M’sia key player in new oil, gas discovery

February 28, 2013

Man, ASEAN is up Via Merda if Malaysia is the leader.

FMT, Dateline 2013-02-20:

Malaysia is the key player in Southeast Asia’s upstream hydrocarbon sector with estimated discoveries of 1.4 billion BOE (barrels of oil equivalent last year, or 72% of the total discoveries in the region.

At least six new gas fields with combined estimated reserves of 7.3 trillion cubic feet (tcf) discovered in Malaysia were included in the top-10 largest discoveries in Southeast Asia, according to the report.

Malaysia’s state-owned energy company, Petronas Carigali, Swedish oil and gas firm Lundin Petroleum and US-based Murphy Oil were among the most successful players in Malaysia.

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Shamsul Azhar’s award ‘a tribute to Petronas’

February 27, 2013

From the Malaysian Chronicle, dateline 2013-02-19:

The current Petronas team has brought back excitement to the Malaysian oil and gas sector over the past three years.

Petronas president and chief executive officer Tan Sri Shamsul Azhar Abbas said this as he received The Man of the Year Award from The Oil & Gas Year Malaysia 2013 publication yesterday.

Shamsul Azhar said while he was pleased with the recognition, the award is a tribute to the organisation and his Petronas colleagues.

“This award serves as a timely reminder of what we have achieved together in the last three years. Within this period, we have reinvigorated and brought the excitement back to Malaysia’s oil and gas industry.”

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Shell gives green light to Malaysian oil

February 13, 2013

From UPI, dateline 2013-02-05:

A final investment decision with a consortium of energy companies makes deep-water work in Malaysia a reality, said Shell Malaysia Chairman Iain Lo.

Shell Malaysia announced it made a final investment decision with a subsidiary of ConocoPhillips and state-owned energy company Petronas to development the Malikai oil field in the deep waters of Malaysia.

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Telaga Minyak Bertam

January 22, 2013

So:

  1. Did I tell you that I am not a Khawarij/Kharijite?
  2. If you are not from Terengganu, you do know that the monetary gains from this field will be shared with you via the Federal Government, right? So, as non-Terengganite, where do you think my loyalties lie?

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PETRONAS PMU – Should It Be Wholly Malaysian

January 5, 2013

From the website:

PETRONAS was incorporated on 17 August 1974 as the national oil company of Malaysia, vested with the entire ownership and control of the petroleum resources in the country. It has since grown from merely being the manager and regulator of Malaysia’s upstream sector into a fully integrated oil and gas corporation, ranked among the FORTUNE Global 500® largest corporations in the world.

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From the Petroleum Development Act:

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2. (1)The entire ownership in, and the exclusive rights, powers, liberties and privileges of exploring, exploiting, winning and obtaining petroleum whether onshore or offshore of Malaysia shall be vested in a Corporation to be incorporated under the Companies Act 1965 or under the law relating to incorporation of companies.

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Of all the departments in PETRONAS, this is what PMU (insider link here) does:

The Petroleum Management Unit (PMU) of PETRONAS acts as resource owner and manager of Malaysia’s domestic oil and gas assets. It manages the optimal exploitation of hydrocarbon resources and enhances the prospectivity of domestic acreages to attract investment and protect the national interest. One of the key drivers of our business growth is deepwater E&P, with many positive prospects emerging in Malaysian acreages.

Which I think means, they are the MAN when it comes to dictating how the rakyat’s hydrocarbon resources are extracted.

Don’t you think you would want to staff the PMU with Malaysians from the rakyat who will have the national interest in mind? Don’t know about you, and statistics have not been made public, but I think there is a substantial amount of non-Malaysians in this critical organization. Examples are here, here, here. PETRONAS harps about Malaysianization of key positions in oil & gas exploration and production (E&P) companies, but maybe it should look at cleaning up its backyard first. It’s not like they don’t have talent in their other Business Units (BU), for example PCSB. And I am not saying that existing PMU foreign talent is incompetent, but maybe should be located in less critical PETRONAS units.

What say you?

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FOXE 2012 4Q meeting

January 4, 2013

Some photos from the FOXE 2012 meeting.

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Petronas CEO ready to quit any time

November 30, 2012

Link bait.

Dateline 2012-11-12:

Tan Sri Shamsul Azhar Abas has hinted that he may not stay long at Petronas under its new succession policy after pushing through reforms to distance itself as the country’s piggy bank in the last two years he has been its CEO.

“I’ve identified my successor and I’m ready to leave any time. Even tomorrow.

“I don’t believe in self-preservation,” Shamsul told Financial Times (FT) in an interview published today.

Petronas’ chief executive and board serve at the pleasure of the prime minister who have over the years tapped into the state oil firm’s funds to build their dream projects and bail out their mistakes.

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Sabah’s oil curse strikes again

November 29, 2012

Didn’t know there was a curse. Ni macam sumpah Pulau Langkawi ke?

Dateline 2012-11-12:

Sabah lost control of its oil wealth more than 30 years ago but the fallout of the widely acknowledged cock-eyed contract is continuing to roil business dealings in the state.

The state Barisan Nasional government is now facing more questions over how it is managing the Petronas-sponsored Sabah Oil and Gas Terminal (SOGT) project that began more than a year ago.

The Sabah Progressive Party (SAPP) has accused Chief Minister Musa Aman’s Umno-led BN government of failing to safeguard the interest of the local companies in the ongoing multi-billion-ringgit project.

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Kelantan would settle oil royalty suit out of court, says Husam

November 21, 2012

Dateline 2012-11-02:

 Kelantan is willing to settle its long-drawn oil royalty dispute out of court if Putrajaya expedites approval of the PAS state’s demand for RM800 million in annual royalties owed since 2005, state executive councillor Datuk Husam Musa has said.

Husam, who heads Kelantan’s Oil Royalty Action Committee, was weighing in on the government’s announcement on Tuesday promising a RM100 million payment to Pahang for untapped oil fields off the state coast.

“There is no more reason to refuse payment to Kelantan. I hope we can settle this out of court,” he told The Malaysian Insider earlier this week.

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PETRONAS Carigali discovers more oil reserves in Bertam, says PM

November 17, 2012

Note the “opposite the state of Pahang” jibe.

Dateline 2012-10-30:

 Prime Minister Datuk Seri Najib Razak today announced that PETRONAS Carigali Sdn Bhd and Lundin Oil have jointly discovered additional oil reserves, under a production-sharing contract (PSC), at Block PM 307 of the Bertam oilfield.

He said the oil field, located 160 kilometres offshore Peninsula Malaysia, is opposite the state of Pahang at the depth of 76 metres.

PM 307 PSC is operated by Lundin Malaysia which holds a 75 per cent interest and Petronas holds the remaining equity.

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