Petronas expects balance in oversupplied LNG market in 2023

September 17, 2017

Dateline 2017-08-15, Reuters:

Malaysian state energy company Petroliam Nasional Berhad [PETR.UL] expects the global liquefied natural gas (LNG) market to remain oversupplied until as late as 2023, its chief executive said on Tuesday.

Rising LNG production over the last two years, mainly from Australia and the United States, has exceeded demand and depressed prices. Asian spot LNG prices LNG-AS are now down by around 70 percent from early 2014.

Petronas, as the company is better known, only last month scrapped a proposed $29 billion LNG terminal project in western Canada, saying market conditions made the project “economically unviable”.

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UPDATE: Malaysia Petronas Gas 2Q Net Profit Up 5.3% As Margin Improves

September 16, 2017

Dateline 2017-08-15, Nikkei Asian Review:

Petronas Gas, the gas processing arm of Malaysia’s national oil and gas firm Petronas, said Tuesday its second quarter net profit grew 5.3% on year on higher gross profit and improved margin across all segments.

Net profit for the three months ended Jun. 30 stood at 425.33 million ringgit ($98.99 million) compared to 403.75 million ringgit a year ago, the company said in an exchange filing. Quarterly revenue rose 4.9% to 1.17 billion ringgit from 1.12 billion ringgit a year earlier.

Petronas Gas said it expects performance to remain stable amidst the challenging economic environment on the back of its strong and sustainable income streams from existing Gas Processing Agreement, Gas Transportation Agreements and Regasification Service Agreement signed with Petroliam Nasional.

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Exciting times for Sabah oil and gas industry

September 15, 2017

Dateline 2017-08-12, Borneo Post:

These are exciting times for the oil and gas industry in Sabah, where it now has much of its supporting infrastructure in place to progress further.

Definitive action taken by the government the last decade or so have allowed the State to become a magnet for major oil and gas industry players to invest and help see major developments pull through.

Local players too have grown by leaps and bounds, not only in numbers but their capacity to undertake major projects dished out by national oil and gas company Petronas or that of other multi-national companies with interest in the industry Sabah.

Sabah Oil and Gas Services Council vice chairman Datuk Albert Boyou said all these happened because of the strong State government commitment, under the leadership of Chief Minister Datik Seri Musa Aman, in the industry which has much to offer.

“There was a time when many did not know about the industry but when we have proactive leaders in the state who want to know, it’s only a matter for them to realise there is much that people can benefit from in oil and gas,” he said.

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Setting up Petros a good move — See

September 14, 2017

Sovereign wealth fund? Yeah, if that happens, can I ghostwrite “State + Business? Socialism Wins!”

Dateline 2017-08-10, Borneo Post:

The unprecedented step taken by the state administration to incorporate Petros, a Sarawak wholly-owned oil and gas company, as a vehicle to actively participate in the extraction and development of the state’s oil and gas is most welcomed by all Sarawakians, said Batu Lintang assemblyman See Chee How.

See, who is state PKR vice chairman, said Petros should be a sovereign wealth fund, which is a Sarawak-owned investment fund, answerable to the Sarawak Legislative Assembly to invest in, accumulate and manage the funds in the course of its exploration, management and development of all upstream and downstream petroleum-related projects in Sarawak.

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UPDATE: Malaysia’s MISC 2Q Net Profit Falls Nearly 59% On Impairment Loss

September 12, 2017

MISC is still profitable? Wow. Keep an eye out for a spin off.

Dateline 2017-08-09, Nikkei Asian Review:

MISC, the shipping arm of Malaysia’s national oil company Petronas, said Wednesday its second-quarter net profit fell 58.7% on year, mainly due to write-down on assets, while revenue also declined.

Net profit for the three months ended Jun. 30 totalled 556.50 million ringgit ($129.78 million) compared with 1.35 billion ringgit a year ago, the company said in an exchange filing. Quarterly revenue was down 3.8% to 2.30 billion ringgit from 2.39 billion ringgit a year earlier.

Analysts said MISC’s latest set of results came in largely within expectation after stripping out the one-off impairment and other non-operating losses, although prospects of a sharp uptick in earnings remain bleak.

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Saturday Star 2017-09-09 – Job Opportunities

September 11, 2017

Happy stay in office week. IGL has pivoted into training, so book your seats now.

We’re thinking of republishing Young Turks of PETRONAS, but it’s a minimum 500 book printing run. Do I have enough interested persons to purchase?

Donate to your favorite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (3 books until I can get YTP republished). Where are those corporate sponsors? Or throw donations at me, my camera dive case flooded, and I need a new replacement. Heck, if you want to send me a Canon 5D Mk III plus dive case, I will not say no.

  • I have a feeling that The Star isn’t the preferred O&G job recruitment portal now, and they have moved adverts to another online presence (I bought a dead tree edition this week). I see more adverts via social media. What do you think, is it a step change that the papers need to embrace?
  • I’m looking for jobs for 4Q2017. Send me your POs.

Food choice of the week? Support your local mee bandung.

Book choice of this week, Chemical Engineering Process Simulation, authors are Nishanth Chemmangattuvalappil Denny Ng Kok Sum Rafil Elyas Cheng-Liang ChenI,Lung Chien Hao-Yeh Lee. I intend to get a signed first edition, and place it in my Charles Dickens first edition cabinet.

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Sabah govt urged to conclude PL9SB deal by year-end

September 10, 2017

Dateline 2017-08-08, FMT:

Sabah DAP has urged the state government to acquire the “promised” 10% stake in Petronas LNG 9 Sdn Bhd (PL9SB) by the end of the year, saying “three years have been wasted with nothing achieved” on the delayed deal.

Sabah DAP secretary Chan Foong Hin said M3nergy, which was acquired by Sabah Development Bank Group Berhad, had changed its name to Sabah International Petroleum Sdn Bhd (SIP), which would be used as the vehicle to acquire the 10% share in PL9SB.

“SIP has not been generating any dividend for the state government as it is under a consolidating process now,” Chan told FMT in response to Chief Minister Musa Aman’s written answer to his question at the state legislative assembly sitting here today.

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Why Malaysia’s Readying for a Lower-Energy Future: QuickTake Q&A

September 9, 2017

Dateline 2017-08-09, Bloomberg:

Malaysia is the world’s third-largest exporter of liquefied natural gas and the only net exporter of energy among Asia’s major economies. So it stands to reason that energy prices and output levels hold great sway over the economy, and Malaysia’s currency. Unfortunately for the Southeast Asian nation, oil prices have tumbled and domestic production is close to peaking. That’s hurt the ringgit, which remains stubbornly correlated to oil prices even as Malaysia’s oil-related revenues fall, and pushed the authorities to seek ways to compensate.

1. How big a hit has Malaysia taken?

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Can Malaysia embark on nuclear power? Not quite yet, say experts

September 8, 2017

We can do creative accounting, ‘course we can do creative nuclear energy.

Dateline 2017-09-08, NST:

Before Malaysia can consider embarking on developing nuclear energy, it has to consider many factors, including improving existing laws, as well as engaging the public.

Malaysia Nuclear Power Cooperation (MNPC) chief executive officer Dr Mohd Zamzam Jaafar said these factors include changing public perception, improving existing laws, and signing additional treaties pertaining nuclear energy.

“Although nuclear energy may be considered necessity in the long run, the public are concerns over the matter.

“Therefore, we must first engage the public and get their feedback before any decision could be made on the use of nuclear energy.

“We also need to improve our existing Atomic Energy Licensing Act 1984 as well to be part of treaties pertaining nuclear energy,” he said when met after the Public Information on Nuclear Energy seminar today.

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Refiners on a high

September 7, 2017

It’s the fumes, innit?

Dateline 2017-08-07, The Edge (no, not U2):

Last week, the Brent crude oil price rebounded to over US$50 (RM214) per barrel for the first time in two months, partly thanks to a drawdown in the US crude inventories, coupled with the threat of sanctions against Opec member Venezuela.

Interestingly, the news did not put a lid on the share price rally in Petron Malaysia Refining & Marketing Bhd and Hengyuan Refining Co Bhd as higher crude prices mean more costly feedstocks for them.

Instead, the two stocks climbed further last week.

Petron’s shares surged to an all-time high of RM9.76 last Friday, while Hengyuan soared to a 42-month high of RM7.97. Both counters were in the top five gainers of Bursa Malaysia last Friday.

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