May 21, 2015
Reading the article, I expect the Sabah Exploration and Production Company to be established soon.
Dateline 2015-04-13, Malay Mail:
Sabah actively negotiates with state oil firm Petronas to maximise petroleum income beyond just oil royalty payment, Chief Minister Datuk Seri Musa Aman told the state assembly today,
Musa said that the state also benefited from active participation in the industry and other equities it holds in Petronas, including a new unexplored oil field off the east coast of Sabah.
“Sabah is in constant discussion with Petronas on how to get more, not only from its oil royalty but also in exploring other forms of profit, including the taking over of a marginal oil field in Sandakan, which has been approved in principle (by Petronas),” he said.
…
Leave a Comment » | 
Malaysia, Malaysian election, oil and gas | Tagged: Musa Aman, Sabah | 
Permalink
Posted by Wata
May 1, 2015
Spectacular as “we lost a pocket lining income pipeline”, or “we managed to get hit with GST on the royalty?”
Dateline 2015-03-19, FMT:
Sarawak Chief Minister Adenan Satem, just back from a visit to Sabah from where he came away “impressed”, has disclosed that oil talks with Petronas and the Federal Government have failed and spectacularly at that. “We don’t want people to take away our oil and gas with us being onlookers,” said Adenan. “We want an equal partnership.”
“We don’t want to be spectators. We want to be active participants.”
He pledged that the Sarawak Government would pursue the revised oil royalty demand until “we achieve what we want”.
The talks, based on an unanimous resolution passed by the Sarawak Assembly, was about raising the oil royalty to a respectable 20 per cent cash payout. Sabah and Sarawak, at present get a measly 5 per cent.
…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Adenan Satem, Petronas | Permalink
Posted by Wata
April 25, 2015
Dateline 2015-03-13, FMT:
The Kelantan Government has sought the High Court to include 14 questions and issues of law in the hearing of its suit against Petroliam Nasional Berhad (Petronas) for alleged breach of contract over its oil royalty.
Among others, the questions involve what rights the state government has over petroleum onshore and offshore, prior to the coming into force of the Petroleum Development Act 1974 on October 1, 1974 and the execution of the Kelantan Agreement and Kelantan Grant on May 9, 1975.
The other issues were, whether by refusing to pay cash payments to Kelantan although converting petroleum obtained offshore without paying for them, Petronas had acted in breach of Article 13 of the Federal Constitution.
…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Kelantan, Petronas | Permalink
Posted by Wata
February 20, 2015
Answer: Reality move. When we gonna get better utilization of the petroleum products we have? Me thinking reliable WAN mass public transportation, legislation of tiffin boxes vs. itty bitty plastic bags (we still need the big ones for trash), nuclear plant next to the residences of our DUN critters.
Dateline 2014-11-29, Malaysia Chronicle:
AFTER so much hesitation in the past due mainly to fears about its political impact, the government took the entire nation by complete surprise last Friday by removing subsidies on the RON95 fuel and diesel.
Their retail prices will from Dec 1 be set by using the managed float system.
This means that from Monday, consumers will enjoy the benefits from any fall in the price of global crude oil, something we have not been getting for the past 31 years when the retail price of petroleum products in Malaysia has largely either remained static or gone up.
…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Permalink
Posted by Wata
February 10, 2015
Reaaally?
Dateline 2014-11-25, Malaysia Reserve:
The government will intervene and re-introduce fuel subsidy if world oil prices rise again, says Deputy Finance Minister Datuk Chua Tee Yong.
He said the government has not abandoned its three-tiered fuel subsidy mechanism and that the targeted subsidy system for fuel is still being finalised by the Ministry of Domestic Trade, Cooperatives and Consumerism.
Chua’s statement came on the heels of the government’s announcement last Friday that the fuel subsidy for non-premium RON95 petrol and diesel would be abolished on Dec 1 and the fuel would be priced based on the monthly average world price of crude oil on a floating mechanism.
The move coincided with the falling global crude oil prices, which is expected to continue for some time.
Chua said yesterday that the government will remove the floating fuel price for RON97 and imposed the three-tiered subsidy mechanism if the global crude price hits the government’s target price.
…
Leave a Comment » | Malaysian election, oil and gas | Tagged: Chua Tee Yong, petrol | Permalink
Posted by Wata
February 7, 2015
Weren’t dealers complaining recently that they were not making enough money?
Dateline 2014-11-24, The Malaysian Insider:
The government’s move to scrap the fuel subsidy and base the prices of RON95 petrol and diesel on a managed float system starting next month means that the rakyat will have to bear the extra burden of guaranteeing the profits of oil companies and petrol dealers, a PKR lawmaker said today.
Party secretary-general Rafizi Ramli said this was because under Malaysia’s version of the managed float system, about 30 sen was padded into the per litre cost of petrol and diesel, which was for profits guaranteed to oil and gas companies and petrol dealers.
This covers their costs of transportation, distribution, marketing and operations and also protects them from global price fluctuations.
…
Leave a Comment » | Malaysia, Malaysian election | Tagged: petrol, Rafizi Ramli | Permalink
Posted by Wata
February 5, 2015
Dateline 2014-10-21, Malay Mail Online:
Opposition leaders have hit out at the rolling back of subsidies on RON95 fuel and diesel as “irresponsible” and “too drastic”.
PKR secretary-general Rafizi Ramli said that for decades Malaysia has been able to share part of its oil wealth with its citizens through a system of subsidised fuel, adding that part of the oil wealth flowed to the people directly and that they did not have to wait for the government to make allocations.
“The issue of petrol and diesel subsidies in this country should not be to the decided by whether the subsidies are good or bad for the economy.
“The bigger principle is whether the wealth from oil and gas found in this country is shared with the people, and not just spent arbitrarily by the government.
…
Leave a Comment » | Malaysia, Malaysian election | Tagged: Rafizi Ramli | Permalink
Posted by Wata
January 9, 2015
And why not? This is separate from the GST, is it not? And did we not elect Putrajaya?
Dateline 2014-11-01, The Malay Mail:
A DAP lawmaker told Putrajaya today not to impose a petroleum sales tax in the event that global crude oil prices fall further.
Kluang MP and DAP’s National Political Education Director Liew Chin Tong said that the government should not attempt to impose the said tax as means to just fill the revenue gap, as a result of smaller petroleum-related revenue from Petronas.
He said the government should instead commit to reducing the price of RON95, if global prices continue to fall.
“It is most unfair for the Malaysian public if a sales tax is imposed when crude oil prices fall below the current pump price,” Liew said, calling on Prime Minister Datuk Seri Najib Razak to “categorically reject” such an option immediately.
…
Leave a Comment » | Malaysia, Malaysian election | Tagged: Liew Chin Tong, RON95 | Permalink
Posted by Wata
January 4, 2015
Track the liquid gold here.
Dateline 2014-10-31, The Star:
Malaysia’s oil and gas (O&G) sector could very well remain immune to falling oil prices as it continues to be bolstered by monies flowing from Petroliam Nasional Bhd (Petronas).
CIMB Research said it expected Petronas’ spending to continue flowing to refiners as well as O&G service companies.
It also said the shale gas revolution, which was one of the contributing factors for the decline in the oil price, was positive for liquefied natural gas (LNG), liquefied petroleum gas and ethane shipping products.
This would translate into stronger order prospects for gas carriers and product and chemical tankers, CIMB Research said.
Brent crude, the global benchmark, declined to US$82.60 a barrel on Oct 16, the lowest in almost four years.
…
Leave a Comment » | Malaysian election, oil and gas | Tagged: Petronas | Permalink
Posted by Wata
December 20, 2014
Dateline 2014-10-14, Malaysia Reserve:
The government expects to cut down substantially its fuel subsidy bill with the proposed fuel price mechanism that could differentiate between eligible and non-eligible buyers at the pump.
Finance Ministry Secretary General Tan Sri Dr Mohd Irwan Serigar Abdullah said the fuel subsidy mechanism that will be introduced before the end of the year will weed out those not eligible for subsidy.
Under the present blanket fuel subsidy, non-eligible motorists including foreign vehicles are also enjoying the subsidy.
Mohd Irwan said the recent reduction of 20 sen per litre in fuel subsidy will save the government about RM1 billion per month from October, which translates to RM4 billion in total for 2014.
“We do not expect to collect as much savings from that unless we introduce this new and more targeted fuel subsidy mechanism soon,” he said in Kuala Lumpur yesterday.
…
Leave a Comment » | Malaysia, Malaysian election | Tagged: petrol, subsidy | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 