IRB loses RM3.34m in oil tax through delay, national audit shows

April 20, 2014

I think they are off by 2 orders of magnitude. Now can you lay off chasing me for pennies?

Dateline 2014-04-07, Malay Mail:

The Inland Revenue Board’s (IRB) Petroleum Division had failed to collect up to RM3.34 million in corporate income taxes, the Auditor-General’s (A-G) said in the first series of its 2013 report tabled in Parliament today.

The report also noted that a total of 31 field audits on corporate income tax cases were not completed on time, which involved additional taxes and penalties amounting to RM8.83 million.

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Shell Discovers Oil at Limbayong Field in Offshore Sabah

April 19, 2014

Dateline 2014-03-17, Rigzone:

Malaysia’s national oil and gas company Petroliam Nasional Berhad (Petronas) and Royal Dutch Shell plc announced Monday an oil discovery offshore Sabah, Malaysia.

The discovery was made via the Limbayong-2 well during the appraisal of the Limbayong gas field by Shell. The appraisal well encountered 446 feet (136 meters) of oil bearing sands, and there are plans to conduct more appraisal work on the discovery to determine its recoverable volume.

Petronas’ Executive Vice President of Exploration and Production Wee Yiaw Hin said: “We are indeed pleased with the discovery which affirms the hydrocarbon prospects of Malaysia’s deep water areas.”

Iain Lo, chairman of Shell Malaysia and managing director of Sabah Shell Petroleum Company Ltd said: “This discovery attests to the significant potential in this area and is a positive development for exploration activities in East Malaysia.”

The drilling of the Limbayong-2 appraisal well was carried out by the consortium of Shell Malaysia (35 percent), ConocoPhillips (35 percent) and Petronas Carigali Sdn Bhd (30 percent).

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Adenan sets oil royalty as priority

April 18, 2014

All hail the new CM. 5% of gross?

Dateline 2014-03-16, The Star:

New Chief Minister Tan Sri Adenan Satem is showing signs he will speak up on contentious issues and take a different stand from his predecessor.

In an interview with The Star, Adenan spoke assertively on the Malaysia Agreement, but even more surprising were his views on the oil royalty for Sarawak.

“I would like to have 20% royalty, sure,” he said, “but what was agreed before was 5% of gross. I will ask the Federal Government if they can accommodate us but let us be realistic”.

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Gas Malaysia, MMC unit agree on gas distribution project

April 17, 2014

Enigma is right. Who?

Dateline 2014-03-14, The Star:

 Gas Malaysia Bhd and MMC Corporation Bhd‘s unit Enigma Harmoni Sdn Bhd have agreed on the terms for the gas distribution pipeline project.

According to Gas Malaysia on Friday, the terms included the construction of the pipeline and other works for the supply of natural gas to Enigma Harmoni.

Enigma Harmoni is a unit of Senai Airport Terminal Services Sdn Bhd, which in turn is a unit of MMC. MMC also holds 30.93% of Gas Malaysia.

The estimated infrastructure cost is RM4.40mil. The project is slated for completion by Nov 30 this year.

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Marketing Rounds – Tanjung Manis

April 16, 2014

Yup, I ended up here sometime this year.

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M’sia O&G sector poised for massive growth

April 15, 2014

Dateline 2014-03-12, The Star:

Deloitte’s O&G (oil and gas) experts say Malaysia’s O&G sector will see between RM26bil and RM30bil in mergers and acquisitions, as well as RM22bil in capital spending on projects, this year.

Deloitte Malaysia corporate finance executive director, Nizar Najib, pointed out that Petronas’s planned capital expenditure of RM300bil between 2011 and 2016, as well as investments in Enhanced Oil Recovery (EOR), marginal fields and deepwater exploration, would likely give a massive boost to the O&G sector in the next few years.

“In the near-term, we expect to see an increase in oil production. Meanwhile, long-term upsides can be expected from gas, and therefore Malaysia is positioning itself to be a regional hub for LNG and petrochemicals through projects such as RAPID, FLNG (floating liquefied natural gas) and overseas acquisition in Canada.”

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Talisman Provides RM2.3 Million Scholarship For Oil And Gas Engineering Students

April 13, 2014

Kudos, Talisman.

Dateline 2014-03-12, Bernama:

 Talisman Malaysia Ltd has given its commitment to provide about RM2.3 million of scholarship for students taking oil and gas related engineering programmes or courses in the local institutes of higher learnings.

Talisman Ltd Senior Vice-President and Country Manager, Ron Aston said UMS had become the fourth prestigious local university to enter a partnership programme with Talisman in addition to University Teknologi Malaysia, University of Malaya and Universiti Sains Malaysia.

“Through this programme partnership, 30 undergraduates and post-graduates from engineering disciplines will get the benefit within a five-year period commencing from the 2014 academic year,” he said at a press conference after signing a Memorandum of Understanding (MoU) with Universiti Malaysia Sabah on the partnership, here today.

At the signing ceremony, UMS was represented Deputy Vice-Chancellor (Research of Innovation) Prof Dr Shahrul Yusuf.

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Oil and gas sector to emerge as ‘rising star’ to drive Malaysia’s economy forward Read more: Oil and gas sector to emerge as ‘rising star’ to drive Malaysia’s economy forward

April 12, 2014

Dateline 2014-03-07, NST:

The oil and gas sector is to emerge as the “rising star” and significantly drive the Malaysian economy forward this year, Prime Minister Datuk Seri Najib Razak said today.

He said the expectation was based on the number of oil and gas projects that would be awarded when the massive RM61 billion Refinery and Petrochemicals Integrated Development (RAPID) project in Pengerang, Johor, gets off the ground by year-end.

“This will have a major impact on the economy. I’m also hoping for some recovery in other commodity prices as well this year.

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Malaysia’s Petronas Q4 profit surges 45 percent

April 11, 2014

I see 12-month bonuses coming up… and a further effort to squeeze small business like moi.

Dateline 2014-03-04, GlobalPost:

Malaysian oil giant Petronas said Tuesday its fourth quarter net profit jumped 45 percent on strong production, making 2013 “one of the best years ever” for the state energy firm.

Net profit for the three months ending December 31 stood at 12.76 billion ringgit ($3.89 billion), up 45 percent from the same period in 2012, while revenue rose 10 percent to 84.8 billion ringgit.

Overall the company’s profit increased 10 percent to 65.59 billion ringgit for the last financial year compared to 2012. Revenue added 9 percent to 317.3 billion ringgit.

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MURPHY OIL CORPORATION ANNOUNCES FIRST OIL AT SIAKAP NORTH-PETAI AND UPDATES PROGRESS AT DALMATIAN

April 10, 2014

Dateline 2014-0303, TWSJ:

Murphy Oil Corporation MUR -0.03% announced today that first oil production from the Siakap North-Petai (SNP) development offshore Malaysia commenced on February 27, 2014.

The SNP field, operated by Murphy with a 32 percent working interest, is located offshore Malaysia in a water depth of approximately 4,400 feet. The overall field development plan consists of eight producing wells and five water injection wells developed as a subsea tie-back to the Kikeh Floating Production Storage and Offloading (FPSO) vessel. Initial operations commenced with production from four oil wells. Peak gross production from the field is expected to reach 35,000 barrels of oil per day in mid-2014. The unitized field combines the discoveries at Siakap North in Block K with Petai in the adjacent Block G. Murphy’s partners in the development are PETRONAS Carigali, Shell, and ConocoPhillips COP +0.18% with the latter two partners each holding a 21 percent working interest.

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