MOGSEC 2018
November 7, 2018
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Act to regulate oil industry in Sabah
November 6, 2018Dateline 2018-08-14, Borneo Post:
Chief Minister Datuk Seri Mohd Shafie Apdal will announce an enactment on mineral resources that will allow the state government to regulate the oil industry over its land and water in the future.
Shafie said this at the State Assembly in response to another additional question posed by Datuk Dr Jeffrey Kitingan on whether the state government would emulate Sarawak and activate the mining and land ordinance laws to regulate the Sabah oil industry.
“Indeed, that is always in our thoughts. Soon I will have an enactment associated with minerals, but we are looking at two sectors. Whether it will be in the power over land, if it is in the field of land (it will cover) only mainland and where the offshore, you cannot do anything.
“But if it covers up the whole thing that is related to the ordinance of available mineral resources, I am confident that this will further empower the state government. I hope that YB Tambunan can provide support when I present this ordinance,” he quipped.
Shafie will also lead the pursuit of Sabah’s 40% oil net revenue owed by the federal government to the state as stated in the Malaysia Agreement 1963 (MA63) and Schedule 10, Article 112 of the Federal Constitution.
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For Sarawak, oil royalty dispute blots Pakatan Harapan’s first 100 days
November 5, 2018Dateline 2018-08-15, Today Online:
For Sarawakians, Pakatan Harapan’s (PH) perceived lack of commitment to the fulfilment of its oil royalties and other provisions of the Malaysia Agreement 1963 (MA63) has defined the coalition’s first 100 days in power.
Mr Abdul Karim Rahman Hamzah, vice-president of Sarawak’s ruling Parti Pesaka Bumiputera Bersatu (PBB), said PH’s failure to increase the state’s oil royalty from five to twenty per cent was “most glaring”.
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Sabah expects RM5 bil in petroleum royalty
November 4, 2018Will that be in physical barrels?
Dateline 2018-08-14, FMT:
The Sabah government expects no less than RM5 billion annually if petroleum royalty is increased from 5% to 20%.
However, Chief Minister Mohd Shafie Apdal said Petronas had informed the state government that cash payments from oil and gas revenues would depend on various factors.
“Among the factors which determine the amount of royalty include the mechanism and basis for the increments in cash payments which need to be discussed and decided by the relevant parties, estimates of oil and gas output, advanced plans for the development of oil and gas fields and global crude oil prices,” he said.
Shafie, who is also the state finance minister, said this in reply to a question from Dr Joachim Gunsalam (PBS-Kundasang) at the Sabah state assembly here today.
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GEV PURSUES MALAYSIAN GASFIELDS JOINTLY WITH TAMARIND RESOURCES
November 3, 2018This is based on a paywall protected article, GEV PURSUES MALAYSIAN GASFIELDS
JOINTLY WITH TAMARIND RESOURCES, dateline 2018-08-17, Business News WA. The .doc file is here.
Global Energy Ventures Ltd (ASX:GEV), a developer of global integrated compressed natural gas (CNG) projects, is pleased to advise that it has entered into a Letter of Intent (LOI) with Tamarind Resources Pte Ltd (Tamarind), an oil and gas operator headquartered in Kuala Lumpur, Malaysia.
The aim of the LOI is to jointly identify, evaluate and pursue an interest/operatorship in gasfields in the Malaysian region, using GEV’s proprietary CNG Optimum technology and CNG Optimum 200 MMscf ships to export gas to markets within a 2,500 km range.
Under the LOI, both parties have already established a commercial case for a particular offshore Malaysian gas field, and have since expressed their interest to the authorities to conduct further due diligence and potential interest/operatorship in such field.
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Shout Out: MOGEC Talk 2018-11
November 2, 2018
MOGEC will be hosting a talk titled ‘A Trade War and An Austerity. Where to hide?’ by Peck Boon Soon. Those of you whose gut reaction is ‘under our beds’ should come.
The talk will be on 15th November (Thursday) from 12pm to 3pm at the Royal Selangor Golf Club (you know you want to go there).
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IPC outlines offshore Malaysia drilling goals
November 2, 2018Dateline 2018-08-07, Offshore Mag:
IPC Petroleum Corp. continues to assess new infill drilling opportunities at the Bertam field offshore Peninsular Malaysia, the company said in a results statement.
This follows positive results from previous infill drilling programs and continued good reservoir performance.
In addition, the company is looking to drill an exploration well on the Keruing prospect in late 2018, subject to regulatory approval and rig contracting.
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Oil royalty: Calling the brave ones
November 1, 2018Dateline 2018-08-19, FMT:
Petronas’ Group Strategic Communications wrote a letter to the editor of The Edge to clarify the outdated Production Sharing Contracts (PSC) terms used in their article “The black gold conundrum” dated July 30.
It highlighted the improper use of the PSC Cost/Profit oil split of 70/20 that is no longer in use, and any calculation on the distribution of wealth using the outdated split was therefore wrong.
Petronas also provided an illustration of the Revenue/Cost (R/C) PSCs split which are in use today.
Apart from The Edge, many others have tried to calculate the “profits” from the PSCs, using the now contentious PSC splits, with regard to Sarawak’s claim for 20% royalty from revenue for its oil and gas resources and recent Pakatan Harapan’s (PH) offer for a 20% royalty from profits.
Animah Kosai (founder at Speak Up, on Linkedin July 26) had 50% Cost Oil to the Operator. Azman Ujang (“The real deal behind Oil Royalty” the Sundaily, July 27) had it at 70% for the recovery of the cost of production.
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Oil and gas duo charged with receiving illegal proceeds
October 30, 2018Dateline 2018-08-06, FMT:
A former director of an oil exploration company and a former technical assistant with Petronas Carigali Sdn Bhd, were charged at the Sessions Court with receiving proceeds from unlawful activities, totalling more than RM1.7 million.
The duo were previously charged with making false claims.
Yong Mee Lan, 54, and Ahmad Asyraaf Kamarul Zaman, 29, who were charged separately, however, pleaded not guilty before judge Rozina Ayob.
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Restore Sarawak’s rights to its oil
October 29, 2018Dateline 2018-08-06, FMT:
Economic Affairs Minister Mohamed Azmin Ali has told Parliament that Pakatan Harapan’s (PH) election promise of giving a 20% “royalty” to oil-producing states was based on “a loose definition of the word… The term cash payment is not used generally, but it is generally understood to mean a royalty”.
He said a special Cabinet committee had been formed to negotiate with the oil-producing states on how to increase the 15% payments to them, on top of the existing 5% of gross profit cash payment under the Petroleum Development Act (PDA).
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Wata - Malaysian Oil and Gas Engineer 