Sarawak says ‘not in picture’ over Petronas’ oil production share with foreign firms

October 15, 2016

Dateline 2016-08-28, Malay Mail Online:

The Sarawak government said it is in the dark about Petronas’ production sharing contracts (PSCs) award to Thai and Kuwaiti companies to jointly explore a block of petroleum resource off the state’s coast.

Sarawak Chief Minister Tan Sri Adenan Satem repeatedly said he did not have any knowledge of the matter when questioned about Block SK410B, said to be located in shallow waters off the state’s coast, The Borneo Post reported today.

“I don’t know about this matter, so cannot make any comments,” he told a news conference in Kuching yesterday, even after being informed that Thailand’s PTTEP HK Offshore Ltd and Kuwait’s Kufpec Malaysia Sdn Bhd would hold 42.5 per cent respectively, while Petronas Carigali Sdn Bhd would hold only 15 per cent of the PSC.

The award was reportedly inked on July 21.

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After Sarawak’s success, SAPP wants Sabah deal with Petronas

October 14, 2016

Dateline 2016-08-28, FMT:

The Sabah state government has been urged to urgently negotiate with the Federal Government and Petronas for the same type of concessions obtained by Sarawak.

Melanie Chia, deputy president of Sabah Progressive Party (SAPP), said Sabah should also demand that a Sabahan  be appointed to the Petronas board of directors, ensure more Sabahans are employed at all levels and the state allowed to take part in production sharing contracts.

Her statement came in response to Sarawak Chief Minister Adenan Satem’s announcement yesterday of an agreement with the Federal Government and Petronas on seven major issues.

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Oil price volatility continue to impact PETRONAS

October 13, 2016

Dateline 2016-08-22, Automotive World:

PETRONAS has recorded RM17.7 billion in Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), an improvement of 14 per cent from the first quarter of 2016.

Cash flows from operating activities also rose by 64 per cent from RM9.7 billion in the first quarter of 2016 to RM15.9 billion.

The quarter-on-quarter improvements partly resulted from the Group’s transformation efforts and continuous drive to reduce cost, improve efficiency in cash management and sustain world-class operational performance in the current industry environment.

However, volatile oil prices coupled by oversupply and lagging growth demand continued to impact the Group’s half year performance as compared to the same period last year.

Group pre-tax profit for the half-year ended 30 June 2016 (after taking into account impairments) amounted to RM10.0 billion, a 68 per cent drop from RM31.6 billion achieved in the same period of 2015.

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Malaysia’s Petronas Posts 96% Profit Drop on Lower Oil Price

October 11, 2016

Dateline 2016-08-22, Reuters:

Malaysian state-owned oil firm Petroliam Nasional Bhd (Petronas) on Monday said low oil prices dragged quarterly profit down 85 percent, and labelled the industry outlook “gloomy” well into 2017.

Petronas has seen a global slump in oil prices squeeze finances, which make up a third of Malaysia’s oil and gas revenue. The benchmark Brent futures LCOc1 price, which hit a 12-year low earlier this year, rose 25 percent in the second quarter but remains lower than a year earlier.

“We should expect to see volatility continue and Petronas will not bank on optimistic oil prices to ease up on pressure,” President and Chief Executive Wan Zulkiflee Wan Ariffin said at a news conference.

“The combined factors of oversupply, growing inventories and slower demand growth point to an ongoing gloomy outlook well into 2017.”

Wan Zulkiflee said Petronas planned for an average price this year of $30 a barrel, unchanged from its February forecast. Brent crude, after a recent rally, traded at $49.50 at 1021 GMT.

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Saturday Star 2016-10-08– Job Opportunities

October 10, 2016

Happy HSE Case week.

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.

  • A mate of mine is looking for a MD/EngMan type person to help run his engineering company (the main business is skid manufacturing). He can’t handle the work volume, so you know that his oil & gas company is bucking the trend, and has a bright future ahead. If I know you, send your CV’s to me. If I don’t know you, send your CV along anyway, but note I will contact your references. I am not getting a commission for this ad, you know.
  • 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 4Q2016. 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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Malaysia’s Petronas sees gloomy industry outlook as second quarter profit slumps

October 9, 2016

Dateline 2016-08-22, Reuters:

Malaysian state-owned oil firm Petroliam Nasional Bhd (Petronas) on Monday said low oil prices dragged quarterly profit down 85 percent, and labelled the industry outlook “gloomy” well into 2017.

Petronas has seen a global slump in oil prices squeeze finances, which make up a third of Malaysia’s oil and gas revenue. The benchmark Brent futures LCOc1 price, which hit a 12-year low earlier this year, rose 25 percent in the second quarter but remains lower than a year earlier.

“We should expect to see volatility continue and Petronas will not bank on optimistic oil prices to ease up on pressure,” President and Chief Executive Wan Zulkiflee Wan Ariffin said at a news conference.

“The combined factors of oversupply, growing inventories and slower demand growth point to an ongoing gloomy outlook well into 2017.”

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Oil Debt Woes Reach Malaysia as Offshore Rig Bonds in Distress

October 8, 2016

Dateline 2016-08-19, Bloomberg:

Bonds of a Malaysian offshore oil rig contractor have dropped to distressed levels, the latest sign that crude’s rebound this year hasn’t been enough to stave off pain in an industry beset by prices still about half their decade average.

Perisai Petroleum Teknologi Bhd, which contracts out drilling rigs and charters vessels for towing equipment, said on Thursday it will start discussions with holders of its Singapore dollar notes, without providing further details. Its S$125 million securities due Oct. 3 have dropped 17 cents this month to a record low 60 cents, according to prices from DBS Group Holdings Ltd.

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PETRONAS to Continue Cost Control Measures Even When Oil Price Recovers

October 7, 2016

Dateline 2016-08-18, Rigzone:

Malaysia’s state-owned Petroliam Nasional Bhd (PETRONAS) planned to continue with efforts to control costs even when oil prices recover after it saved approximately $851 million (MYR 3.4 billion) following implemention of cost cutting measures from the beginning of 2015 to the middle of this year, President and Group CEO Wan Zulkiflee Wan Ariffin said Wednesday, as reported by national news agency Bernama.

“Through the Cost Reduction Alliance program, we have managed to cut MYR 3.4 billion in terms of our costs since we started till the middle of this year,” Wan Zulkiflee told the International Conference of Blue Ocean Strategy’s plenary session in Putrajaya.

PETRONAS’ Cost Reduction Alliance (CORAL 2.0) is a five year program stretching from 2015 to 2019 seeks to inculcate cost-conscious mindset across upstream sector in Malaysia. The industry-wide program aims to support sustainability in the local petroleum sector through cost optimization, increased efficiency and driving industry innovation across all operators.

Many international, national and independent oil and gas companies, including PETRONAS, had undertaken measures to cut cost due to the slump in global oil prices that commenced in the second half of 2014.

“In 2014, oil prices were more than $100 per barrel, at lunch time today it was $48. Oil companies had to do strategic responses, worried about cash flows, cut budgets and optimize the manpower and PETRONAS was no different,” Wan Zulkiflee said, as reported by Bernama.

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Cost-cutting measures save RM3.4b for Petronas

October 6, 2016

Dateline 2016-08-17, FMT:

Malaysia’s oil giant, Petronas, has saved RM3.4 billion since embarking on cost-cutting measures in 2015 and this effort will continue even if oil prices recover.

“Through the Cost Reduction Alliance programme, we have managed to cut RM3.4 billion in terms of our costs since we started till the middle of this year,” its president and group chief executive officer, Wan Zulkifli Wan Ariffin, said.

He said this at the International Conference of Blue Ocean Strategy’s plenary session themed “Delivering High Value at Low Cost” here today.

The Cost Reduction Alliance, or Coral 2.0, is a five-year industry-wide programme from 2015 to 2019, driven by Petronas, with the aim to inculcate a cost-conscious mindset across Malaysia.

Wan Zulkifli said the transformation kicked in when oil and gas companies, including Petronas, were hit by tumbling prices from 2014.

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Living Offshore

October 5, 2016

For those of you who haven’t been offshore for a while, yup, the same beds and communal toilets await you. They have obviously been cleaned since the last time you partook of the facilities.

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