MMC Corp To Sell Oil, Gas Services Unit For $11.2 Million

February 12, 2017

Old news. But, how does MMCOGE maintain its BEM status as a Engineering Consultancy Practice (ECP) with the new ownership? Someone might want to open that can of worms, or pay me to hide it.

Dateline 2017-01-20, Nikkei Asian Review:

Malaysia’s MMC Corp plans to sell its oil-and-gas services unit for 50 million ringgit ($11.2 million), reflecting a broader consolidation effort sweeping the local oil-and-gas sector.

MMC Corp, a logistics and utilities company, will dispose of its entire stake in wholly-owned MMC Oil & Gas Engineering to privately-held Melati Pertiwi, the company said in a stock exchange filing. Cash proceeds from the deal will be used to repay bank borrowings, it said.

“The proposed disposal will enable MMC to streamline its business operations and focus on the core businesses of MMC” of logistics, utilities, and construction, the company added.

The deal comes at a time when the industry swoons under pressure from protracted low oil prices that prompted major producers globally to cut capital spending and scale back expansion. Despite a recent rebound, crude oil price remains sharply below the triple-digit levels seen mid-2014.

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Indonesia overhauls system for future oil, gas contracts

February 11, 2017

Not Malaysia news, but I would bet that PETRONAS had a look at this

Dateline 2017-01-20, NST:

Indonesia has adopted a new scheme for future oil and gas production sharing deals so that contractors shoulder the cost of exploration and production, rather than being reimbursed by the government. Under the shake-up, flagged late last year, contractors will retain a bigger portion of the oil and gas they recover in return for paying more upfront costs. The shift, designed to ease the burden on Jakarta’s budget, will only apply to new contracts and will not disrupt existing agreements using the current cost-recovery system. Big global firms such as Chevron, Exxon Mobil and Total operate in Indonesia, but the country has struggled to attract fresh investment and to develop new fields.

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New Matrade chief from the industry?

February 10, 2017

Old news, but good news. Congratulations, Ir. Doc. Get all the engineers there to register with the BEM.

Dateline 2017-01-19, NST:

Malaysia’s export promotion agency, Malaysia External Trade Development Corporation (MATRADE), will likely be headed by a corporate figure, from February. Sources said Ir Dr Mohd Shahreen Zainooreen Madros will likely replace out-going chief executive officer (CEO) Datuk Dzulkifli Mahmud, who has helmed the agency since June 2015. So far there has been no official announcement, although MATRADE employees have been informed about the incoming new CEO.

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LUNDIN BOOKS $549MN IMPAIRMENT

February 9, 2017

Dateline 2017-01-19, Natural Gas World:

Sweden-based Lundin Petroleum announced January 19 a net 4Q2016 upstream impairment charge of $549mn ($632mn gross, offset by a $83mn tax credit) after having taken gas discoveries offshore Malaysia and oil found in the Russian Caspian off its balance sheet.

Lundin said it’s now unlikely any of the discoveries — offshore Sabah in east Malaysia, plus the Tembakau gas find offshore peninsular Malaysia, as well as the Morskaya find in the Caspian — can be commercialised in the near future. It did go into further detail on why they are unlikely to be developed. The affected Malaysia reserves are 60.6mn barrels of oil equivalent; those at Morskaya are 110.1mn boe.

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‘Falling gas prices more of a threat’

February 7, 2017

Dateline 2017-01-13, NST:

Lower gas price is a bigger threat to Malaysia’s economic fundamentals than weaker oil prices in the long term, said an expert. Employees Provident Fund head of economics and capital markets Nurhisham Hussein said Malaysia, being a net exporter of gas, was exposed to tighter competition in the global market, which could jeopardise the country’s trade value. “The global gas market competition continues to get tighter with the United States having just started supplying gas last year at a more competitive price. “We are also in competition with Qatar and Australia, among others. Buyers now have the power to negotiate for lower prices,” he said at the International Fund Forum 2017, here, yesterday. The one-day forum was organised by the Securities Commission Malaysia (SC)

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Saturday Star 2017-02-04 – Job Opportunities

February 6, 2017

Happy Wata  IEM VP and Council Candidacy. Vote for me, and spread the workd, wilya? 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. 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 2Q2017. Send me your POs.

Food choice of the week? I would suggest visiting Sudu & Garpu, SS15.

Seeing that Joe Dever has passed away, you may want to revisit his books:

Flight from the Dark (Lone Wolf, Book 1), Legends of Lone Wolf Omnibus 1, War of the Wizards (The World of Lone Wolf, Book 4)

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Petronas to rein in 2017 capex?

February 5, 2017

Dateline 2017-01-12, NST:

NATIONAL oil firm Petroliam Nasional Bhd (Petronas) is expected to rein in capital expenditure (capex) this year.

Hong Leong Investment Bank (HLIB) said despite the expected firmer oil prices this year, it would not bring about a significant catalyst for the local oil and gas (O&G) sector.

“It is not news that this year will be a better year for O&G market as the Organisation of the Petroleum Exporting Countries (Opec) has decided to reverse its decision to flood the market with its oil earlier in 2015.

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Now Petronas subsidiary is leaving Labuan

February 4, 2017

Dateline 2017-01-08, Daily Express:

A long-time big player in the oil and gas industry here – Petronas Carigali Sdn Bhd (PCSD) – has moved its operations to its own supply base at Bintulu Port, Sarawak, effective January 1.

A notice issued by the company advised its service providers and vendors that the delivery point for its materials would now be the East Logistics Command Centre (ELCC) at the Bintulu Port.

Industry sources reacting immediately to the latest development said it was certainly bad news for Labuan but good news for Sarawak which, not long ago, had acted firmly on Petronas to increase Sarawak’s opportunities in its employment.

PCSD had a strong presence here and had helped to raise the profile of the island as a significant oil and gas hub.

The company had been serving as an anchor tenant at the Asian Supply Base (ASB) which has often been described as a fully integrated logistics hub for oil and gas. ASB is a fully Sabah-owned entity and was established in 1985 when Tan Sri Harris Salleh was the Chief Minister of Sabah.

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Malaysia cuts average natural gas price for non-power sector users

February 3, 2017

Dateline 2016-12-29, Nikkei Asian Review:

Malaysia has decided to cut the average natural gas price by 2.74% for users in the non-power sector for the first six months of next year, a move that analysts said will help lower costs for export-reliant manufacturers such as glove-makers.

The average base tariff of 26.31 ringgit ($5.9) for every million British Thermal Unit will be effective January 1, the Energy Commission said in a statement, compared to the current rate of 27.05 ringgit for each unit. Natural gas prices in Malaysia are controlled by the government and reviewed every six months.

“The base tariffs for this regulatory period are expected to contribute positively towards the financial position of the company for the next three financial years,” Gas Malaysia, the sole supplier of reticulated natural gas in Malaysia, said in a separate statement to the stock exchange.
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IEM Shout Out – 2017-02 One-Day Course on “Effective Email Writing”

February 2, 2017

My technical division will be hosting a 1 day  course on the 16th February, 2017. It is worth 6.5 CPD points, and held at Wisma IEM. The course will be presented by Ir. Danaraj Chandrasegaran

CEmail is a problem that is hiding in plain sight – one which few people will tackle. We all use email every day. Yet, too often, email fails to be the effective communication tool it deserves to be. Simple mistakes are often a large part of the problem. Emails are more likely than other kinds of work to be littered with spelling and grammar errors. More fundamentally, poor structure can result in overlong emails that fail to get their key message across. And poorly worded emails can lead to disputes between colleagues or with clients, causing disrupted workflows and needless stress.

But it doesn’t have to be this way. Used correctly, email gets ideas across quickly and with a minimum of effort. Rather than a barrier to action, it can be the opposite: an invaluable tool for making sure that everything your team need to happen, happens. That’s why we’ve developed this course. It’s specifically designed to help your team claw back the time lost to poorly written emails. The end result is clear, professional emails, that let your team hit ‘send’ with confidence.

This one-day course is designed to help you develop skills that will enable you to produce clear and effective email documents. We will focus on the basic principles of good writing which email writing shares with other forms of writing and on types of documents common in technical fields and organizations. Participants learn the protocol for email writing. Subjects include punctuation, grammar and “SCRAP” techniques.  Participants also may choose to bring a sample of their writing/ presentation/ commonly faced issues in the work place for one-on-one feedback

Ir. Danaraj Chandrasegaran, PEng, MIEM, CEng, MIMechE 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. He is also a Chartered Engineer of Engineering Council UK and Corporate Member of Institution of Mechanical Engineers (UK).
Register here, or download the form here.

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