Get set for competitive prices thanks to Gas Supply Bill 2016

June 12, 2016

Dateline 2016-05-23, NST:

Consumers in Malaysia are set to enjoy competitive pricing and efficient services in gas supply, thanks to the Gas Supply (Amendment) Bill 2016 passed by the Dewan Rakyat today.

The amendment is set to enhance competition with the participation of third parties in the gas supply industry by implementing Third Party Access (TPA).

Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar, in winding up debate on the bill, said the gas supply industry is currently monopolised by existing industry players such as Petronas Gas Bhd and Gas Malaysia Bhd.

“Currently, the only party which supplies gas through pipeline transmission is Petronas, the nation’s natural gas producer which sells gas to other parties such as Gas Malaysia Bhd.
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UPDATE 1-Malaysia’s Petronas warns of further oil price impact as profit hit

June 11, 2016

Dateline 2016-05-18, Reuters:

Malaysia’s Petroliam Nasional Bhd warned that lower oil prices will continue to hurt its earnings on Wednesday after its first quarter profit fell by 60 percent.

The state-owned company has been hit hard by a tumble in oil prices that has forced it to slash costs and reduce dividends to the government. It detailed plans this year to cut spending by up to 50 billion ringgit ($12 billion) over the next four years.

“Concerns on moderate demand outlook and persistent oversupply will continue to pressure crude oil prices,” Petronas said. “Petronas expects performance to be affected by the volatility of oil prices and foreign exchange rate.”

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PFLNG Satu sails to Malaysia

June 10, 2016

Yes, I know it has arrived, thanks.

Dateline 2016-05-16, AOG:

PETRONAS’ first floating liquefied natural gas (FLNG) facility, PFLNG Satu has set sail to the Kanowit gas field, offshore Sarawak, making its 2120 nautical mile journey to Malaysia.

At 365m long and 132,000-tonne, PFLNG Satu was towed from the Daewoo Shipbuilding & Marine Engineering shipyard in Okpo, South Korea, for the offshore phase of the project.

Once moored at the Kanowit gas field, it will proceed with the installation, hook-up and commissioning of the facility.

PETRONAS’ advisor of global LNG project delivery and technology, Datuk Abdullah Karim said the sail away marked a significant milestone in PETRONAS’ bold decision to deliver a game changer in the global LNG business, as it paves the way for opportunities to monetize the greater availability of stranded gas reserves.

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PETRONAS, PetroVietnam Extend PM3CAA PSC in Malaysia-Vietnam Waters to 2027

June 9, 2016

Still Talisman, I see.

Dateline 2016-05-10, Rigzone

Malaysia’s state-owned Petroliam Nasional Berhad (PETRONAS) and Vietnam Oil and Gas Group (PetroVietnam) announced Monday a 10-year extension of the Production Sharing Contract (PSC) for the PM3 Commercial Arrangement Area (CAA) with Talisman Malaysia Ltd., Talisman Malaysia (PM3) Limited (Talisman), PETRONAS Carigali Sdn. Bhd. (PCSB) and PetroVietnam Exploration Production Corporation Limited (PVEP).

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Marketing Rounds – Pemantang

June 8, 2016

I did a HAZOP at Pemantang, in the wilds of Borneo. During these hard times, we have to diversify into other industries.

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Oil & gas: All quiet on the consolidation front

June 7, 2016

Does no one want to buy me out? And DESB owns Perdana?

Dateline 2016-05-06, The Sun:

While talk of consolidation in the oil and gas (O&G) industry has been around since the plunge in global oil prices last year, analysts opine that the process, if it indeed happens, will be on a small scale, as its positive effect is limited.

An analyst who declined to be named said consolidation won’t change the cost structure for O&G firms, thus it is not expected to happen “in a big way”.

“If you consolidate all the assets, it won’t change your cost structure much. So the synergy of doing consolidation is not much. They don’t have incentives to go into M&As (mergers and acquisitions). Maybe one or two acquisitions will happen, but they won’t be big and change the industry,” he said.

“So far, we’ve seen only one consolidation, the takeover of Perdana Petroleum Bhd by Dayang Enterprise Holdings Bhd last year,” he added.

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Saturday Star 2016-06-04– Job Opportunities

June 6, 2016

Ramadhan Kareem.

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’m looking for fresh meat-ish, to help with a peak work period.
  • Nothing in the papers today.
  • I’m looking for jobs for 3Q2016. 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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SPACs remain important for capital market

June 5, 2016

This sounds like a pump and dump sell. Wikipedia has something on SPACs. And this seems like a reasonable writeup.

Dateline 2016-04-30, NST:

Special-purpose acquisition companies (SPACs), also known as development stage companies, remain relevant in Malaysia as they are a viable capital market offering.

This is despite their mixed performance currently, according to industry observers.

They said SPAC was an instrument that enabled entrepreneurs to raise funds to build their businesses, allowing the market to have more liquidity and offering an option for investors with no risk of losing their money.

They said it was unfortunate that the first few SPACs in the oil and gas (O&G) industry were listed on Bursa Malaysia at a time when the sector and overall economy were experiencing one of the most volatile periods.

“Further, because of the SPACs’ ‘newness’, the grasp of the concept is still low, not only among investors but also regulators and certain financial industry players,” an industry specialist told Business Times.

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Petronas Gas: RM4.5b capex for next 5 years

June 4, 2016

Now, how would I capitalize on downstream activities?

Dateline 2016-04-27, The Sun:

Petronas Gas Bhd (PGB) has allocated RM4.5 billion in capital expenditure (capex) for the next five years, said its chairman Tan Sri Shamsul Azhar Abbas.

“We are continuously looking for growth projects…we will continue to maintain our capex kind of expense to the tune of about RM300 million a year and for the next five years, our capex is going to be in the region of RM4.5 billion, mainly to cater for the growth projects,” he told reporters after its AGM yesterday.

Shamsul said the two major growth projects that it is involved in are the LNG Regasification Terminal (RGT) and the Air Separation Unit (ASU) project, both of which are located in Pengerang.

He said the RGT project is now at 25% progress on ground and the first storage tank should be commissioned before the end of 2017 while the second tank, which will complete the whole project, will be commissioned by the first quarter of 2018.

The group also aims to enter into its final investment decision for the ASU project by the second quarter of this year. The ASU is being built to cater for the requirements of the Petronas Refinery and Petrochemical Integrated Development (Rapid) project.

“Those are the two major projects as far as growth is concerned. You may notice that in terms of capex requirement, we have undertaken a loan of US$500 million (RM1.95 billion) from Mizuho Bank earlier this year. The bulk of that loan is going to cater for these growth projects and the rest will be reserved for maintenance capex.

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Challenging year for oil and gas industries

June 3, 2016

I would have added a few more swear words in the title, but hey.

Dateline 2016-04-27, The Star:

HE year 2016 will be one marked with challenges for the oil and gas (O&G) industry, with slower progress in the upstream sector, according to the National Transformation Programme (NTP) annual report 2015.

The industry is no stranger to trying conditions, having gone through a similar cycle when oil prices went down below US$10 per barrel in 1998.

The difference this time around is that the industry and the players are better positioned to face uncertainties, having built competency and capacity over the years.

As an upside, the current situation creates a stronger impetus for O&G players to take measures that will inevitably strengthen their operations and help them create resilience against volatilities and unexpected industry developments.

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