Malaysia in better position than other oil producing nations, say analysts

February 28, 2016

Dateline 2016-01-14, TMI:

Malaysia is relatively in a far better financial position than countries such as Venezuela, Nigeria, Iran and Russia, whose revenues have been adversely affected by the plunge in crude oil prices.

Its diversified economy, the goods and services tax (GST) and rationalisation of subsidies have provided a certain amount of cushion in revenue contribution, economists said.

Brisk domestic demand coupled with greater private investments locally and contributions from the manufacturing, construction, agriculture as well as the services sectors including tourism also lent to the nation’s coffers, they said.

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Sarawak to ease demands on oil royalty in light of price slump, says Chief Minister

February 27, 2016

Dateline 2016-01-11, Malay Mail:

Sarawak Chief Minister Tan Sri Adenan Satem said he will delay pushing Putrajaya to increase oil royalty payments to his state, after the falling price of the commodity forced the federal government to revise its Budget for the year.

“The present oil price is now under US$35 per barrel against US$115 per barrel over a year ago, so we have to go slow in our demand until the price has gone up to a certain level,” he said at the signing of a contract agreement between Talisman Malaysia Limited and OceanMight Sdn Bhd.

The contract is for the engineering procurement construction of a wellhead platform for the Kinabalu redevelopment project here.

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Petronas bracing for 3 more years of pain

February 26, 2016

Dateline 2016-01-12, TMI:

Petroliam Nasional Bhd is bracing for two to three more tough years as the Malaysian state oil company grapples with crude at an 11-year low while seeking to keep its multi-billion dollar projects on track.

Oil may average US$30 (RM132) a barrel this year in a “low-price” scenario, chief executive officer Datuk Wan Zulkiflee Wan Ariffin said in an interview yesterday.

With a capital expenditure plan of as much as RM350 billion over the next five years, he said the company’s “good” cash build-up would help it through difficult times.

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AmResearch stays “neutral” on oil and gas sector

February 23, 2016

I would keep an eye on MISC.

Dateline 2016-01-12, The Star:

AmResearch has maintains its “neutral” call on the oil and gas (O&G) sector as prospects for a sustainable turnaround in crude oil prices still appear opaque at this stage.

“Given the current oil glut, which has adversely affected upstream players, we are positive on downstream and storage operators. As such, we prefer companies with stable and recurring earnings such as Dialog Group and Yinson.

“We also like O&G downstream players such as MISC, which benefits from the growth in petroleum shipping charters and new build slowdown,” AmResearch said.

Bloomberg reported that Petroliam Nasional Bhd’s (Petronas) CEO Datuk Wan Zulkiflee Wan Ariffin as saying that the group was bracing for two to three more tough years with crude at an 11-year low while seeking to keep its multi-billion dollar projects on track.

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Posted by Wata

Saturday Star 2016-02-20– Job Opportunities

February 22, 2016

Happy Flu from Umrah 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 2Q2016. Send me your POs.
  • 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.

During these trying times, perhaps you should focus on self improvement. The following are a good set of books to start automating your uncertainty budget tables.

The Cartoon Guide to Statistics, Hands-On Start to Wolfram Mathematica, Doubt-Free Uncertainty In Measurement: An Introduction for Engineers and Students

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

‘Rapid’ project only minimally affected by oil price drop

February 21, 2016

Note to self – Move business plan to focus on RAPID, wait, have already started.

Dateline 2016-01-11, FMT:

The current decline in global oil prices has had a minimal impact on the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang here.

The project is progressing according to schedule, with 17 per cent of the venture ready to date, said Johor Chief Minister, Mohamed Khaled Nordin.

As such he added, the people have nothing to worry about in respect of the project, which is also focused on downstream industries.

“Rapid is focused on crude oil refining activities and not processing (oil), so the impact is less,” he added.

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High-flying oil workers now scraping by amid layoffs

February 20, 2016

Yeah, you high flyers. And we hope Haqim Nawawi is not disillusioned.

Dateline 2016-01-11, Malay Mail:

Haqim Nawawi thought he had it all when an international oil services firm poached him from a biochemical company and hired him as a logging-while-drilling field specialist with a monthly salary of more than RM10,000.

But just 11 months into his dream job, the 26-year-old took a phone call last June that would crush all hopes for a comfortable life. Now, he is jobless and makes a scanty side income of RM540 a month teaching secondary school students maths or science.

“When they hired me I was so happy,” Haqim told Malay Mail Online. “I even bought a house”.

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Posted by Wata

Who Wins and Who Loses in a World of Cheap Oil

February 19, 2016

Dateline 2016-01-08, STRATFOR:

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As one of the few net producers in the Asia-Pacific, Malaysia will feel the greatest pressure from cheap oil. Last year, roughly 20 percent of the Malaysian government budget came from the earnings of state-owned oil company Petronas. As the firm’s earnings declined, Kuala Lumpur was forced to impose an unpopular goods and services tax to make up for the shortfall.

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Lundin Abandons Well Offshore Malaysia After Minor Oil Shows

February 18, 2016

Hey, not my fault Lundin posts bad news after good back-to-back.

Dateline 2016-01-08, EPMag:

Lundin Petroleum subsidiary Lundin Malaysia BV has plugged and abandoned the Imbok-1 exploration well offshore East Malaysia after encountering minor oil shows, according to a news release.

The well, which is located in Block SB307/308, targeted hydrocarbons in Miocene-aged sands. Imbok-1 was drilled with the West Prospero jackup rig.

Lundin Malaysia holds 85 percent working interest in SB307/308. Partner is Petronas Carigali Sdn Bhd with a 15 percent working interest. Lundin Malaysia operates six blocks in Malaysia, the release said.

 

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Lundin Spuds Bambazon Prospect in Block SB307/308 Offshore East Malaysia

February 16, 2016

Dateline 2016-01-08, Rigzone:

Sweden’s Lundin Petroleum AB announced Friday that its wholly owned subsidiary Lundin Malaysia BV has commenced drilling of the Bambazon exploration well in Block SB307/SB308, offshore East Malaysia.

The Bambazon prospect, located in shallow water and lies to the north of a major producing field in offshore East Malaysia, will target hydrocarbons in Miocene aged sands and is being drilled by the jackup West Prospero (400′ ILC) to a total depth of approximately 4,101 feet (1,250 meters) below mean sea level.

Drilling of the well is expected to take approximately 25 days.

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Posted by Wata

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