January 11, 2019
Dateline 2018-12-04, The Star:
Malaysia will seek to decrease oil production in order to stabilise global oil prices, says Datuk Seri Mohamed Azmin Ali (pic).
“Even though we are not a member of Organisation of the Petroleum Exporting Countries (Opec), it needs the support of small producers like Malaysia to help stabilise the price of petroleum,” the Economic Affairs Minister said.
Malaysia will take part in the Opec discussion in Vienna today.
Member and non-member countries are set to reach an accord over possible output cuts to address falling crude oil prices.
At present, Brent crude oil prices stand at US$62.34 (RM260) per barrel, compared to US$70 (RM292) a barrel when Budget 2019 was tabled on Nov 2.
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Posted by Wata
January 3, 2019
Dateline 2018-11-14, FMT:
Former prime minister Najib Razak continued to pour scorn on Pakatan Harapan’s (PH) maiden budget today, saying its decision to formulate the budget based on the Brent crude oil price of US$72 per barrel had backfired.
Najib (BN-Pekan) said he had warned the government, during his debate on the mid-term review of the 11th Malaysia Plan, not to use the pricing of US$70 per barrel to formulate the budget.
He noted that back then, the crude oil price was US$80 a barrel.
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Posted by Wata
August 20, 2018
Dateline 2018-06-17, FMT:
Sarawak will use documents related to the 1963 Malaysia Agreement which were found in London last year as a reference in its fight for rights to oil and gas produced in its territory.
State Law, State-Federal Relations and Project Monitoring Assistant Minister Sharifah Hasidah Sayeed Aman Ghazali said the documents, discovered by a team of lawyers which she led, could serve as evidence on the state’s rights.
“We will definitely use the documents that we obtained in London; they are certified true copies not just photostated. These will be used to assist us as evidence later in court,” she said when asked about Sarawak’s preparations in facing Petronas’ attempt in the Federal Court to seek a declaration that the Petroleum Development Act 1974 was also valid for the petroleum industry in Malaysia.
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Posted by Wata
August 16, 2018
Dateline 2018-06-13, FMT:
It was reported on June 5 that Petronas had gone to court to seek a declaration that under the Petroleum Development Act 1974 (PDA), the national oil company had exclusive rights over oil and gas resources in Malaysia.
Petronas’ move is in response to Sarawak’s announcement on March 7 that it had assumed full control of oil and gas resources within its territorial boundaries.
The legal test initiated by Petronas is shaping up to become a battle royale between a corporate body and a founding state of Malaysia.
After the Cabinet meeting on June 6, Prime Minister Dr Mahathir Mohamad said the federal government would leave it to the court to decide on the dispute between Sarawak and Petronas, clearly washing his hands over what could be a tenacious battle between federal and state rights.
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Posted by Wata
July 14, 2018
Dateline 2018-06-06, NST:
Sarawak Pakatan Harapan has urged the state government to amend the Petroleum Development Act 1974 (PDA).
Its chairman Chong Chieng Jen said if this was not done, the ownership and control of oil and gas industry in Sarawak would remain with Petroliam Nasional Bhd (Petronas).
He said the Chief Minister Datuk Patinggi Abang Johari Abang Openg had refused to do so and insisted that PDA was irrelevant in Sarawak.
“He (Abang Johari) has been saying the PDA is irrelevant and claimed that the state has the full regulatory authority over the upstream and downstream aspects of the oil and gas industry, with the establishment of the Petroleum Sarawak Berhad (Petros).
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Posted by Wata
July 12, 2018
Oo, does that mean we will have ‘Malay’ and ‘Sia Republic’?
Dateline 2018-06-06, FMT:
Parti Solidariti Tanah Airku (STAR) president Jeffrey Kitingan today warned that any court ruling favouring Petronas in the matter of petroleum resources ownership could signal “the end” of Malaysia.
“If the federal government insists on this, we will go back to the basis of the formation of Malaysia.
“What do they want to do? Break up Malaysia? This is a big case, and I am surprised the state government is not saying anything about it,” he told reporters after attending the annual Double Six memorial day here.
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Posted by Wata
July 10, 2018
Dateline 2018-06-05, FMT:
A Sarawak minister has welcomed Petronas’ move to let the Federal Court settle the issue of ownership of petroleum resources in the country.
“It’s good that Petronas is finally taking the matter to court for clarification so that Sarawak and Malaya can revisit what they negotiated and agreed to when they formed Malaysia,” said Abdul Karim Rahman Hamzah, the state minister for tourism, arts, culture, youth and sports.
“As far as Sarawak is concerned, resources within the state’s territory, which includes its continental shelf, belong to the state and require the state’s permission to extract.”
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Posted by Wata
July 6, 2018
Avast there, maties! BTW, when does Datuk Seri get his Tun?
Dateline 2018-05-31, The Star:
Former prime minister Datuk Seri Najib Tun Razak (pic) has urged the new government not to plunder funds from Petronas for bailouts.
“I urged the new government to continue to give sufficient space and capital to Petronas to fulfil their vision and not to plunder funds from Petronas or through bail-out missions as what was done during the 22 years of Tun Dr Mahathir Mohamad’s previous administration,” he said on his Facebook post on Thursday (May 31).
Najib noted the new Pakatan Harapan government recently stated that the shortfall in revenue due to the abolishment of the Goods and Services Tax (GST) would be made up by Petronas, Khazanah, and Bank Negara Malaysia by making higher dividend payments to the government.
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Posted by Wata
July 5, 2018
Dateline 2018-05-30, The Edge:
The government will retain the current price of RON95 and diesel at the pumps, but the price of the premium RON97 petrol will be subject to a float system, Prime Minister Tun Dr Mahathir Mohamad said today.
“The price for diesel and RON95 will be maintained, but the price for RON97 will be floated according to the market,” Dr Mahathir told reporters after chairing the second weekly Cabinet meeting here today.
At present, RON95 and diesel are sold at RM2.20 per litre and RM2.18 per litre respectively, while that of RON97 is priced at RM2.47 per litre. The retail fuel prices have remained unchanged ahead of the 14th general election on May 9, despite crude oil prices rising to US$75.39 per barrel at the time of writing.
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Posted by Wata
June 26, 2018
Slow news week. My apologies for the slowdown in the O&G sector.
Dateline 2018-05-16, Bloomberg:
A promise to scrap the goods-and-services tax helped Prime Minister Mahathir Mohamad win an election that led to Malaysia’s first change in government since independence.
Now, the question is how he will fund the nation’s budget without the 44.3 billion ringgit ($11 billion) earned from the consumption tax in 2017 alone. The answer might lie in his coalition’s manifesto.
The Pakatan Harapan alliance pledged to set up a sovereign wealth fund using profits from state-owned oil company Petroliam Nasional Bhd. to provide future welfare for the people and stability to the country. That may help the government balance its budget as it moves toward scrapping the GST.
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Wata - Malaysian Oil and Gas Engineer 