Malaysia’s Petronas warns on 2017 outlook despite swing to Q4 profit

April 27, 2017

Dateline 2017-03-14, Reuters:

Malaysia’s Petroliam Nasional Bhd warned on Tuesday of a cautious outlook for 2017, although sharp cutbacks in expenses by the state-run oil major allowed it to swing to a fourth-quarter profit from a loss in the year-ago period.

Petronas maintained what it called a “conservative” outlook for this year – despite also posting a higher profit for 2016 – saying it expects oil prices to remain uncertain and that it will continue to pursue lower costs.

Petronas, as the company is known, is relying on lower operating expenses, job cuts and project rollbacks to help it navigate through a low oil price environment.

Malaysia relies on its only Fortune 500 company for nearly a third of its oil and gas-related revenue. Petronas is one of the country’s largest employers with a workforce of over 50,000.


Saturday Star 2017-04-22 – Job Opportunities

April 24, 2017

Happy Pertabalan 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. 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 3Q2017. Send me your POs.

Food choice of the week? The nostalgic food stall, near your parents home. McD Bangsar Baru does not count.

Seeing that Joe Dever has passed away, you may want to revisit his books:

Flight from the Dark (Lone Wolf, Book 1), Legends of Lone Wolf Omnibus 1, War of the Wizards (The World of Lone Wolf, Book 4)


Malaysia O&G services, equipment firms’ combined profit down 52% in FY15

April 23, 2017

Let’s see.. Yup, this is a optimistic reduction.

Dateline 2017-03-07, Astro Awani:

Malaysia Petroleum Resources Corp (MPRC) disclosed that overall profit for the Malaysian oil & gas services and equipment (OGSE) companies here slumped by more than half to 3.1 billion ringgit in financial year 2015. This is considering how badly the O&G sector was hit following the crude oil price crash.


Malaysia’s Petronas Swings to Profit Amid Higher Oil Prices

April 22, 2017

Dateline 2017-03-14, Bloomberg:

Petroliam Nasional Bhd., Malaysia’s state oil company, swung to a profit last quarter amid higher oil prices and as the company recorded lower impairment costs.

Net income was 9.42 billion ringgit ($2.1 billion) in the three months through December, from a loss of 4.69 billion ringgit a year ago, the company said Tuesday. Revenue fell 2.6 percent to 58.6 billion ringgit.

While cost-cutting helped improve performance and the global oil market is expected to rebalance, the outlook remains uncertain, Chief Executive Officer Wan Zulkiflee Wan Ariffin told reporters in Kuala Lumpur. “We are preparing ourselves for a very uncertain second half of this year.”

 


MPRC study shows Malaysian O&G companies more resilient than regional peers

April 19, 2017

Kipidap, as Rani Kulup would say.

Dateline 2017-03-06, The Edge:

The abrupt steep fall in global oil prices that has forced industry players to adjust to the “new normal” — low crude prices coupled with high cost pressures, Malaysian oil and gas services and equipment (OGSE) companies in fact fared better than regional and international players.

Speaking at the exclusive briefing organised by Malaysia Petroleum Resources Corp (MPRC), Malaysian Offshore Vessels Owners’ Association president Amir Hamzah Azizan said that the analysis showed the national oil and gas (O&G) industry is still resilient and stands a greater chance compared with other markets to rise from the current industry downturn.

“Let’s see this as an opportunity for our industry and country to rise from this downtrend. The landscape is changing globally but there is still great value in the industry,” Amir said.

 


MALAYSIA GONNA START CHANGING PETROL PRICE EVERY WEEK? WON’T THAT SUSAHKAN US MORE?

April 18, 2017

Dateline 2017-03-14, Cilisos:

Just 3 years ago, Malaysia was still a country with petrol subsidies, but that all changed when the gomen decided they weren’t going to pay for those subsidies anymore. Malaysia then moved to a float system, where the prices of petrol locally would be determined monthly by the prices worldwide.

For the longest time, our Editor-In-Chief had been wanting for one of us writers to write about how these monthly petrol prices in Malaysia are calculated. Sadly, it kept getting postponed either because of something more current or we just forgot. In fact, our saudara at SOSCILI ended up writing about it before us.

With the price of petrol and diesel going up in the past 2 months, we thought it would be a good time to translate their article. But as soon as this writer started researching about the topic, we realised that some major changes are coming where petrol prices are concerned.


Saturday Star 2017-04-15 – Job Opportunities

April 17, 2017

Happy The Last Jedi trailer 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.

  • KPOC is looking for a Project Engineer, Control and Instrumentation Reliability Engineer. Visit their LinkedIn page or email them here.
  • I have a feeling that The Star isn’t the preferred O&G job recruitment portal now. 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 3Q2017. Send me your POs.

Food choice of the week? The nostalgic food stall, near your parents home. McD Bangsar Baru does not count.

Seeing that Joe Dever has passed away, you may want to revisit his books:

Flight from the Dark (Lone Wolf, Book 1), Legends of Lone Wolf Omnibus 1, War of the Wizards (The World of Lone Wolf, Book 4)