Sarawak seeks to regulate Petronas activities within state

July 24, 2016

Dateline 2016-06-15, Malay Mail:

Sarawak Chief Minister Tan Sri Adenan Satem announced today the state government’s plans to regulate the seabed and subsoil activities of national oil company Petronas and its contractors within its territory.

He said Sarawak’s regulatory framework would be based on relevant state laws to which Petronas and its contractors would have to abide.

“Petronas, a corporation having rights to prospect and mine petroleum both offshore and onshore under the Petroleum development Act, 1974, will have to be regulated and abide by the provisions of the Oil Mining Ordinance of Sarawak and the Land Code in regard to the use and occupation of State Land within the boundaries of Sarawak for the prospecting and mining of petroleum,” he said when winding up the debate in the state assembly here.

He said the Land Code of Sarawak, which came into effect on January 1, 1959, defines “state land” to include the seabed and subsoil which forms part of the continental shelf by virtue of an Order made by the British Queen while Sarawak was still a Colony.

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Petronas employs increasing number of Sarawakians

July 8, 2016

Dateline 2016-06-10, Borneo Post:

There is an increasing number of Sarawakians being employed by Petronas in line with the company’s expansion of the upstream sector in the state.

Assistant Minister for Industrial Development (Investment and Promotion) Datuk Julaihi Narawi, said Petronas was commited to developing human capital and gave priority to the locals.

He told the State Legislative Assembly yesterday that the number of employees in the upstream sector in the state had increased by 10 per cent to 4,400 this year, compared to 4,000 in 2015.

From the 4,400 employess 71 per cent were Sarawakians, he said, adding that 313 were Sarawakians from the increased figure of 400 this year.

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The State of the Nation: Two reminders from Petronas’ tough 1Q2016

July 3, 2016

Heck, there are more reminders, from other companies dying during this period.

Dateline 2016-06-06, The Edge:

This article first appeared in Corporate, The Edge Malaysia Weekly, on May 23 – 29, 2016.

PETROLIAM Nasional Bhd’s (Petronas) recent results announcement is an urgent reminder that the recent rebound in crude oil prices does not mean that the worse is over for Malaysia’s economy, which is trying to wean itself off a heavy dependence on oil-related revenues.

Recall that oil and gas saw a ghastly start to the year. Crude oil prices ended last year at about US$41 per barrel and quickly tumbled to below the US$30 per barrel level in mid-January, a level not seen in 12 years.

It sent shockwaves around the globe. Everyone in oil and gas reeled while oil-dependent countries scrambled to deal with reduced revenues.

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Malaysia’s THHE Not Given More Time from JX Nippon to Complete Layang FPSO

June 26, 2016

Man, can you feel the hate to THHE? Though, in this case the hate seems to be in the article title, not the actual article itself.

Dateline 2016-06-01, Rigzone:

TH Heavy Engineering Berhad, an offshore oil and gas facilities fabricator, clarified Tuesday that the firm is not aware of the one year extension given by Japan’s JX Nippon Oil & Gas Exploration (Malaysia) Ltd. to complete the floating, production storage and offloading (FPSO) unit for the Layang field in Block SK10 offshore Sarawak, Malaysia as reported May 28 by a local media, it said in a filing on Bursa Malaysia.

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Sector urged to hire Sabah-based engineers

June 18, 2016

Oi, IEM, what about the retrenched Peninsular engineers?

Dateline 2016-05-26, Daily Express:

Ir. Warrence Chan Kok Peng of the Institution of Engineers (IEM) Sabah Chapter feels strongly about projects, professional work and employment for Sabah-based engineers.

At the last Sabah Oil & Gas Leadership event, he canvassed for local engineers to be given the chance to train with major oil and gas project contractors and consultants to prove their competency and mettle.

The State’s nascent five-year oil and gas industry did not accord them any opportunity when the industry was non-existent in the past.

At the 5th Sabah Oil and Gas Conference and Exhibition, Chan appealed to the oil and gas industry players and project implementers to use Sabah-based engineers to comply with employment laws of the State and to avert social problems related with liaison or relationship with local womenfolk.

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State encourages further participation in O&G industry

June 18, 2016

Dateline 2016-05-28, Borneo Post Online:

The State Government’s holistic approach in developing the oil and gas industry – placing emphasis on greater opportunities for Sarawakians companies and employment – is the way forward in furthering participation of Sarawakians and local companies in this sector.

Minister of Industrial Development and Entrepreneurship, Trade and Investment, Datuk Amar Awang Tengah Ali Hasan said this after a briefing by home-grown public-listed Dayang Enterprise Holding Bhd at its regional headquarters in Miri yesterday.

Awang Tengah, who is also Second Minister of Resource Planning and Environment, said the fruits of successful negotiations with national oil corporation Petronas has led to the baseline RM2.1 billion contracts for the state, with room for annual increments.

The state oil and gas committee chaired by him was set up to advance state interests which will roll out the road map for the development and promotion of the industry.

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Petronas: Nothing to Russian talks

June 14, 2016

More grist for the rumor mill. Yes, those Russian are lying. And yes, hold your PETRONAS stocks.

Dateline 2016-05-25, UPI:

Malaysian energy company Petronas said it was not the target of a sale of its assets or any of its stakes to counterparts in the Russian energy sector.

The Malaysian company referred to Russian reports suggesting it may dispose of some of its interests.

“We wish to clarify that Petronas has not been and is currently not in discussions with any Russian party for the abovementioned purpose,” the company said in a statement.

Last week, Russian Energy Minister Alexander Novak said markets in the Asia-Pacific may see an increase in exports of natural resources from Russia. He said talks between Russian energy company Zarubezhneft and Petronas were part of that effort.

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Petronas’ royalties increased 60 folds – CM

May 31, 2016

Dateline 2016-04-22, Borneo Post:

ROYALTIES paid by Petronas to Sabah has increased by 60 folds over the last four decades.

Chief Minister Datuk Seri Musa Aman in his Ministry of Finance’s winding up speech yesterday said although the rate of the royalty given to Sabah had not been revised, the revenue given back to the State had continued to increase year by year.

“The royalty received by Sabah for the oil extracted from its waters was only RM15 million in 1976 and has increased to about RM900 million in the recent years,” he told the State Assembly sitting yesterday.

However, he said the state government wanted the benefits Sabah could derive from the oil and gas industry developed on its soil to not be limited to only royalties.

He stressed that projects such the Sabah Oil and Gas Terminal (SOGT) and the Sipitang Oil and Gas Industrial Park (SOGIP) are capable of providing various employment opportunities and spillover effects that will serve as a catalyst for Sabah economic development.

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Govt loses around RM300m for every US$1 drop in oil prices, Dewan Negara told

May 28, 2016

So, if the government can maintain a balanced budget with oil at the current prices, will the rakyat be given RM150M for every US$1 rise? Probably the same time we see flying porcine products.

Dateline 2016-04-20, The Sun:

The government loses around RM300 million in oil revenue for every US$1 per-barrel drop in crude oil prices, said Deputy Finance Minister Datuk Johari Abdul Ghani.

Johari told the Dewan Negara that the global oil price has experienced a sudden drop, from US$115 per barrel (RM444.28) in June 2014 to US$30 per barrel in December last year.

“Just imagine how much the government lost due to the drop in global oil prices, from US$115 to US$30,” he said in response to a question from Senator Datuk Dr Johari Mat.

Dr Johari had asked about the impact of the drop in oil prices on Malaysia’s economy, particularly on its Gross Domestic Product.

The deputy minister replied that Malaysia was not badly impacted by the drop in oil prices as the economy was not dependent on the industry.

“In 2014, the oil industry only contributed about 30% to our revenue. This was reduced to 19% in 2015 and expected to drop to 14% this year.

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Mindef mulls over forward base to protect Sarawak waters

May 22, 2016

I wonder if Seaventures can rent out helideck space for drones?

Dateline 2016-04-06, Malay Mail:

Sarawak’s first forward operating base modified out of a decommissioned oil platform may be built in Bintulu waters to tighten security of the coastline town noted for its multi-billion ringgit oil and gas industry.

Defence Minister Datuk Seri Hishammuddin Hussein said it will be modelled after Sabah’s foward base which was completed with the cooperation of oil giant Petronas.

“If that (foward base) is suitable for implementation in Bintulu, with assistance from those in the oil and gas industry, we will be able to respond faster,” he told reporters after launching the national-level Army Veteran Entrepreneurs Carnival here today.

If the plan materialised, Hishamuddin said, the foward base would be able to operate as helicopter landing base, handling unmanned aerial vehicles, better known as drones, and station the special task force.

He said the matter will be discussed in detail with the oil and gas industry after the 11th state election as it was quite expensive to set up such facilities in the open sea.

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