Petronas’ oil rig-making unit stays in the red for fourth straight quarter

December 4, 2016

Dateline 2016-10-28, Nikkei Asian Review:

Malaysia Marine and Heavy Engineering, an oil rig builder controlled by state oil and gas company Petronas, suffered its fourth consecutive quarter of losses due to fewer and lower-valued projects.

Net loss for the three months ended September 30 totaled 4.5 million ringgit ($1.1 million) compared to net profit of 17.0 million ringgit a year earlier, the company said. Quarterly revenue fell nearly 24% year-on-year to 333.5 million ringgit from 436.3 million ringgit.

“The continued downturn of the oil and gas industry is expected to impact the group’s business with significant offshore project cancellations and deferments,” the company said. “This is expected to result in further decline in asset utilization, currently being assessed for impairment which will significantly affect the current year financial result.”
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Tabung Haji’s oil and gas woes

December 2, 2016

Don’t know about you, but I’m not taking my money out of Tabung Haji.

Dateline 2016-10-25, The Edge:

LEMBAGA Tabung Haji does not seem to have had much luck in investing in the oil and gas sector. The pilgrim fund is probably among the biggest victims of the beleaguered O&G outfit Perisai Petroleum Teknologi Bhd.

Bluntly put, Perisai is just one of Tabung Haji’s many failed investments in the sector, which is experiencing a severe downturn.

On Oct 4, Tabung Haji sold 1.75 million Perisai shares, trimming its equity interest to 76.43 million shares or 6.06%.

That day, Perisai’s share price traded between 8.5 sen and 10 sen, which means at the higher end, the pilgrim fund would have got a mere RM175,000 from the share sale.

Ironically, prior to the sale of the 1.75 million shares, Tabung Haji’s last transaction in Perisai shares was almost exactly a year ago — on Oct 7, 2015 — when it sold 600,000 shares. The pilgrim fund’s investment loss would not have been as bad if it had sold more shares then.

To recap, Tabung Haji surfaced as a substantial shareholder in Perisai on Dec 23, 2014, after it bought 1.2 million shares, bumping up its holding to 79.88 million shares or 6.7%.

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Malaysia’s Petronas to pay 13 bln ringgit government dividend in 2017

December 1, 2016

Dateline 2016-10-21, Yahoo! (yodel it):

Malaysian state oil company Petroliam Nasional Berhad will pay the government a dividend of 13 billion ringgit ($3.11 billion) next year, lower than 2016 levels, the country’s second finance minister Johari Abdul Ghani said on Friday.

Petronas, as the company is known, has said it will pay 16 billion ringgit to the government this year.

Addressing reporters after tabling the country’s 2017 budget, Johari also the budget was based on an oil price assumption of $45 a barrel.

 

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Dr M vows Kelantan will get oil royalties

November 29, 2016

Yeah, baby.

Dateline 2016-10-15, FMT:

In an effort to win the support of the Kelantanese, former premier Dr Mahathir Mohamad has vowed to pay oil royalties to the state government should the Barisan Nasional Federal Government be defeated.

Speaking to a 5,000-strong crowd at a ceramah here last night, Dr Mahathir gave his guarantee that Kelantan would enjoy the oil royalties which the state government had been demanding.

“If we win, then we can give the royalties,” he said to cheers from the crowd.

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Saturday Star 2016-11-26– Job Opportunities

November 28, 2016

Happy belated Palawan Week, and happy catch up week.

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 putting together a porfolio of engineers for a waste water oleo treatment plant. If this is your line of work, send your CVs in. Note that I prefer engineers in between jobs, as there is a serious pay cut involved if the job goes ahead.
  • I’m looking for jobs for 1Q2017. Send me your POs.

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? Any weight loss diet.

Let’s get a bit nostalgic with the book selection.

Wetter, Louder, Stickier: A Baby Blues Collection (Baby Blues Scrapbook), BBXX: Baby Blues: Decades 1 & 2, Bedlam

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Shell said to weigh sale of over $1b Malaysia LNG stake

November 27, 2016

Hibiscus or CLIQ in the bidding?

Dateline 2016-10-14, The Star:

Royal Dutch Shell Plc is considering a sale of its stake in a Malaysian liquefied natural gas export plant, which could fetch more than $1 billion, people familiar with the matter said.

The Anglo-Dutch energy giant is gauging interest in its 15 percent stake in MLNG Tiga Sdn., which owns an LNG terminal in Sarawak on the island of Borneo, according to the people.

Malaysia’s state-owned Petroliam Nasional Bhd., which holds 60 percent of MLNG Tiga, has pre-emptive rights on the stake, one of the people said, asking not to be identified as the process is private.

The sale may draw interest from private-equity firms, the people said. MLNG Tiga, set up in 1995, is the third plant to be built in the Petronas LNG complex in Bintulu, Sarawak, according to its website.

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Palm oil-based drilling fluid soon

November 26, 2016

Interesting. Where can I invest?

Dateline 2016-10-13, The Star:

A local oil and gas company is lending its industry expertise to Universiti Teknologi Malaysia (UTM) to develop what is believed to be the world’s first palm oil-based drilling fluid.

The collaboration between the university’s UTM-MPRC Institute for Oil and Gas, which is a recognised industrial centre of excellence, and Lekir Energy Sdn Bhd, is aimed at deve­loping the green technology from one of Malaysia’s natural resources and provide a more environmentally-friendly alternative.

UTM deputy vice-chancellor (research and innovation) Prof Dr Ahmad Fuzi Ismail said the revolutionary fluid would take up two to three years to develop with the complemen­ting efforts and expertise in renewable energy from both parties.

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Hibiscus to buy Shell’s operatorship of four oil fields offshore Sabah

November 25, 2016

And that settles my thoughts as to when Hibiscus was going to spend its money, and who would want to buy the Shell Sabah blocks.

Dateline 2016-10-12, The Star:

Shell has reached an agreement to sell its 50% equity interest in the 2011 North Sabah enhanced oil recovery (EOR) production sharing contract (PSC) to Hibiscus Petroleum Bhd’s indirect unit SEA Hibiscus Sdn Bhd for US$25mil (RM104.8mil).

The amount excludes post completion adjustments and reimbursements to Shell.

Currently, Sabah Shell Petroleum Co (25%) is the operator, partnering with Shell Sabah Selatan (25%) and Petronas Carigali Sdn Bhd (50%) in the PSC, which includes the Labuan Crude Oil Terminal, and the fields of St Joseph, South Furious, SF30 and Barton, all located offshore Sabah.

Total oil production (on a 100% PSC basis) averaged 18 kilobarrels (kbbls) per day last year, according to statements from Shell and Hibiscus.

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Petronas shares knowledge on oil and gas industry

November 24, 2016

Am I not a blogger? Why weren’t we, the small guys, invited? Did you have to have a Sarawak work pass to attend?

Dateline 2016-10-12, Borneo Post:

Petroliam Nasional Berhad (Petronas) hosted a one-day workshop with the media for knowledge sharing on the oil and gas industry and provide the media with a better understanding of the dynamics of the industry.

The workshop entitled ‘Oil and Gas for Media’ was held at Petronas Sarawak regional office in Wisma Naim here yesterday.

Among issues discussed during the workshop were Petronas’ business and key activities, technology and engineering, exploration and production, social and environment concerns, revenue management, corporate social investments and other emerging issues in the oil and gas industry.

Its media and communication manager Johannes Ridu said  the objective of the workshop was aimed to enhance the participants’ awareness on the factors and developments that impacted Malaysia’s oil and gas industry and Petronas’ role and direction in shaping it.

“It is our hope that through this workshop, the media will have a better understanding of the industry especially in Sarawak as well as Petronas’ business and its broad strategies,” he said.

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IEM Shout Out – Two-Day Course on Critical Thinking for Engineers 2016-11

November 22, 2016

My technical division will be hosting a 2 day course on the 7th and 8th December, 2016. It is worth 10.5 CPD points, and held at Wisma IEM. The course will be presented by Ir. Al-Khairi Mohd Daud.

Learning Outcomes

• Explore real-world examples of why critical thinking is so important in business
• Learn to use critical thinking skills when making business decisions
• Know how to translate an abstract idea into something tangible
• Minimize the impact of job pressures on your thinking processes
• React with curiosity instead of emotion
• Get a roadmap for developing your critical thinking skills

Ir. Al-Khairi Mohd Daud has over 23 years of experienced in Oil and Gas, petrochemical, oleo chemical, manufacturing and facilities management. He is the country expert for ASEAN Energy Management Accreditation Scheme and an expert in healthcare facilities management. He has assisted in drafting few Malaysian Standards including the Malaysian Standard for Quality in Healthcare. He has presented papers in national and international conference especially on maintenance and asset management. He is the owner of Faqeh Management who specialized in asset and energy management.

Ir. Danaraj Chandrasegaran 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.

Register here, or download the form here.

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