Petronas 2.0: tougher on costs and more downstream

September 22, 2017

Can I register Petronas20.com.my?

Dateline 2017-08-17, Reuters:

When Wan Zulkiflee Wan Ariffin took over as CEO of Malaysian state energy firm Petronas in April 2015, the price of a barrel of Brent crude oil had tumbled to around $55, half the level of the previous year.

Over the following months prices fell further, forcing Wan Zul, as he is better known, to lop $12 billion from costs and cut thousands of jobs for the first time at Petronas – a major contributor to Malaysia’s budget and one of the country’s biggest employers.

As he enters the final year of his three-year contract, he says Petronas is leaner and better placed to handle a volatile oil market, focusing on costs, high-margin businesses and possibly new growth streams such as renewables.


IEM Shout Out – 2017-10 Two-Day Course on Integrating Operational Perspective for Cohesive Design of Plant And Building Facilities

September 21, 2017

My technical division will be hosting a 2 day course on the 25th and 26th October 2017. It is worth 12.5 CPD points, and held at Wisma IEM. The course will be presented by Ir.Danaraj Chandrasegaran and Ir. Al-Khairi Mohd Daud

Plant and building facilities have diverse operational requirements due to the difference in user populations and the design intent of the facilities. Most facilities design is focused on the process requirements rather than the operations of the facilities. This course focuses on the operational perspective in the design of plant and building facilities. The term operational perspective covers all handling of materials, human machine interfaces and managing people in plant and building facilities.

General operational concerns are touched upon. The operational needs such as handling provisions, human factors and regulatory compliance for the facilities are summarized based on the current practices.  Also, recent development and engineering practices in the plant and building facilities operation are elaborated. Usage of human factors tools and others operational studies in design development activities are discussed as well.

Danaraj Chandrasegaran P.Eng MIEM CEng MIMechE. He is a Chartered Engineer and has honours degree in Mechanical Engineering from University of Technology Malaysia. He also holds a MEng degree in Mechanical Engineering from University of Malaya. He also presently a committee member with The Institution of Engineers Malaysia and Institution of Mechanical Engineers (UK) Malaysia Chapter. Since starting his career as a Mechanical Engineer, Danaraj has had a varied service; both in front line project execution as well as in technical, training, and management functions. His career has a diverse outlook on project execution ranging from building construction, marine, mining and energy industry; as a mechanical engineer. He has worked on several large-scale projects worldwide such as Shell Malikai TLP and Barzan Offshore Project. In addition, had edited and completed many large writing projects such technical reports, operating manuals and technical papers in the oil and gas industry.

Ir Al-Khairi is a member with Institute of Asset Management, UK. He is the past Chairman for Oil, Gas & Mining Technical Division and a member of Building Services Technical Division for the Institution of Engineers Malaysia (IEM). He is the Chief Consultant for Faqeh Management, a company that he formed to provide asset, facilities and energy management. He has conducted various facilities and energy audit for airports, offices buildings, healthcare facilities, manufacturing, process plants. He is also involved as data center planner and assessors.

Register here, or download the form here.


Saturday Star 2017-09-16 – Job Opportunities

September 18, 2017

Happy Offsite Teambuilding with Competitor week. IGL has pivoted into training, so book your seats now.

We’re thinking of republishing Young Turks of PETRONAS, but it’s a minimum 500 book printing run. Do I have enough interested persons to purchase?

Donate to your favorite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (3 books until I can get YTP republished). 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 have a feeling that The Star isn’t the preferred O&G job recruitment portal now, and they have moved adverts to another online presence (I bought a dead tree edition this week). I see more adverts via social media. What do you think, is it a step change that the papers need to embrace?
  • I’m looking for jobs for 4Q2017. Send me your POs.

Food choice of the week? Support your local mee bandung.

Book choice of this week, Chemical Engineering Process Simulation, authors are Nishanth Chemmangattuvalappil Denny Ng Kok Sum Rafil Elyas Cheng-Liang ChenI,Lung Chien Hao-Yeh Lee. I intend to get a signed first edition, and place it in my Charles Dickens first edition cabinet.


Petronas expects balance in oversupplied LNG market in 2023

September 17, 2017

Dateline 2017-08-15, Reuters:

Malaysian state energy company Petroliam Nasional Berhad [PETR.UL] expects the global liquefied natural gas (LNG) market to remain oversupplied until as late as 2023, its chief executive said on Tuesday.

Rising LNG production over the last two years, mainly from Australia and the United States, has exceeded demand and depressed prices. Asian spot LNG prices LNG-AS are now down by around 70 percent from early 2014.

Petronas, as the company is better known, only last month scrapped a proposed $29 billion LNG terminal project in western Canada, saying market conditions made the project “economically unviable”.

 


UPDATE: Malaysia Petronas Gas 2Q Net Profit Up 5.3% As Margin Improves

September 16, 2017

Dateline 2017-08-15, Nikkei Asian Review:

Petronas Gas, the gas processing arm of Malaysia’s national oil and gas firm Petronas, said Tuesday its second quarter net profit grew 5.3% on year on higher gross profit and improved margin across all segments.

Net profit for the three months ended Jun. 30 stood at 425.33 million ringgit ($98.99 million) compared to 403.75 million ringgit a year ago, the company said in an exchange filing. Quarterly revenue rose 4.9% to 1.17 billion ringgit from 1.12 billion ringgit a year earlier.

Petronas Gas said it expects performance to remain stable amidst the challenging economic environment on the back of its strong and sustainable income streams from existing Gas Processing Agreement, Gas Transportation Agreements and Regasification Service Agreement signed with Petroliam Nasional.


Saturday Star 2017-09-09 – Job Opportunities

September 11, 2017

Happy stay in office week. IGL has pivoted into training, so book your seats now.

We’re thinking of republishing Young Turks of PETRONAS, but it’s a minimum 500 book printing run. Do I have enough interested persons to purchase?

Donate to your favorite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (3 books until I can get YTP republished). 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 have a feeling that The Star isn’t the preferred O&G job recruitment portal now, and they have moved adverts to another online presence (I bought a dead tree edition this week). I see more adverts via social media. What do you think, is it a step change that the papers need to embrace?
  • I’m looking for jobs for 4Q2017. Send me your POs.

Food choice of the week? Support your local mee bandung.

Book choice of this week, Chemical Engineering Process Simulation, authors are Nishanth Chemmangattuvalappil Denny Ng Kok Sum Rafil Elyas Cheng-Liang ChenI,Lung Chien Hao-Yeh Lee. I intend to get a signed first edition, and place it in my Charles Dickens first edition cabinet.


Why Malaysia’s Readying for a Lower-Energy Future: QuickTake Q&A

September 9, 2017

Dateline 2017-08-09, Bloomberg:

Malaysia is the world’s third-largest exporter of liquefied natural gas and the only net exporter of energy among Asia’s major economies. So it stands to reason that energy prices and output levels hold great sway over the economy, and Malaysia’s currency. Unfortunately for the Southeast Asian nation, oil prices have tumbled and domestic production is close to peaking. That’s hurt the ringgit, which remains stubbornly correlated to oil prices even as Malaysia’s oil-related revenues fall, and pushed the authorities to seek ways to compensate.

1. How big a hit has Malaysia taken?