Better to spend billions on rakyat than bail out Sapura, says Rafizi

April 28, 2022

And here’s what’s going to distract the masses for the next GE. And Sapura is a GLC? CLC, maybe.

Dateline 2022-03-22, FMT:

PKR vice-president Rafizi Ramli says that money used to bail out ailing oil and gas company Sapura Energy Bhd could be put to better use to serve the rakyat.

Rafizi was responding to a call by former prime minister Najib Razak to save Sapura from going bankrupt.

The government-linked company (GLC) announced a loss of RM8.9 billion last year, which Najib said was the largest for any Malaysian GLC in history.

EnQuest Sends Arbitration Notice to Barakah Offshore

March 28, 2022

Dateline 2022-02-08, Offshore Engineer:

Oil company EnQuest has sent a notice of arbitration to the Malaysian offshore oilfields services firm Barakah Offshore Petroleum regarding a dispute in which an adjudication decision was made in January ordering EnQuest to pay around $17,1 million, plus interest to Barakah’s subsidiary PBJV.

Barakah Offshore’s subsidiary PBJV had in September 2021 filed an adjudication claim against EnQuest in Malaysia seeking around RM73,5 million plus interest for works done and/or services rendered for the Outstanding Sum up until the year 2020 under a letter of the award signed in July 2018, were PBJV was engaged by EnQuest as the contractor for the execution of the “Provision of Pan Malaysia Maintenance, Construction and Modification (“PM-MCM”) Contract.”

Malaysia revs up carbon, capture and storage developments

March 21, 2022

Again, reduce, reuse, recycle, re-elect:

Dateline 2022-02-01, upstream:

Malaysia is targeting start-up of its first carbon capture and storage (CCS) project in 2025 and the second such development – also offshore Sarawak – is touted for the following year.

For Petronas Carigali’s Kasawari phase 2 project – the nation’s maiden CCS development – the extracted and compressed carbon dioxide will flow some 135 kilometres via a pipeline to the M1 field where it will be injected into a depleted reservoir.

Malaysia’s Petronas offers 14 exploration blocks, discoveries, late-life assets

March 20, 2022

How about giving them to local communities and coops?

Dateline 2022-01-27, Reuters:

Malaysia’s state energy firm Petronas said it was offering 14 offshore exploration blocks, six clusters of discovered resource opportunities (DRO), and one cluster of late-life assets (LLA) in its annual bid exercise launched on Thursday.

The exploration blocks offered in the Malaysia Bid Round (MBR), aimed at attracting investors to undertake exploration activities, mostly contain existing oil or gas discoveries.

Those are located in prolific geological provinces within the Malay, Sabah and Sarawak basins, Petronas said in a statement.

Malaysia’s Sabah aims to win big as world’s first green palm oil state

March 19, 2022

Dateline 2022-01-28, Reuters:

For Ettol Kumpilon, the switch from growing rice to oil palm on his small family farm in Malaysia’s eastern state of Sabah has enabled him to renovate his home, send his eldest child to school and build up a healthy pot of savings.

But with climate change fuelling rising temperatures that are hurting his yields, the 40-year-old has joined an innovative scheme that aims to raise sustainability standards among all palm oil producers across the state on Borneo island.

Its goals are to protect wildlife and forests, tackle land disputes and worker abuses, improve harvests and open the door to premium-paying palm oil buyers from around the world.

Malaysia charges second Aker Solutions official with using false documents

March 17, 2022

Dateline 2022-01-26, Reuters:

Malaysia on Wednesday charged an official at Norway’s largest oil services provider Aker Solutions , accusing him of using false documents to secure a license renewal, according to the company and a court charge sheet.

Mohd Yusof Ab Rahman, 54, a manager at the Malaysian office of Aker Solutions, plead not guilty at a Kuala Lumpur court, a prosecutor told Reuters. He faces two years in jail, a fine, or both, if convicted.

Parts V and VI of the Petroleum (Safety Measures) Act 1984 disapplied to gas supplied to ‘consumers’

March 13, 2022

No idea what this is about

Dateline 2022-01-24, Lexology:

The Petroleum (Safety Measures) (Amendment) Act 1993 (‘Amendment Act’) will come into operation on 2 February 2022 pursuant to Legislative Supplement B (P.U.(B)) 41/2022.

When the Amendment Act comes into operation, the Petroleum (Safety Measures) Act 1984 (‘Principal Act’) will be amended as follows:

Part V of the Principal Act (which provides for the transportation of petroleum by pipelines) will cease to apply to the supply of gas to consumers through pipelines under the Gas Supply Act 1993 (‘Gas Supply Act’); and
Part VI of the Principal Act (which provides for the storage and handling of petroleum) will cease to apply to a licensee under the Gas Supply Act for the supply of gas to consumers through pipelines from the storage tank or cylinder specifically used for reticulation of gas to any apparatus in any premises.

CM: Sarawak to continue strengthening Petros to spearhead involvement in O&G

February 14, 2022

Dateline 2021-12-11, Malay Mail:

The state government will continue to strengthen Petroleum Sarawak Berhad (Petros) in spearheading Sarawak’s enhanced involvement in the oil and gas industry, said Chief Minister Tan Sri Abang Johari Openg today.

He said that this is being done through assuming regulatory control of onshore mining, enforcing Sarawak’s constitutional authority over the distribution of gas and increasing Petros’ participation in offshore petroleum production areas.

“A key enabler is access by the state for adequate natural gas supplies needed to drive the state’s industrial development agenda,” he said when speaking at the Memorandum of Understanding signing between Petroliam Nasional Berhad (Petronas) and Petros for the Revised Total Natural Gas Supply to Sarawak for the implementation of projects under the Sarawak Gas Roadmap (SGR).

Gas Malaysia continues to fuel the nation with Petronas

February 11, 2022

A bit of history.

Dateline 2021-07-02, Malaysian Reserve:

GAS Malaysia Energy and Services Sdn Bhd (GMES), a wholly owned subsidiary of Gas Malaysia Bhd has signed the gas sales agreements (GSAs) with Petroliam Nasional Bhd (Petronas) through Petronas Energy & Gas Trading Sdn Bhd (PEGT).

The deal is a continuation of a long-term supply of natural gas from PEGT to GMES in to support the supply security of energy in Malaysia, provide social and economic growth, as well as contribute to the success of gas market liberalisation.

The GSAs were formalised on Dec 2, 2021, where PEGT was represented by its CEO Khairuddin Khalik, while GMES was represented by CEO Shahrir Shariff.

Past clean-up not enough to turn around Sapura Energy — what’s next?

November 11, 2021

Dateline 2021-10-30, The Edge:

Sapura Energy Bhd’s latest quarterly loss of RM1.52 billion was a big surprise to the market.

The company, which is 40%-owned by Permodalan Nasional Bhd, was expected to be better prepared having completed its RM10 billion debt refinancing in March. Oil prices doubled from last year to over US$80 (about RM331.28) per barrel. And the group even had a healthy order book of over RM7 billion.

Sapura Energy — arguably the largest Malaysia-listed oil and gas contractor — said that “the decrease was mainly contributed by provisions for foreseeable losses and higher project costs incurred for certain projects during the current quarter”.