Oil ownership case may ‘break’ Malaysia, STAR warns

July 12, 2018

Oo, does that mean we will have ‘Malay’ and ‘Sia Republic’?

Dateline 2018-06-06, FMT:

Parti Solidariti Tanah Airku (STAR) president Jeffrey Kitingan today warned that any court ruling favouring Petronas in the matter of petroleum resources ownership could signal “the end” of Malaysia.

“If the federal government insists on this, we will go back to the basis of the formation of Malaysia.

“What do they want to do? Break up Malaysia? This is a big case, and I am surprised the state government is not saying anything about it,” he told reporters after attending the annual Double Six memorial day here.

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Malaysia’s Finance Ministry unearths S$3.2b gas pipeline scandal

July 11, 2018

Dateline 2018-06-05, Straits Times:

Malaysia’s Finance Ministry has discovered dubious payments made in two pipeline projects, with nearly 90 per cent of the contracts worth RM9.4 billion (S$3.2 billion) being paid out but only 13 per cent of the work being completed.

The projects – one multi-product petroleum pipeline running from Melaka and Negeri Sembilan to Kedah, and a gas pipeline from Kimanis to Sandakan and Tawau, all in Sabah – were handled by Suria Strategic Energy Resources (SSER), a wholly owned subsidiary of the Ministry of Finance.

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Malaysia’s national oil company files for declaration it owns all oil, including in Sarawak

July 9, 2018

Dateline 2018-06-04, Straits Times:

Malaysia’s national oil company Petroliam Nasional (Petronas) has gone to court for a declaration that it is the exclusive owner of the petroleum resources in the country, including in Sarawak state.

Petronas said on Monday (June 4) it had filed an application before the Federal Court seeking the declaration under the Petroleum Development Act 1974 (PDA), which governs the petroleum industry in Malaysia.

The application also seeks a declaration that Petronas is the regulator for the upstream oil industry throughout Malaysia, including in Sarawak.

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Don’t plunder Petronas, Najib tells Pakatan government

July 6, 2018

Avast there, maties! BTW, when does Datuk Seri get his Tun?

Dateline 2018-05-31, The Star:

Former prime minister Datuk Seri Najib Tun Razak (pic) has urged the new government not to plunder funds from Petronas for bailouts.

“I urged the new government to continue to give sufficient space and capital to Petronas to fulfil their vision and not to plunder funds from Petronas or through bail-out missions as what was done during the 22 years of Tun Dr Mahathir Mohamad’s previous administration,” he said on his Facebook post on Thursday (May 31).

Najib noted the new Pakatan Harapan government recently stated that the shortfall in revenue due to the abolishment of the Goods and Services Tax (GST) would be made up by Petronas, Khazanah, and Bank Negara Malaysia by making higher dividend payments to the government.

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RON95 and diesel price to stay, RON97 will be floated — PM

July 5, 2018

Dateline 2018-05-30, The Edge:

The government will retain the current price of RON95 and diesel at the pumps, but the price of the premium RON97 petrol will be subject to a float system, Prime Minister Tun Dr Mahathir Mohamad said today.

“The price for diesel and RON95 will be maintained, but the price for RON97 will be floated according to the market,” Dr Mahathir told reporters after chairing the second weekly Cabinet meeting here today.

At present, RON95 and diesel are sold at RM2.20 per litre and RM2.18 per litre respectively, while that of RON97 is priced at RM2.47 per litre. The retail fuel prices have remained unchanged ahead of the 14th general election on May 9, despite crude oil prices rising to US$75.39 per barrel at the time of writing.

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‘Higher oil price makes fuel subsidy less viable’

July 3, 2018

Dateline 2018-05-29, NST:

The Pakatan Harapan (PH) government may not be able to keep subsidising fuel price for too long if global oil price remains above US$70 per barrel, analysts said.

They estimated that based on the current oil price at about US$76 per barrel, the local fuel price at service stations should be about 40 sen higher than what it is now.

For the week just ended, the benchmark Brent crude oil price suffered its first weekly loss of 2.64 per cent after six straight weeks of gains, settling at US$76.44 per barrel.

Over the past seven weeks, the price of RON95 petrol remained at RM2.20 per litre, RON97 at RM2.47 per litre, diesel at RM2.18 per litre and Euro 5 diesel at RM2.28 per litre.

Prime Minister Tun Dr Mahathir Mohamad recently said the government would no longer be using the weekly fuel price adjustments under the managed float system.

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Analysis: Malaysia regime change heralds risks for Southeast Asian oil and gas

June 25, 2018

Dateline 2018-05-11, Platts:

The surprise outcome of Malaysia’s historic 2018 elections has elevated risks for the oil and gas sector in Southeast Asia, stemming from the winning coalition’s stance on fuel subsidies, its position on Chinese business investment and potential interference in the working of Petronas — one of the largest national oil companies in the region.

Malaysia is currently the world’s third-largest exporter of LNG, having been displaced by Australia from second place in 2017, and the second-largest oil and natural gas producer in Southeast Asia after Indonesia.

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Warning against intrusion near oil rigs

June 17, 2018

Dateline 2018-05-05, Daily Express:

The Malaysian Maritime Enforcement Agency (MMEA) will take stern action against those caught intruding into oil rig areas in the State waters and conducting fish bombing activities.

Its District Director, First Admiral Adam Aziz, said the agency arrested seven people who did not possess any valid documents in the past two years for intruding into the restricted areas.

He said items worth an estimated RM15,000 were seized, including pump boats, which would be destroyed according to the procedure set under the Malaysian law.

“The agency will identify the boats’ registration numbers, issue warnings and take appropriate action against their owners.

“Most of these wrongdoers had intruded into the said areas for fishing and some were seen smoking cigarettes and even cooking their meals under the rigs, posing safety risks to the oil rig workers and fishermen,” he said.

“Those caught intruding into those areas risk a RM10,000 fine or two years’ jail, or both, under the Protected Areas and Protected Places Act 1959,” he added.

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MPRC to engage Sarawak, Petros on new O&G ruling

June 16, 2018

For the historical record.

Dateline 2018-04-24, The Malaysian Reserve:

Malaysia Petroleum Resources Corp (MPRC) will collaborate with the Sarawak state government on the latter’s move to assume control of its oil and gas (O&G) rights from Petroliam Nasional Bhd (Petronas).

MPRC stated it would also engage with the relevant parties including Petroleum Sarawak Bhd (Petros) on how local O&G service and equipment players are to proceed once the takeover move and new rulings come into effect on July 1 this year.

“We will update industry players once there is further clarity on the regulatory structure and how local O&G service and equipment companies could be impacted by the changes,” MPRC stated in its response to a query by The Malaysian Reserve (TMR) on the latest status of the move by the Sarawak state government.

Following prospective amendments to the Oil Mining Ordinance 1958 and Gas Distribution Ordinance 2016, companies involved in Sarawak’s O&G industry will be required to obtain the necessary licences and leases from the state government.

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O&G industry under state law

June 15, 2018

This may be a historical note, maybe not.

Dateline 2018-04-20, Borneo Post:

Actions and penalties will be taken against any person or company including its contractors, sub-contractors and vendors operating in Sarawak without licences issued by the state government when the new regulatory framework over the oil and gas industry comes into force effective this July 1.

In order to ensure an orderly implementation of these new policies by the state government, Chief Minister Datuk Patinggi Abang Johari Tun Openg said an engagement with all industry players including Petronas will be held in the middle of next month (May).

“This is to inform them (industry players) about the state’s new regulatory framework over the upstream and downstream aspects of the oil and gas industry in Sarawak,” he told a press conference after witnessing the signing of a land lease agreement for the development of an integrated supply base at Bintulu Port in a leading hotel here yesterday.

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