O&G sector still rife with challenges

January 23, 2016

Dateline 2015-12-21, Borneo Post:

The oil and gas (O&G) industry will still likely face headwinds ahead as uncertainties of oil prices continue, driven by various global events.

The research arm of CIMB Investment Bank Bhd (CIMB Research) in a recent report, pointed out that recently, the industry has been hit by three events that will likely affect oil prices.

“Brent and WTI have both declined to US$37.19 (down 3.3 per cent) and US$35.74 (down 4.3 per cent) respectively overnight on news of surprising weekly build-up in US crude inventories coupled with the Federal Reserve’s 0.25 per cent rate hike announcement earlier this morning.

“This was further exacerbated by the proposal that US may lift the 40-year ban on crude oil exports. Investors have been bracing themselves for these decisions where the hike would support the dollar, and make oil (priced in dollars) more expensive to other currency holders,” the research team explained.

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O&G industry faces bleak 2016

January 22, 2016

Nuclear, Nuclear.

Dateline 2015-12-18, Borneo Post:

The oil and gas industry has been sluggish in 2015 and prevailing low oil prices will continue to cast a bleak outlook in the medium-term.

From the peak of US$112 per barrel reached in June last year, Brent, the global benchmark, almost halved its price, plunging to US$61.31 in June this year.

It has been steadily falling to below US$50 per barrel since August before dropping to US$36.33 on Dec 14, slightly above the low of US$36.20 seen during the 2008 financial crisis.

The weak oil price trend is caused by the oil supply glut following the booming shale industry in the United States while the Organisation of the Petroleum Exporting Countries (OPEC) refused to cap its production, estimated at about 31 million barrels per day (bpd).

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EMAS Offshore Limited: Extended Disclosure Regarding Proposed Sale of Shares in Persai Teknologi Bhd to Ezra Holdings Limited

January 21, 2016

Hess, do you know about this? Isn’t Ezra the same group as Perisai?

Dateline 2015-12-16, Business Wire:

EMAS Offshore Limited (“EMAS”) (OSE:EMAS) has entered into a letter of undertaking with Ezra Holdings Limited (“Ezra” or the “Buyer”) on 15 December 2015 (the “Undertaking”). Pursuant to the Undertaking, Ezra undertakes to buy from EMAS its entire 12.13 % stake in Perisai Petroleum Teknologi Bhd (“Perisai“). Perisai is a Malaysian-based upstream oil & gas provider and is listed on the Main Market of the Bursa Malaysia Securities Berhad. EMAS acquired the 12.13% stake in Perisai on 21 August 2013 as part of the consideration when EMAS sold its 51% stake in EMAS Victoria (L) Bhd to Perisai.

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Piped gas price in Peninsular Malaysia still sold below market price

January 19, 2016

Dateline 2015-12-14, The Star:

The price of piped gas in Peninsular Malaysia, which will be increased by RM1.50 per million metric British thermal units (mmBtu) for January-July 2016, is still sold below the market price, said Tenaga Nasional Bhd (TNB) chairman Tan Sri Leo Moggie.

However, under an agreement between TNB and Petroliam Nasional Bhd (Petronas), gas is supplied at RM15.20 per mmBtu for the first 1,000 million standard cu ft per day (mmscfd) compared with the liquefied natural gas (LNG) market price of RM46.041 quoted by Petronas for the period from October to December 2014.

He said under the Government’s subsidy rationalisation programme, the piped gas price would be revised gradually every six months until it reached the market price.

“However, at the moment it is still subsidised (by the government),” he told a press conference after TNB’s AGM in Kuala Lumpur on Monday.

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Saturday Star 2016-01-16– Job Opportunities

January 18, 2016

Happy ITB 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.

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

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Petronas to expand LNG complex, says report

January 17, 2016

What the heck is Big P?

Dateline 2015-12-09, Borneo Post:

Petroliam Nasional Bhd (Petronas) has plans to raise sour gas output and expand capacity at its Bintulu liquefied natural gas (LNG) complex in Sarawak, according to Singapore’s The Business Times yesterday.

Business Times, quoting a Petronas executive as saying Petronas had developed gas fields with 35 per cent to 45 per cent carbon dioxide content and was looking to go beyond the 50 percent mark.

According to the report, Wood Group is said to have secured an engineering-studies contract involving the development concept for new Bintulu Integrated Gas Project.

“The Bintulu Integrated Gas Project Big P is understood to involve the construction of new onshore receiving facilities (ORF) in Sarawak as well as new onshore and offshore pipelines.

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Sarawak boasts 47% total petroleum resources discovered in Malaysia

January 16, 2016

Dateline 2015-12-09, The Rakyat Post:

As of Jan 1, this year, 47% of the total discovered petroleum resources in Malaysia is from Sarawak.

In replying to Aidel Lariwoo (BN-Sadong Jaya), state Industrial Development assistant Minister Datuk Julaihi Narawi said based on the numbers given by Petronas, the crude oil resources is expected to last another 25 years, while natural gas will last for another 37 years.

“Currently the state government studying a strategic plan for the future development of Sarawak’s oil and gas industry but it is still ongoing and premature for me to comment at this point of time,” said Julaihi during the question and answer session of the Sarawak state legislative assembly here, today.

Julaihi also said the state has formed the Sarawak Oil and Gas Committee comprising members who have vast experience in the industry to assist the state in charting its future direction.

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Lundin Petroleum commences Imbok exploration well, offshore Malaysia

January 15, 2016

Dateline 2015-12-08, Scandinavian Oil & Gas Magazine:

Lundin Petroleum AB is pleased to announce that its wholly owned subsidiary Lundin Malaysia BV has commenced drilling of the Imbok-1 exploration well in Blocks SB307 and SB308, offshore East Malaysia.

The Imbok prospect is in shallow water and lies to the east and south of two major producing fields in offshore East Malaysia. The well will target hydrocarbons in Miocene aged sands.

Imbok-1 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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Improving Sabah’s edge in O&G

January 14, 2016

Dateline 2015-12-08, Daily Express:

The State Government will continue to further enhance Sabah’s position in the oil and gas industry despite the current economic challenges and decline in the global oil prices.

Sabah’s oil and gas sector is progressively growing and moving towards becoming the region’s important exploration and production centre.

“We, the government recognise the vast potential of this industry that would help accelerate the State’s social and economic development,” said Chief Minister Datuk Seri Musa Aman in his speech delivered by Deputy Chief Minister cum Industrial Development Minister Datuk Raymond Tan during the launching of the Symposium on Unlocking Oil and Gas Potentials in Sabah at Shangri-La’s Rasa Ria Resort and Spa here, Monday.

Currently, he said Sabah produces about 220,000 barrels of oil per day which is almost 40 per cent of the total national oil production of 557,000 barrels of oil per day.

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Marketing Rounds – CCPS

January 13, 2016

Ah, I managed to attend 1.5 out of 3 days of the 2nd CCPS Global Summit on Process Safety, from November 3rd t0 5th. I was looking to purchase CCPS books without incurring the mailing charges, but what the hey, they weren’t selling any at the Summit. Your loss, CCPS.

 

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