Gas Malaysia Bhd has been directed to implement the new average base tariff for the utilisation of the natural gas distribution system (NGDS) under the Incentive-Based Regulation (IBR) framework.
In a filing with Bursa Malaysia, Gas Malaysia said the directive was issued via a letter from the Energy Commission dated March 31.
“With the adjustment to the base average tariff, the allowed average tariff for Gas Malaysia Distribution Sdn Bhd (GMD) for the period from April 1 to Dec 31 is RM2.05/MMBtu. Meanwhile, the approved surcharge to GMD’s tariff, remains at RM0.62/MMBtu for the same period,” Gas Malaysia said.
Malaysia’s state oil firm Petronas PETR.UL said on Thursday it had become the first global energy company to produce liquefied natural gas (LNG) from two floating production units, following its first cargo delivery from the second floater facility.
The Petronas Floating LNG DUA (PFLNG DUA), sitting off the coast of Sabah on Malaysia’s Borneo island, has a production capacity of 1.5 million tonnes of LNG per year and operating at the water depth of 1,300 metres, the firm, formerly known as Petroliam Nasional Berhad, said in a statement.
MALAYSIA Petroleum Resources Corp (MPRC) expects local oil and gas (O&G) services and equipment (OGSE) players to reduce asset ownership this year despite the easing of movement restrictions and modest economic recovery.
MPRC president and CEO Mohd Yazid Ja’afar (picture) said for 2020-2021, it will be a challenging period for OGSE players due to disruption of economic activities which has led to grounding of thousands of airplanes and destruction in demand for oil.
“We expect 2021 to be a slightly better year for the OGSE industry as major economies start to reopen, albeit with strict adherence to Covid-19 standard operating procedures like observing physical distancing, and countries like the UK, US, China, India and Malaysia have rolled out their vaccination campaigns,” he said in a statement yesterday.
Malaysia’s oil and gas industry is in the recovery cycle this year as several sectors within the industry are expected to chart gradual recovery such as engineering, procurement, construction, installation, and commissioning (EPCIC), said AmInvestment Bank Bhd.
The investment bank said among the sectors was rising EPCIC would be driven by several activities, including pipeline installations growing by 4.2x to a base-case of 266 days in 2023 from 64 days in 2021 as more development projects tie in to existing platforms or processing facilities.
“Decommissioning of wells increase to 18 this year from 15 in 2020, which will rise further to 24 in 2022 and expand to remove 51 conductors, two floaters and one fixed platform,” it said in a research note Thursday.
AmInvestment Bank said currently, 56 per cent of Petronas’ 350 facilities were operating beyond the assets’ design life, 38 per cent of the 750 pipelines, while 45 per cent of the 3,000 wells were idle with over 500 wells were expected to be permanently plugged by 2030.
An asset manager of an oil and gas company and his wife were charged at the Sessions Court here today with 18 counts of accepting bribe and money laundering involving RM1.17 million between 2018 and 2019.
Len Chia Whey, 37, and Tong Karen, 36, however, pleaded not guilty to all offences before Judge Rozilah Salleh.
Len was charged with accepting cash of RM232,593 through a middleman as an inducement to help KK Choong Synergy Sdn Bhd secure four oil pumping subcontract projects, namely in Mukim Semabok, Melaka; Pekan Tanjung Karang and Mukim Ijok in Kuala Selangor, Selangor; and in Mukim Tebrau in Johor.
Oil and gas industry veteran Datuk Dr Ahmad Suhaili Idrus has been appointed chairman of the Malaysia Petroleum Resources Corporation (MPRC).
In a statement on Friday, MPRC president and chief executive Mohd Yazid Ja’afar said Suhaili Idrus’ appointment is part of the agency’s strategic effort to provide additional leadership experience to support its growth aspiration.