Petronas to review future capex on weak oil prices

January 24, 2015

Dateline 2014-11-18, NST:

PETROLIAM Nasional Bhd (PETRONAS) is reviewing its future capital expenditure (capex) in light of the declining oil price, said its executive vice-president and chief executive officer of upstream Datuk Wee Yiaw Hin.

The future capex could potentially be streamlined, he said at a media briefing on the upcoming eight International Petroleum Technology Conference (IPTC).

“Exploration and production (E&P) business is a long-term business, so volatility in oil price is something we need to manage.

…

 

Leave a Comment » | Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Contingency plan needed in view of declining crude oil prices, DAP tells Najib

January 23, 2015

Dateline 2014-11-17, The Malaysian Insider:

DAP lawmaker Liew Chin Tong today called on Prime Minister Datuk Seri Najib Razak to present a revised Budget 2015 or a contingency plan to take into consideration the declining prices of crude oil, which would severely dent the government’s revenue.

He said that Najib should at least present to parliament his plans if faced with three scenarios: of crude oil prices dropping to US$80 (RM267.40), US$70 (RM233.90) or US$60 (RM200.50) per barrel.

“The government had estimated its 2014 revenue with the crude oil price at US$110 (RM367.60) per barrel and US$105 (RM351) per barrel for 2015,” he said in a statement today.

…

Leave a Comment » | Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Najib assures Sabah of more oil and gas revenue – Bernama

January 21, 2015

Dateline 2014-11-15, The Malaysian Insider:

Datuk Seri Najib Razak (pic) has assured Sabah that it would continue to get more revenue from its oil and gas resources.

The prime minister said apart from the oil and gas royalty of five per cent, Sabah was also given a 10% stake in Petronas LNG Train 9 Sdn Bhd in Bintulu, Sarawak, which would generate an additional revenue to the state and its people.

“That is why I had said, you can make a request, but let us negotiate and we have a formula that Sabah would receive more from the oil and gas revenue. This has been clarified by chief minister Datuk Musa Aman,” he said when opening the Pasokmomogun Kadazandusun Murut Organisation (UPKO) Convention in Kota Kinabalu, today.

…

Leave a Comment » | engineering, Malaysia, oil and gas | Tagged: , , , | Permalink
Posted by Wata

A Random Thought – Disaster Recovery Effort

January 20, 2015

Caveat: this has no direct bearing on engineering, though you are welcome to give it an engineering slant. And I’ve posted this on The Facebook already.

In light of the recent flood situation and other disasters, may I suggest a way to help the affected areas post immediate relief efforts (keep supporting this, by all means)? If the infrastructure can support it, consider refec-tourism (my term, from refectio, to recover). Go plan your next holiday (and your company away day / management waste of… er strategic planning retreat) in the affected areas, and spend money on local trades, crafts and services. For example:

  1. Making holiday bookings via local, physical agents (Y’know, before Al Gore invented the Internets?)
  2. Eat at local stalls or establishments. You have your favourites
  3. Stay at places that are locally owned, and source local resources, example homestays.
  4. Rent local transport, to keep key arteries in and out open. Be a solution, not a pain the glutus maximus.
  5. Buy a bit more local products, handicrafts (airport?). Do your homework before you go.
  6. If you feel like it, bring along clothes, use them, get them laundered. and give them away when you leave.
  7. Donate a bit more while you are there.
  8. Tip generously and appropriately

I would suggest this is much more beneficial to your countryman then that overseas trip you planned in March. Take as many selfies as you wish.

Leave a Comment » | Malaysia | Permalink
Posted by Wata

Gas Malaysia nets RM53.8m

January 20, 2015

Dateline 2014-11-12, NST:

GAS Malaysia Bhd’s net profit jumped 16.5 per cent to RM53.8 million in the third quarter ended September 30 from a year ago, due to higher gas sales and the upward revision of natural gas tariff.

Revenue for the quarter also grew significantly by 25.8 per cent to RM734.4 million, said the natural gas distributor in a filing to Bursa Malaysia yesterday.

For the nine-month period, net profit rose 9.9 per cent to RM144.3 million, while revenue jumped 16.3 per cent to RM1.99 billion, also due to higher volume of gas sold and the higher natural gas tariff.

…

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Saturday Star 2015-01-17 – Job Opportunities

January 19, 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

Leave a Comment » | engineering, Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Petronas to Buy Phillips 66’s Stake in Malaysia Refinery

January 18, 2015

Now I know why there are Phillips 66 people in KL

Dateline 2014-11-11, Morning Star:

Malaysia’s state oil and gas company Petroliam Nasional Bhd., or PETRONAS, said Wednesday it has agreed to buy out the remaining 47% in Malaysian Refining Company Sdn. Bhd. held by Phillips 66 (PSX) for around $635 million.

The acquisition is expected to be completed by year-end, Petronas said in a statement. MRC mainly processes sour middle east crude oil and has a refining capacity of 170,000 barrels per day at its refinery in the western Melaka state.
…

Leave a Comment » | Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Petronas, Shell, ConocoPhillips JV Starts Gas Production Off Malaysia

January 17, 2015

Dateline 2014-11-12, Nasdaq:

Kebabangan Petroleum Operating Company Sdn Bhd., a joint venture backed by Petronas, ConocoPhillips and Royal Dutch Shell PLC, said Wednesday it started gas production from the Kebabangan gas field off Malaysia.

Production is expected to reach 500 million standard cubic feet per day by April 2015, the company said in a statement. Kebabangan installed a platform that could process up to 825 million standard cubic feet of natural gas, 80,000 barrels of crude oil and 22,000 barrels of condensate daily, it added.

…

Leave a Comment » | Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Malaysian light sweet crude differentials hit fresh 2-year low

January 16, 2015

Dateline 2014-11-04, Hellenic Shipping News:

Premiums paid for Malaysia’s benchmark light sweet crudes extended their decline to a fresh two-year low Monday as fragile petroleum refining margins and competition from non-regional grades dented end-user demand, while the influx of new Kimanis crude added to concerns over recent oversupply conditions, traders said.

Malaysia’s Labuan crude was assessed at a $4.70/barrel premium to Dated Brent on Monday, its lowest level since touching a premium of $4.49/b on August 21, 2012, while the premium for Tapis crude to Dated Brent fell to $2.30/b on Monday, its lowest level since August 15, 2012, when the crude was assessed at Dated Brent plus $2.30/b.

Kikeh was last assessed at a premium of $4.40/b on Monday, its lowest point since $3.92/b on August 13, 2012.

…

 

Leave a Comment » | Malaysia, oil and gas | Tagged: , , , | Permalink
Posted by Wata

Reduced tax collection from Petronas possible after oil price drop, says Ahmad Maslan

January 14, 2015

Dateline 2014-11-03, The Malay Mail:

The government does not deny the possibility that tax collection from Petronas may be reduced following the drop in global crude oil prices, says Deputy Finance Minister Ahmad Maslan.

“When global prices drop, the government will accrue less revenue from petroleum sources.

“The government derives revenue from direct taxes collected by the Inland Revenue Board, indirect taxes collected by the Royal Malaysian Customs Department and petroleum tax,” he told a press conference after launching the IRD’s Innovation Day here today.

Ahmad also said lower petroleum prices may come as a relief to consumers but it would reduce the government’s revenue.

He added that the government was still studying the quantum of dividend Petronas would contribute after the implementation of the Goods and Services Tax.

He said meetings must be held between the Ministry of Domestic Trade, Co-operatives and Consumerism, Economic Planning Unit and the Prime Minister’s Department to study this further.

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

« Previous Entries
Next Entries »