Malaysia Gears up for Deepwater Drive

August 11, 2010

Another shipping magnate will be able to finance his home in Spain soon.

From UpstreamOnline, 2010-07-28:

Malaysia’s state player PETRONAS Carigali will need three drillships between 2010 and 2015 to support the development of deep-water oil and gas fields, the company’s head of deep-water development, Rosli Hamzah said at a conference in Singapore.

Hamzah said two drillships, Transocean’s Deepwater Expedition and Frontier Phoenix are scheduled to arrive in Malaysian waters in September and November, respectively.

AmResearch’s Alex Goh said the average day rates for drillships with rated water depth of over 4000 feet are around $425,000.

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From the Star – Gas M’sia gets new PETRONAS deal

July 27, 2010

Please, can someone tell PETRONAS to sell gas at market rates to industries in Malaysia? That’ll teach us a lesson to take our resources for granted.

And Why exactly is MMC making the announcement, not Gas Malaysia?

From the Star, dateline 2010-07-13:

MMC Corp Bhd said its 41.8%-owned subsidiary Gas Malaysia Sdn Bhd has signed a second supplemental gas supply agreement with Petroliam Nasional Bhd (Petronas) for an additional supply of 82 million standard cu ft per day (mmscfd) natural gas from the latter.

Gas Malaysia had last August secured a long-term supply of 300 mmscfd from PETRONAS.

“The additional supply of the 82 mmscfd natural gas shall be effective until Dec 31, 2011,” it told Bursa Malaysia.

You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.

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PETRONAS Drilling Crew Withdrawing From Ogaden

July 23, 2010

For those who wanted to make more money in PETRONAS by being posted to places where you have a bulleye stiched onto you shocking red coveralls, the world has become a smaller place.

Dateline 2010-07-10:

The Malaysian oil company, Petroliam Nasional Berhad (PETRONAS), which is prospecting for oil and gas reserves in the Ogaden basin, south eastern part of Ethiopia, is demobilizing its drilling crew, according to Ethiopian Reporter.

There is speculation that the company will pull out from Ethiopia. Previously, Petronas relinquished its concession in the Gambella basin, south-western part of Ethiopia, near the Sudanese border, after drilling two exploration wells that turned out dry. Another exploration well drilled by the company last year in the Ogaden basin in the Genale locality also turned out to be dry.

…

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From Bernama: MITI And EPU Working On Gas Supply Issues

July 22, 2010

I think allowing market forces to determine the price of gas would go a long way to addressing the issue. ‘Course, that would me we would want to sell all our gas to Singapore or Thailand, but what’s a powerless, air conditionless dark night between citizens?

From Bernama, dateline 2010-07-14:

The Ministry of International Trade and Industry (MITI) together with the Economic Planning Unit (EPU) will be putting up a joint paper to address the gas supply issue, its minister Datuk Seri Mustapa Mohamed said Tuesday.

“We are engaging with the EPU on the gas issue. We know that many industries are dependent on gas. We understand the problems, they want some certainty and transparency in terms of supply,” he told reporters after a dialogue session with players from the chemicals and petrochemicals industry here.

Mustapa said MITI was working with EPU to come up with a proposal that would update the Cabinet on two issues, namely the current gas supply situation in Malaysia and to resolve the short-term problems.

…

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PETRONS Dagangan the worst KLCI performer

July 1, 2010

The title says it all, though I do think it is understood you need to tag on “for the trading day” at the end.

From the Business Times, dateline 2010-06-24:

Petronas Dagangan Bhd, the retail arm of Malaysia’s state oil company, fell the most in more than two years after exceeding a technical indicator that some investors use as a signal to sell the stock.

The shares slid 4.9 per cent to RM9.30 at 9.19 am local time in Kuala Lumpur. On June 23, they jumped 5.2 per cent, increasing their 14-day relative strength index to 77, the highest since October 20.

Some traders and investors use a reading above 70 as a signal that prices have risen too rapidly and may drop.

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Higher Acceptances Received For M3nergy Takeover Offer

June 26, 2010

I’ll just pull out what I think are the pertinent paragraphs from this Bernama article, dateline 2010-06-19:

Adamus Avenue Sdn Bhd (AASB), which launched a conditional takeover of M3nergy Bhd, offering RM1.85 per share, has received over 71 per cent acceptances for the voting shares of the oil and gas services provider, as of June 19.

Companies controlled by major shareholder, Tunku Datuk Yaacob bin Tunku Tan Sri Abdullah, who owns 71.14 per cent of M3nergy, have confirmed acceptance of the conditional offer.

…

Meanwhile, it was reported that AASB is a private company owned by Datuk Shahrazi Sha’ari, who is the current Group Managing Director and Chief Executive Officer of M3nergy.

Can you say, management buyout? We look forward to the new owner sending all their specialist process work to us.

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PETRONAS unfair to Sabah?

June 25, 2010

First, the important stuff. Today is the one year anniversary demise of the King of Pop. C’mon KL, let’s roll down those car windows, and here his hits blast out across the streets! And a bit of moonwalking as well.

Back to our scheduled broadcast. A former chief minister speaks out against PETRONAS. He’s asking for a Sabahan to be appointed to the Board to look out for Sabah’s interests. Don’t know about you, but doesn’t a board of a company look out for its own interests? You would assume that Sabah will be a big contributor in the future, so if the Board was reasonably competent (and the PETRONAS senior executive team reasonably… reasonable?) Sabah’s future in the PETRONAS scheme of things is already taken care off.

Dateline 2010-06-24, though I don’t know how credible the e-newspaper is.

Kota Kinabalu: The best means of ensuring that Sabah’s interests are not ignored in Petronas’ dealings is to have a Sabahan appointed to its Board, said former Chief Minister Datuk Harris Salleh.

“It is believed that no Sabahan has been appointed by Petronas as a Board Member since its inception,” he said in a statement, Wednesday.

He said it was more timely now as “I understand Sabah is at the start of an oil boom after a string of successful discoveries of deep water fields”.

He believed the State’s deepwater projects like Kikeh, Gumusut/Kakap, Ubahcrest, Pisangan, Malikai Sumandak, Ambalak, etc, would propel Sabah to be the biggest producer of crude oil in Malaysia.

He said the projections are that Sabah is expected to produce 500,000 to 600,000 barrels per day compared to the current national production of only 700,000 barrels per day.

“This is not inclusive of (ex-Petronas Chairman) Tengku Razaleigh’s claim of a huge oil deposit found off Sabah, the biggest in South East Asia capable of producing one million barrels per day,” he said.

With the massive expected production from Sabah and from its operations since 1975, Harris presumed the State would be fully engaged in the industry, with major oil and gas infrastructures, downstream industries and activities.

…

I want an Orang Noghri (or Sumatran) to be appointed to the Board, to ensure adat pepatih is fairly represented in legal dealings.

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From The Star – Plant in peninsula to ensure LNG supply continuity

April 18, 2010

Here’s a sign that PETRONAS is definite that there will not be enough local gas production offshore Peninsular Malaysia. And hopefully, our solution is to get gas from East Malaysia. But is it still uneconomical to pipe the gas, rather than convert to LNG, stuff into carriers and ship to the Peninsular?

Or, is this a ploy to increase MISC’s worth? Supply your comments here.

Taken from The Star, dateline 2010-04-12:

AS part of an effort to address the rising demand for gas amid a diminishing natural gas supply in Peninsular Malaysia, it has been revealed that a new LNG (liquefied natural gas) regassification plant will soon be built.

Analysts who attended a recent briefing session with PETRONAS Gas Bhd learnt of the plan from its managing director, Samsuddin Miskon.

No formal announcement about the plan has been made yet by parent company Petroliam Nasional Bhd (PETRONAS), but it is understood that the main reason for the regassification plant is to ensure the continuity of gas supply in the peninsula.

How does that equation come about?

Well, the regassification plant will enable PETRONAS Gas to take in more gas supply from third parties as the capacity to convert liquefied gas into gas for end- users will be enhanced.

…

You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.

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Cameron and Natco – A Cosy Family

April 11, 2010

Here’s some old news I only heard recently. To quote from the website:

Cameron acquires NATCO and integrates NATCO with Petreco to create Cameron’s Process Systems, the industry’s Total Solution Provider.

Hmm, I haven’t heard of Process Systems, so either it reaaaally isn’t the industry’s TSP, or I’m way behind on reading my trade paper subscriptions.

Now, Cameron has offices in Malaysia which are PETRONAS licensed. So, I wonder how the Scomi Natco tie-up via Scomi NTC is going to proceed?

Then again, Cameron provides valves to UOP, a competitor to NATCO, so I guess companies will jump in bed with whoever provides the most pleasing outcome.

Here’s how I perceive the services provided by the companies mentioned above:

  • Cameron – Wellhead equipment
  • NATCO – Separation solutions
  • Scomi – hmmm, I have had no technical dealings with them. Though it does crop up in the news for other reasons.
  • UOP – Separation solutions

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From the Star – Is PETRONAS on the Right Track (PT 2)

April 9, 2010

Continuing from Part I, Taken from The Star, deadline 2010-03-20:

How do we compare with Nigeria, Venezuela, Indonesia, Alaska and Norway, all oil-producing countries, in terms of management of the oil revenue and spending?

…

On the macro-policy side it is clear that, instead of using our oil revenues to encourage high income generation activities in the late 1990s, we have committed to rely on labour-intensive manufacturing

…

The Star PETRONAS

You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.

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