LNG’s adverse impact on Petronas and Malaysia

June 20, 2015

Dateline 2015-05-18, The Star:

The earnings of state-owned Petroliam Nasional Bhd (Petronas) and the country’s current account are expected to come under pressure in the next few months due to the steep drop in the average price of spot liquefied natural gas (LNG).

LNG prices track crude oil prices and have more than halved, with the average spot price down as of April to US$7.60 mmbtu (million British thermal units)since oil prices started their downward descent last July.

LNG makes up two-thirds of Petronas’ total oil and gas production, and with contract agreements up for renewal, analysts pointed out that earnings would be hit.

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Malaysia’s Petronas to delay start-up of Johor petrochemical complex

June 19, 2015

As if this is new news.

Dateline 2015-05-18, ST:

Malaysia’s state-owned oil and gas company Petronas is delaying the start-up of its huge RAPID refining and petrochemical complex in the southern state of Johor until mid-2019, back from early that year, its top executive said on Monday.

“For the refinery, the start up will be middle of 2019. That is the current schedule,” President and Group Chief Executive Officer Wan Zulkiflee Wan Ariffin said on the sidelines of the Asia Oil and Gas Conference in Kuala Lumpur.

All of the engineering, procurement and construction contracts have been awarded for the refinery, while the petrochemical plant is still being tendered, he said.

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PGB records RM1.7b profit after tax

June 18, 2015

Dateline 2015-04-30, NST Online:

Petronas Gas Bhd (PGB) recorded profit after tax of RM1.7 billion despite declining crude oil prices, ringgit depreciation and a challenging economy.

Its chairman Datuk Manharlal Ratilal said 2014 was a strong year for the company in terms of performance and revenue.

“Overall, 2014 was a strong year for PGB as it has generated RM4.4 billion in revenue, a 13 per cent or RM500 million increase from last year.

“Our market capitalization closed at RM44 billion at year end, making PGB one of the largest corporations on Bursa Malaysia. Dividend paid was 55 sen  per ordinary share.”

The improved performance was mainly attributed to its full year operation from its liquefied natural gas (LNG) Regasification Terminal in Sungai Udang, Malacca as well as Gas Transportation Agreements with Petronas.

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Malaysian oil and gas players should explore consolidation opportunities: Wan Zulkiflee

June 16, 2015

Dateline 2015-05-18, NST:

The oil and gas industry should leverage on the opportunities posed by the current low oil price environment, and prepare itself for when the global market recovers, says Petroliam Nasional Bhd (Petronas) president and group chief executive officer Datuk Wan Zulkiflee Wan Ariffin.

“Following the repercussion of the oil price drop, companies scrambled to relook their business processes and cost structures in frantic efforts to drive down expenditures.

“This presents an opportunity in itself, if we view it not only as a stop-gap measure, but take the effort to ensure that processes and cost structures are redesigned for simplicity, and to support long term lower operating costs and higher efficiency.

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Saturday Star 2015-06-13– Job Opportunities

June 15, 2015

Happy Vung Tau week. Buy my recommendations, or through my Amazon store. Or get the Young Turks series (all 4 books). Where are those corporate sponsors? Or throw donations at me.

  • I’m looking for jobs for 3Q2015. Send me y0ur POs.
  • An associate of mine is looking for a technical safety part-time adviser. Needs to be needle sharp with respect to QRAs, and HSE safety cases. A calm demeanor to handle nonsensical questions from young engineers helps as well. Either that, or a drinking problem.
  • Nothing much in the news.

Support your local bookshop!  Bookalicious at The Summit Subang is a good choice. I think they focus on trilogies, quadrilogies, and other ologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Those of you who have dropped my name, thanks!

Food choice of the week? Go visit the mee bandung / asam pedas stall in front of the Petaling Jaya Police Station (don’t ask).

Seen the Episode VII new trailer? Ff you say “What is episode Vii?”, I disown you.

Join the Star Wars Fever:

Star Wars Trilogy Episodes IV-VI (Blu-ray + DVD), Star Wars Trilogy Episodes I-III (Blu-ray + DVD), Heir to the Jedi: Star Wars

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Opportunities Prevail in the SEA Offshore Oil and Gas Services Market amidst Dwindling Oil Prices, says Frost & Sullivan

June 14, 2015

Slow new cycle. I’m milking my sources for all they are worth.

Dateline 2015-05-13. Marketwatch:

…

“A lot of different players ranging from large multinational companies to medium- to small-sized regional and local companies have been driving total market revenues,” he added.

As the shallow water oil fields in Asia start to mature, O&G companies are facing the pressure of declining production. As a result, O&G companies based in countries such as Malaysia and Indonesia are developing deepwater fields. With Malaysia and Indonesia witnessing the highest exploration activity in Southeast Asia, these countries will become the largest markets for O&G offshore support services and pipeline services.

Nevertheless, existing challenges such as tackling the high risks of working in remote locations, extreme weather, and shortage of highly skilled human resources could reduce deepwater drilling to some extent. This, along with the need for offshore O&G service providers to comply with complex government regulations, could negatively impact the market growth.

…

 

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1MDB predecessor tried to use T’ganu’s oil and gas

June 13, 2015

Really? I did not know that TIA morphed to 1MDB.

Dateline 2015-05-12, Malaysiakini:

Terengganu Investment Authority (TIA) – the predecessor of 1Malaysia Development Bhd (1MDB) – tried to use Terengganu’s oil and gas assets as collateral, way back in 2008, former Terengganu menteri besar Ahmad Said revealed yesterday.

TIA was renamed as 1MDB in 2009 after it was taken over by Putrajaya.

Speaking in the Terengganu state assembly yesterday, Ahmad said the state government, however, pulled out of the deal due to a numerous problems.

“This was one of the reasons the Prime Minister (Najib Abdul Razak) was angry with me, including other problems which ended with (the state government) pulling out,” Ahmad (right) is quoted as saying by Malay daily Sinar Harian.

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Petronas Gas’ pre-tax profit and revenue up in Q1

June 12, 2015

Dateline 2015-05-12, TMI:

Petronas Gas Bhd’s pre-tax profit rose to RM571.29 million for the first quarter ended March 31, 2015 from RM543.21 million recorded in the same period last year.

Revenue increased to RM1.1 billion from RM1.05 billion.

In a filing to Bursa Malaysia, Petronas Gas attributed the better performance to higher gas transportation and gas processing revenues, which recorded an improvement of RM26.1 million and RM21.5 million, respectively.

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ExxonMobil Starts Gas Production at Telok B Platform Off Penisular Malaysia

June 11, 2015

Dateline 2015-05-12, Rigzone:

ExxonMobil Exploration and Production Malaysia Inc., a subsidiary of Exxon Mobil Corporation, announced recently the startup of natural gas production from the second phase of the Telok gas development project, the Telok B platform located off the east coast of Peninsular Malaysia.

The Telok development consists of two satellite platforms – Telok A, which started up in 2013, and Telok B. Both platforms combined are capable of producing more than 450 million cubic feet per day (MMcf/d) of natural gas.

The Telok field was developed under a gas production sharing contract between ExxonMobil, as the operator, PETRONAS Carigali Sdn Bhd (PETRONAS Carigali), and PETRONAS to help meet demand for natural gas in Peninsular Malaysia. ExxonMobil and PETRONAS Carigali each hold a 50 percent interest in this project. Telok is one of several upstream investments announced under Malaysia’s Economic Transformation Programme in 2011, which saw ExxonMobil and PETRONAS Carigali invest more than $2.76 billion (MYR 10 billion) in new oil and gas assets to help ensure reliable and sustainable energy supplies for Malaysia.

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IEM Shout Out – An Overview of Material Handling for Offshore Facilities

June 11, 2015

This is a shout out for the IEM. My Technical Division will hosting the above talk on the 13th June, presented by Ir. Danaraj Chandrasegaran.

Among the subjects that will be discussed are general material handling considerations, material handing needs such as handling provisions, installation requirements and regulatory compliance, recent development and engineering practices in the offshore facilities operation and the usage of engineering tools and others operational studies in design development activities.

Ir. Danaraj Chandrasegaran graduated from University Teknologi Malaysia in 2001 with Bachelor of Mechanical Engineering (Hons). Subsequently, pursued his Master Degree in University of Malaya. He has published in international journals and conferences in the past. His career has a diverse outlook on project execution ranging from building construction, marine, mining and energy industry; as a mechanical engineer. Currently is Section Head Material Handling & Human Factors Engineering at Technip Malaysia.

You can register for the above event here, and flyers may be obtained here.

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