioning process, he said, loud noises due to the emission of gas flares as high as 100m would be heard by villagers within Kimanis and nearby areas.
“The flare is normal during commissioning due to the release of gas during equipment testing.
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Posted by Wata
January 21, 2014
For those of you looking for a new set of wheels to go to work.
Dateline 2013-12-07, fz.com (who?):
The Asian tour for Eurocopter’s EC175 began in Kuala Lumpur, Malaysia early this week, where the new-generation helicopter was demonstrated for operators in the civil, military, law enforcement and para public sectors.
“A particular focus was on oil and gas industry services – for which the EC175 offers excellent performance, speed and handling qualities in challenging operations, particularly to offshore platforms,” said Francois de Bray, the marketing programme manager for EC175, during a demonstration flight of the helicopter for media here today.
The company sees Malaysia as an important market with a great potential growth. For that reason, Eurocopter brought the EC175 to Malaysia as the first stop of its Asia Demo Tour, which will also include Vietnam and Thailand.
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Posted by Wata
January 16, 2014
Dateline 2013-11-24, The Star (someone send me money to pay for my subscription, or lack of):
We do not practise simple cost-saving measures to cut down on electricity consumption.
But with a tariff hike expected, it looks like we will all have to learn to be more prudent.
BITS and pieces of news of an impending hike in electricity tariffs have been appearing in the newspapers, but mostly in the business section which ordinary consumers are likely to miss.
In terms of usage, manufacturers and industry players are the ones who will be hit the hardest. But the reality is that ordinary Malaysians can expect their electricity bill to be higher next year. And that does not even take into account the higher costs for just about everything else due to the pass-down effect.
No one is sure of the quantum. It is still at the stage where officials and civil servants are putting up their recommendations for the Cabinet to make its decision.
When the quantum of the hike becomes more definite, we can be sure there will be many reactions to the decision.
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2 Comments | investment, Malaysia | Tagged: electricity | Permalink
Posted by Wata
January 12, 2014
Dateline 2013-11-18, The Malaysia Chronicle:
Despite the denials from none other than the Petronas CEO, allegations that the national oil company has been side-lining Bumiputera companies continue to take media limelight.
That MTEM’s accusation of Petronas neglecting local vendors when dishing out contracts and failing to carry out its responsibility to contribute to the growth of Bumiputera entrepreneurs is arguably perceived negatively by many.
This writer is fully conscious of this political backdrop and of the fact that Pakatan Rakyat (PR) leaders and lawmakers have criticised Tun Dr Mahathir Mohamad who recently told the state oil firm to embrace the pro-Bumiputera New Economic Policy (NEP) and to be more Malay-friendly.
This writing however, attempts to highlight the precarious situation Petronas finds itself in, much to the chagrin of the Advisor perhaps. More importantly and outrightly, this short piece is in fact seeking for a clarification from Petronas’ leadership of the actual state of affairs especially in regard to the Vendor Development Programme.
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Posted by Wata
January 10, 2014
Who is Continental’s partner
Dateline 2013-11-12, WSJ:
Continental Energy Corporation (otcqb:CPPXF) (the “Company”) an emerging international energy company with a long history in oil and gas exploration in Southeast Asia, today announced that it has entered into a 50/50 joint bid arrangement with an established Malaysian partner to evaluate opportunities and present carefully selected bids for new oil and gas production sharing and risk service contracts offered in Malaysia by PETRONAS, the national oil company.
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Posted by Wata
January 9, 2014
Dateline 2013-11-13, The China Post:
Malaysian state energy firm PETRONAS said Tuesday its third-quarter net profit rebounded, rising 19.5 percent year-on-year due to higher sales of crude oil and other products.
Net profit for the three months ending Sept. 30 stood at US$5.36 billion compared to 14.38 billion ringgit in the same quarter last year. Net profit had fallen in the first two quarters.
Revenue for the third quarter was up 19.2 percent to 81.4 billion ringgit compared to 68.33 billion ringgit last year, said the company, Malaysia’s only representative in the Fortune 500.
The increase in revenue was driven by higher sales of crude oil, processed gas and other products on the back of stronger customer demand, together with the effect of the strengthening of the dollar against the ringgit.
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Posted by Wata
January 1, 2014
Is hot cakes an euphemism? Dateline 2013-11-07, Malaysia Chronicle:
Barakah Offshore Petroleum Bhd, which took over the listing status of Vastalux Energy Bhd, saw its shares traded like hot cakes as investors bet that the company will win more oil and gas jobs in the near future.
The stock opened on Bursa Malaysia’s Main Market at 98 sen, a hefty 44.5-sen premium to its 53.5 sen reverse takeover price of Vastalux. The loan stocks, Barakah-LA, opened at 80.5 sen, up 27 sen from its offer price of 53.5 sen.
The mother shares were heavily traded throughout the day, ending at RM1 a share, while the loan stock closed at 62 sen.
Investors were betting that Barakah could be the stellar new stock on the Bursa this year, following in the footsteps of Datasonic Bhd.
Datasonic, which begun trading on the Bursa in September 2012, has seen its stock price triple in value over a 12-month period. It stock closed at RM6.44 yesterday, a steep rise from its RM2 IPO price.
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Posted by Wata
December 31, 2013
Dateline 2013-11-05, Malaysia Chronicle:
UMW Oil & Gas Corp Bhd, which made its debut on the Main Board of Bursa Malaysia last Friday, continued to sizzle on the back of investor confidence of its swelling order book.
Contracts clinched by the group will contribute to its compounded annual growth forecasts between now and 2015.
Its shares closed seven sen higher yesterday at RM3.17, which is 37 sen higher than its initial public offering price of RM2.80.
“UMW Oil & Gas is set to grab a slice of the pie in the region’s oil exploration activities tendered by Petronas, as well as others in Indonesia, Thailand, Vietnam, the Philippines and Myanmar.
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Posted by Wata
December 29, 2013
Dateline 2013-11-02, Borneo Post:
Petronas Gas Bhd (Petronas Gas) saw a boost in its earnings driven by the recognition of deferred tax assets arising from an investment tax allowance granted for its liquefied natural gas (LNG) regasification terminal in Melaka.
In addition, the company is expected to be the biggest beneficiary of rising gas demand as the additional gas volume will pass through its Peninsular Gas Utilisation (PGU) pipeline.
Analyst June Ng from HwangDBS Vickers Research Sdn Bhd (HwangDBS Research) said that the earnings boost from Melaka regasification plant was driven by higher gas transportation revenue and contribution.
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2 Comments | investment, Malaysia | Tagged: LNG, Melaka, pgu | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 