Malaysia to cut fuel subsidies to shore up finances

February 3, 2015

Anyone know which petrol station is shown in the photo? This must be one of the more popular photopics.

Dateline 2014-10-21, Gulf Times:

Malaysia will abolish subsidies for petrol and diesel from December 1, the government said yesterday, taking a bold step that could potentially save the government some 20bn ringgit ($5.97bn) annually.

Malaysia joins Indonesia and India in cutting fuel subsidies amid a sharp decline in oil prices, ending decades-long policies of cheap fuel that have contributed to fiscal deficits.

Prime Minister Najib Razak has pledged to beef up Malaysia’s public finances by cutting expenditure and subsidies, as well as expanding the tax base by implementing a 6% goods and services tax from April next year.

The price of the widely used RON95 grade of petrol and diesel will be fixed according to an automatic managed float – a system that adjusts prices according to the market rate, the same mechanism as for the price of premium petrol RON97, the Domestic Trade, Cooperatives and Consumerism Minister Hasan Malek said yesterday.

…

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Saturday Star 2015-01-31 – Job Opportunities

February 2, 2015

Happy Happy 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.

  • Nothing this week. Must be the calm before the USD35/barrel oil. Track prices here. Anyone have a spare hypertanker they can spare, that I can park offshore Cape Puchong?

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? How if you visit Vietnam, how about visiting and updating GoHalalVietnam! for your food needs. For your other needs, talk to your local tour guide/ concierge / man on the street.

As crude prices are low, you need all the help you can get to nail that elusive 2k job:

Social Engineering: The Art of Human Hacking, Ghost in the Wires: My Adventures as the World’s Most Wanted Hacker, The Art of Deception: Controlling the Human Element of Security

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Posted by Wata

Shell, Petronas Carigali to Develop E6 Field Offshore Sarawak

February 1, 2015

Dateline 2014-10-20, Rigzone:

Royal Dutch Shell plc and the upstream division of Malaysia’s national oil and gas company Petroliam Nasional Berhad’ (Petronas) Petronas Carigali recently took the final investment decision (FID) to develop E6 field, offshore Sarawak, Malaysia, local news agency Bernama reported Wednesday .

The E6 field, discovered in 1970, will be the last field to be developed under the SK308 Production Sharing Contract (PSC).

The development concept leverages on existing infrastructure by evacuating gas from E6 to the E8 platform located around 10 miles (16 kilometers) away and crude oil to D35 located 41 miles (66 kilometers) away.

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Malaysia’s SapuraKencana buys Petronas’ blocks offshore Vietnam for $400 mln

January 31, 2015

So, I guess SKE is the new crony to PETRONAS. Are they pushing Vestigo down a level?

Dateline 2014-11-30, Reuters:

SapuraKencana Petroleum Bhd , Malaysia’s largest listed oil and gas services firm by market capitalisation, is buying state oil firm Petroliam Nasional Bhd’s entire interest in 3 blocks offshore southern Vietnam for $400 million.

The economic effective date of the transaction is Jan. 1, 2014 and SapuraKencana is entitled to net revenue from these blocks from then, the Kuala Lumpur-based company said in a press release on late Thursday.

“The transaction gives SapuraKencana an immediate foothold in the promising oil provinces offshore Vietnam with cash generating assets that will be earnings accretive to the group,” Chief Executive Officer Shahril Shamsuddin said in a statement.

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Malaysian oil well plugged, Enquest falls to record low

January 30, 2015

Something’s wrong with this title. Enquest has started drilling in Malaysia?

Dateline 2014-11-19, NST:

Enquest Plc fell to a record low after Barclays Plc said it and two other UK explorers were more exposed to an oil drop and after a well in Malaysia was plugged and abandoned.

The shares fell 2.7 per cent to 64.15 pence (RM3.36) at the close in London trading, the lowest close since April 7, 2010.

Enquest, Afren Plc and Ophir Energy Plc are the most exposed if the oil outlook moves toward US$70 (RM235) a barrel, Barclays’s investment-banking unit said in the note today. Brent, used to price more than half the world’s crude, has plunged 30 per cent since June and is trading below US$80 a barrel.

“Debt leverage combined with a limited tax cushion increase the impact of lower oil prices relative to other producer/developers,” Barclays said of Enquest and Afren.

…

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Shell, Petronas Carigali to develop E6 field offshore Malaysia

January 29, 2015

Dateline 2014-11-19, The Star:

Shell and Petronas Carigali recently took the final investment decision (FID) to develop the E6 field, offshore Malaysia.
 Discovered in 1970, the E6 field is the last field to be developed under the SK308 production sharing contract. SK308 is about 200km offshore Sarawak.
A joint statement issued on Wednesday said the development concept leverages on existing infrastructure by evacuating gas from E6 to the E8 platform located 16km away and crude oil to D35 located 66km away.
Shell Malaysia chairman Iain Lo said: “The development of the E6 field further strengthens Shell’s position in Malaysia. It will enable Shell to sustain gas supply to Malaysia LNG Tiga Plant and produce crude oil concurrently by 2017.”
…

 

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Taylor’s Engineering Fair 2014

January 28, 2015

I was honoured to be a judge at Taylor’s for this event.

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Malaysia and Singapore urged to develop as Asian LNG hub

January 27, 2015

Dateline 2014-11-19, NST:

Malaysia and Singapore need to develop an Asian liquefied natural gas (LNG) hub as a platform to provide an economically sustainable energy solution to Asian countries.

Chief Executive Officer of Singapore’s Pavilion Energy, Seah Moon Ming said the initiative could facilitate transparent LNG pricing and price discovery, leading to an Asian LNG Price Marker as well as development of financial instruments such as LNG future contracts.

“It is timely for the two countries to work together towards an Asian LNG hub as their locations in the Straits of Malacca and South China Sea are host to some of the world’s vital sea lanes with about 50 per cent of global LNG supplies passing through each year.

…

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Saturday Star 2015-01-24 – Job Opportunities

January 26, 2015

Happy Happy 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 lining up jobs for next quarter, for IGL Services. Whisper to (better yet, carpe jugulum) your boss, and send work my way.
  • Nothing this week. Must be the calm before the USD35/barrel oil. Track prices here. Anyone have a spare hypertanker they can spare, that I can park offshore Cape Puchong?

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? How if you visit Vietnam, how about visiting and updating GoHalalVietnam! for your food needs. For your other needs, talk to your local tour guide/ concierge / man on the street.

Extract from my book choice of the week:

“I am impressed by his argument: ‘When you have eliminated the impossible, then whatever remains, how ever improbable, must be -‘

“-wrong,” Soames brusquely completed my sentence.


Professor Stewart’s Casebook of Mathematical Mysteries

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Lundin plugs and abandons Kitabu-1 offshore Malaysia

January 25, 2015

Dateline 2014-11-18, Oil & Gas Technology:

Kitabu-1 exploration well, offshore Sabah, Malaysia, has been completed as a dry hole, according to the operator Lundin Petroleum

Kitabu-1 exploration well, offshore Sabah, Malaysia, has been completed as a dry hole, according to the operator Lundin Petroleum

The primary reservoir interval resulted in being a poor quality siltstone, and no hydrocarbon shows were encountered in the well

Lundin Petroleum AB (Lundin Petroleum) has completed the Kitabu-1 well located in Blocks SB307/SB308, offshore Sabah, Malaysia.

The well has reached planned total depth of 2,270 metres and is to be plugged and abandoned as a dry hole.

Objectives of the Kitabu-1 well were Miocene aged turbidite sands of similar age to the Shell operated South Furious 30 oil field, approximately four kilometres to the north.

…

 

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