Online hiring in O&G industry still flying high

January 15, 2019

Dateline 2018-12-12, FMT:

The oil and gas industry in Malaysia has recorded 19 consecutive months of year-on-year growth, up 13% in October according to the latest Monster Employment Index (MEI).

On a six-month basis, the sector recorded positive growth of 8%.

The only other industry monitored by the MEI which registered positive growth and online recruitment activity in the same period was the IT, telecom/internet service provider and business process outsourcing/information technology enabled service sector, which recorded growth of 25%.


Murphy Oil Reportedly Receives Big Bid For Malaysian Assets

January 14, 2019

Dateline 2018-12-10, Seeking Alpha:

Murphy Oil Corporation (NYSE:MUR) has reportedly received a bid from an unknown third-party that is seeking to buy its Malaysian oil & gas assets for US$2 billion-US$3 billion. The division is a material cash flow generator to Murphy Oil Corporation as the upstream player pumped 46,700 BOE/d net out of Malaysia during the third quarter of this year (61% liquids cut). Murphy Oil Corporation also has several very promising growth prospects in the region, including an ongoing floating liquefied natural gas development in Block H. The firm would need to receive a generous offer to part with those opportunities. Let’s dig in.


Malaysia cuts oil output by 15,000 barrels a day in line with Opec decision

January 13, 2019

Dateline 2018-12-08, Malay Mail:

Malaysia will reduce its total oil output by 15,000 barrels per day from next year following the decision of Organisation of the Petroleum Exporting Countries (Opec) to cut production levels.

 


O&G stocks may be heading for better 2019?

January 12, 2019

Ho ho ho.

Dateline 2018-12-04, NST:

Oil and gas stocks may be headed for a better year in 2019 as crude oil price claw back the current losses to trade over US$70 per barrel from January onwards.

The energy index, which represents the stocks, rebounded on Monday from its one-year low as crude oil price rose, but the index may continue to stay volatile until the end of the year, analysts said.

They said this gives investors the opportunity to hunt for bargains.

The looming weakness in current crude oil price stems from concerns over a global supply glut, exacerbated by waivers given by the United States to continue purchasing oil from Iran, one of the analysts said.

Brent crude oil price marked its eighth week of losses after declining marginally by 0.2 per cent last week to US$58.71 per barrel.

Brent crude has traded around US$66 per barrel on average for the last one month.

On Monday, the Brent rebounded 4.86 per cent to US$62.35 as at 2pm.


Govt seeks to decrease oil production to stabilise prices

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.

 


Laying claim on oil and gas

January 10, 2019

Dateline 2018-12-04, Borneo Post:

Sarawak is merely exercising its rights over oil and gas found in the state’s waters and shores.

Chief Minister Datuk Patinggi Abang Johari Tun Openg says in this context, Sarawak is not making any demands over the matter as it involves what rightfully belongs to the state.

“It is just a matter of rights. It is not demanding. If it is your house, and you want your house to be fenced up, that is what you want.

“That is not amounting to ‘demand’. That is just (our) right. Rights can be negotiated,” he told reporters after officiating at Zamalah Wartawan Malaysia organised by Malaysian Press Institute (MPI) here yesterday.


Production at Malaysian gas field to resume full production by August 2019

January 8, 2019

Dateline 2018-11-26, LNG Industry:

According to Reuters, Petronas has announced that production at the Kebabangan gas field in Sabah is expected to resume working at full capacity by August next year.
This follows disruption that was caused by a gas leak at the related Sabah Sarawak Gas Pipeline in January this year. Reuters reports that repairs have now been completed, but that integrity assurance tests are still being carried out on the 500 km pipeline. These tests are reportedly expected to be completed by July next year.

Reuters quotes Petronas as saying: “The supply disruption, however, did not impact our LNG cargo deliveries to customers.”

According to Reuters, the finance minister of Malaysia recently announced that the nation’s economic growth has been significantly affected by the supply disruption. He reportedly noted that gas exports have been seriously impacted since 2Q18.