Determining the price of oil

March 25, 2016

If you were curious.

Dateline 2016-01-29, FMT:

Three types of market

Since the second half of the 1970s, oil market transactions have gradually replaced the old system of “producer prices”, whereby a dominant supplier or suppliers of crude would impose a reference price on buyers.

Today there are three types of oil markets. On the physical “spot” market, delivery of oil is almost immediate following a transaction.On the physical “forward” market, the delivery occurs but not immediately.

Finally, on the “futures” market, investors buy or sell future intentions to hand over a quantity of oil. The timeline can vary from several months to years, while the seller and buyer virtually never take receipt of oil and the deal remains a “paper” transaction.

Financial journalists mainly report on the “futures” market.

…

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Posted by Wata

Lundin commences Maligan exploration well

March 22, 2016

Dateline 2016-01-29, Your Oil & Gas News:

Subsidiary Lundin Malaysia BV (Lundin Malaysia) has commenced drilling of the Maligan exploration well in Block SB307/SB308, offshore East Malaysia.

The Maligan prospect is in shallow water and lies to the north of a major producing field in offshore East Malaysia. The well will target hydrocarbons in Miocene aged sands.

Maligan will be drilled with the West Prospero jack-up rig to a total depth of approximately 1,700 metres below mean sea level.  The drilling of the well is expected to take approximately 30 days.

…

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Posted by Wata

Saturday Star 2016-03-19– Job Opportunities

March 21, 2016

Happy Penambang, Kalimantan Week. Donate to your favourite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (all 4 books). 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’m looking for jobs for 3Q2016. Send me your POs.
  • I believe PETRONAS is looking for an Advisor. Only applicants who reply ‘how high’ when ask to jump by the powers that be, need apply.
  • An associate of mine is looking for a technical safety part-time adviser. 2 Associates, actually. Needs to be needle sharp with respect to QRAs, and HSE safety cases. A calm demeanor to handle nonsensical questions from young engineers helps as well. Either that, or a drinking problem.
  • Nothing in the papers this week. See Happy note above.

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

Leave a Comment » | Malaysia, oil and gas | Permalink
Posted by Wata

Murphy cuts budget by 62%

March 20, 2016

I don’t know whether they mean Malaysia opns, or worldwide opns.

Dateline 2016-01-27, Asia Oil & Gas:

Sarawak gas project operator, US-based Murphy Oil Corp., reported net loss of US$2.27 billion for 2015, plus cuts budget by more than half.

The company plans to reduce capital expenditure this year to $825.0 million, approximately 62% lower than the $2.19 billion spent in 2015.

About 45% will be allocated towards offshore spending, 41% towards Eagle Ford Shale and 14% for onshore work in Canada.

Production for Q1 2016 is estimated in the range of 190,000-194,000 boe/d with full year production to be between 180,000-185,000 boe/d.

“We remain focused on driving down operating and G&A costs across all segments of our business,” said Roger W. Jenkins, president and CEO of Murphy. “The cost reductions better positions the company to weather the anticipated ‘lower for longer’ commodity price environment.”

…

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Posted by Wata

Lundin Petroleum hits oil offshore Malaysia

March 19, 2016

That’s a high working interest.

Dateline 2016-01-25, Energy Voice:

Lundin Petroleum said it has hit oil after completing work on the Bambazon exploration well offshore East Malaysia.

The company said the well encountered 15 metres of reservoir pay with oil shows over three main reservoir intervals.

The well in Block SB307/SB308 has since been plugged and abandoned.

It was drilled with the West Prospero jack-up rig to a total depth of 1,380 metres.

Lundin Malaysia holds an 85% working interest in SB 307/308.

…

 

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Posted by Wata

Lundin sells Malaysian infrastructure

March 17, 2016

M3nergy must be happy. FPSO operation team probably isn’t.

Dateline 2016-01-22, UPI:

Swedish energy company Lundin Petroleum said it was taking in cash after shedding infrastructure in Malaysia it said is not part of its core business strategy.

Lundin said it agreed to sell offshore floating production and storage vessel Bertram to M3Energy Investment Ltd., a state-controlled energy company in Malaysia, for $265 million.

“Owning infrastructure assets is not part of Lundin Petroleum’s core strategy and this transaction will allow us to redeploy this capital into other areas of our business to fund our value driven growth,” President and CEO Alex Schneiter said in a statement.

…

Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Malaysians brace for hard times as oil rout rocks Petronas

March 15, 2016

Come one, Exxon, Shell, and Roc Oil. Step in, all fill the shoes up. Unfortunately, IGL doesn’t have a fiduciary responsibility to bail out its clients.

Dateline 2016-01-22, the Malay Mail:

When Malaysian oil giant Petronas announced sharp spending cuts and described a dismal outlook this week, it was confirmation for millions that they will struggle to make ends meet this year amid high costs, a plunging currency and fewer jobs.

The country’s only Fortune 500 company, state-owned Petroliam Nasional Bhd drove Malaysia’s modernisation push in the last two decades that was symbolically crowned by its construction of the world’s tallest twin towers in the heart of Kuala Lumpur.

But as the oil boom turns to bust, Petronas ― and with it Southeast Asia’s third-largest economy ― is slowing down, and Malaysians are bracing for hard times. The company is one of Malaysia’s biggest employers, and accounts for nearly a third of the government’s oil and gas-related revenue.

…

 

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Posted by Wata

Petronas may retrench staff, says report

March 14, 2016

Dateline 2016-01-21, TMI:

Petroliam Nasional Bhd (Petronas) is considering retrenchments for some of its 51,000 staff as one of the options as the Malaysian state-owned oil company confronts the realities of low oil prices, the Malaysian Reserve reports.

A source with knowledge of the matter told the business daily a voluntary separation scheme (VSS) for permanent staff is being considered by the Petronas management.

On Tuesday, The Wall Street Journal reported that Petronas was planning to slash as much as RM50 billion (US$11.41 billion) in capital and operating expenses over the next four years.

…

 

Leave a Comment » | Malaysia | Tagged: | Permalink
Posted by Wata

Saturday Star 2016-03-12– Job Opportunities

March 14, 2016

Happy Koh Lipe Week. Donate to your favourite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (all 4 books). 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’m looking for jobs for 3Q2016. Send me your POs.
  • I believe PETRONAS is looking for an Advisor. Only applicants who reply ‘how high’ when ask to jump by the powers that be, need apply.
  • An associate of mine is looking for a technical safety part-time adviser. 2 Associates, actually. Needs to be needle sharp with respect to QRAs, and HSE safety cases. A calm demeanor to handle nonsensical questions from young engineers helps as well. Either that, or a drinking problem.
  • Nothing in the papers this week. See Happy note above.

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

Leave a Comment » | Malaysia, oil and gas | Permalink
Posted by Wata

BSN confirms freezing loan applications from oil and gas workers

March 12, 2016

As long as Tabung Haji isn’t investing in oil & gas.. hold on, that isn’t true…

Dateline 2016-01-21, TMI:

The government-owned Bank Simpanan Nasional (BSN) says it is tightening lending rules for loans to employees in the oil and gas sector.

A statement from the bank said this move was being made as a precautionary measure amid risks for the oil and gas sector which was faced with falling oil prices.

“The proposed tightening of loan and credit approvals is a temporary measure in line with the general expectations for prudent risk management,” the bank said in a statement today.

…

 

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

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