April 7, 2011
Dateline 2011-03-22:
The High Court here today allowed the federal government’s application to be an intervener in the suit filed by the Kelantan government against Petroliam Nasional Bhd (Petronas) over oil royalty.
High Court Judge Zabariah Mohd Yusof made the decision upon hearing submissions from both parties in chambers.
Counsel Tommy Thomas is representing Kelantan government, Cecil Abraham and Rishwant Singh for Petronas, and senior federal counsel Azizah Nawawi, from the Attorney-General’s Chambers, for the government.
With this decision, the federal government is to be part of the suit as the second defendant.
In the suit filed on Aug 30, last year, the Kelantan government named Petronas as the sole defendant.
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Posted by Wata
March 3, 2011
Dateline 2011-02-21:
The oil and gas finds are timely when Malaysia’s oil and gas reserves and production capacity are seen dwindling.
IT HAS been quite a while since we last heard Petroliam Nasional Bhd (PETRONAS) and its production sharing contractors announcing new major discoveries of oil and gas in Malaysian waters.
Last week’s announcement of oil and gas discoveries offshore Sarawak could not have come at a better time when Malaysia’s oil and gas reserves and production capacity are seen dwindling.
It was just last year that PETRONAS had pledged to concentrate more on domestic exploration and development rather than aggressively going to lucrative but risky international waters.
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Posted by Wata
February 19, 2011
We expect Sarawak to complain soon about her not getting enough of a cut from the discovery.
50 exploration wells in 3 years? Assuming you take 15 days per well, that’s 750 days. I hope they already have a drill ship on standby to meet that kind of schedule.
Dateline 2011-02-15:
Petroliam Nasional Bhd (Petronas)’s persistency in exploring for the precious commodity within Malaysia has struck gold with major oil and gas reserves discovered off the coast of Sarawak.Some 100 million barrels of oil and 2.8 trillion standard cubic feet (tscf) of natural gas were discovered from two exploration blocks there.
Spurred by the success, Petronas plans to drill more than 50 exploration wells off Malaysia over the next three years.
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You can subscribe to an online version of the paper at the e-browse site.
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Posted by Wata
February 6, 2011
Where the heck is Berantai? I know it’s off the Peninsular East Coast, but anyone has coordinates?
Dateline 2011-01-31:
SapuraCrest Petroleum Bhd’s subsidiary Sapura Energy Ventures Sdn Bhd today entered into a Risk Service Contract (RSC) with Kencana Energy Sdn Bhd and Petrofac Energy Developments Sdn Bhd to jointly develop and operate in the production of petroleum resources from the Berantai field.
Under the agreement, the operating parties would provide one well-head platform with 18 wells, together with related pipeline linking it to another existing platform as well as provide for a floating production, storage and off-loading vessel (FPSO).
A second well-head platform would be installed in a subsequent phase.
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Posted by Wata
February 2, 2011
Dateline 2011-01-27:
With the prospects of oil and gas (O&G) sector improving, it is not surprising that Ramunia Holdings Bhd would intensify its efforts to broaden business opportunities.
The acquisition of the Pulau Indah Integrated Fabrication Yard for RM83.8mil from Oilcorp Bhd is a strategic move to enable it to participate in the various O&G contracts under the Economic Transformation Programme (ETP).
“Ramunia is definitely a keen player in the O&G sector, considering its recent corporate moves,” an analyst said.
The company, which specialises in the fabrication of offshore O&G-related structures for major oil players in the world, had also confirmed that it was in preliminary talks to buy a stake in Syarikat Borcos Shipping Sdn Bhd.
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You can subscribe to an online version of the paper at the e-browse site.
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Posted by Wata
January 28, 2011
And this is the latest article where the BeC fire is mentioned:
Dateline 2011-01-21:
OSK Research has warned that Petronas Gas Bhd’s profits for the second half of its financial year ending March 31, 2011 (FY11) were unlikely to match its stellar first-half performance as a result of the Bekok C gas platform fire, offshore Terengganu, in December.
Due to the loss of some 5% of gas supply from Bekok which would affect its gas processing and transmission revenue as well as revenue from extracting propane and butane, OSK Research cut its net profit forecast for Petronas Gas by 0.4% for FY11, 3% for FY12 and 1.4% for FY13, which in turn reduced its target price slightly to RM13.54 from RM13.65.
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Posted by Wata
January 16, 2011
Dateline 2011-01-14:
KUCHING: Malaysian Oil and Gas (O&G) stocks skyrocketed in the past few days in response to Prime Minister Datuk Seri Najib Tun Razak’s announcement of another 19 Entry Point Projects (EPP) with three from the O&G sector under the Economic Transformation Programme (ETP).
On top of that, Main Board of Bursa Malaysia also witnessed record breaking 52 weeks high levels of certain counters since the announcement on January 11, 2011. The RM20 billion investment in the O&G and energy sectors were expected to perk up trading in these stocks after vanishing from the radar over the last two years due to weakening in crude palm oil (CPO) levels and lack of activity in the energy sector.
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Posted by Wata
January 15, 2011
Umm, what was the hub before this? Anyone from the Iskandar Regional Development Authority want me to advise them for big bucks? BTW, when are elections due?
Taken from the Star, dateline 2011-01-14:
The Government has identified Johor as the new growth centre in the country for the oil and gas (O&G) sector and related activities under the Economic Transformation Programme (ETP).
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the ministry would promote two locations in Johor dedicated to the O&G sector and related activities to domestic and foreign investors.
“We will provide incentives to the O&G players to invest in Johor,” he told reporters after attending the Iskandar Malaysia Small and Medium Enterprises Outreach Awareness Dialogue organised by Iskandar Regional Development Authority yesterday.
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You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.
Leave a Comment » | business opportunity, investment, Malaysia, oil and gas | Tagged: IDRA, Iskandar, Johore | Permalink
Posted by Wata
December 29, 2010
Anyone planning to sell their shares in anticipation of the next ‘fire sale’?
Taken from the Star, dateline 2010-12-27:
The fire that occurred at the aromatic plant belonging to Petronas Chemicals Group Bhd is not expected to have any major impact on its business; however, any prolonged closure could affect its revenue.
According to OSK Research analyst Jason Yap, the plant is used to produce paraxylene and benzene, which make up about 20% of forecast revenue for financial year ending March 31, 2011 (FY11).
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You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.
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Posted by Wata
November 4, 2010
Here’s an article from the Malaysian Petroleum Club publication, Resource. It is on Chan Cheu Leong, CEO of Wah Seong Corporation.
PDF Article on Wah Seong CEO
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 