Malaysia’s O&G players are getting more jobs, but not the financing they need

January 30, 2018

Are banks still giving O&G workers personal loans? Hello, BSN? And how is an AG company, a Malaysian company?

Dateline 2017-12-09, The Edge:

Malaysia-based oil and gas (O&G) outfit De Raj Group AG just got the requisite approvals for a listing on the Frankfurt Stock Exchange in Germany — far from home but pushed to do so because banks are just not touching oil and gas companies, according to its CEO Vaidyanthan Nateshan.

“We have bankers telling us they won’t touch oil and gas companies with a barge pole, so I’m taking the company to Europe,” he was quoted as saying in The Edge Malaysia‘s cover story for the week of Dec 11-Dec 17, ‘Oil & gas conundrum’, by senior news editor Jose Barrock.

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Malaysia’s Hibiscus To Buy Shell’s 50% Stake In North Sabah Production Contract

January 29, 2018

Dateline 2017-12-05, Nikkei Asian Review:

Hibiscus Petroleum, a Malaysian petroleum exploration and production firm, said Tuesday it plans to buy Shell’s 50% stake in the 2011 North Sabah enhanced oil recovery production-sharing contract.

The company has secured unconditional consent from the national oil-and-gas company Petronas for the proposed acquisition of the North Sabah contract from the Dutch oil major, Hibiscus said in an exchange filing. The contract provides production rights until 2040, the company said.

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Saturday Star 2018-01-27 – Job Opportunities

January 29, 2018

Happy worry about a new year 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, and they have moved adverts to another online presence (I bought a dead tree edition this week). 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 2Q2018. Send me your POs.

Food choice of the week? Please patronise King’s Confectionery at IOI Mall. A member of the family is working there while waiting for exam results. Go on, you know you want to a donut (British edition) every 3 hours.

This week, may I suggest you have a peek at Dakwah Corner? They have branches in Subang Parade, PJ Section 14, Ampang Park (okay, forget about the Ampang Park branch)

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Malaysia’s Petronas forecasts oil prices to hold in $50s, $60s

January 28, 2018

Kinda slow reporting.

Dateline 2017-12-04, Reuters:

Malaysia’s state energy company Petroliam Nasional Berhad [PETR.UL], or Petronas, forecast oil prices to hold in the $50s and $60s in its 2018-2020 Activity Outlook report.

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Shout Out – 2018-02 Talk on “Petroleum Engineering and the Life of Field”

January 26, 2018

My technical division will be hosting a talk on the 10th February, 2018. It is worth 2 CPD points, and held at Wisma IEM. The talk will be presented by Councilman Ir. Abdul Razak Yakob. ‘..not a well-know engineering discipline’, my aching b.

Petroleum Engineering is not a well-known engineering discipline.  It is a niche area where its major contribution is to the Oil & Gas (O&G) Upstream Industry.  This talk will introduce the study of Petroleum Engineering and how it contributes to the industry.  The talk will go into the heart of Petroleum Engineering, the Life of Field.  It is about the process cycle of a field that can take more than 40 years to complete. Each one of these 8 parts is the key to understanding how the industry works.  Well proposal, exploration well, development project planning, development well, production, workover and well services, enhanced oil recovery and field plug & abandonment.  Understanding the Life of Field shall open up the endless possibilities of technical and commercial contribution opportunities to the O&G Industry by all engineers.  This is the time for all engineers to be exposed to the O&G business operations before the next boom!

Ir. Razak Yakob is a Drilling Engineering Consultant and a part time Lecturer for Petroleum Engineering.  Razak has been in the oil and gas industry for more than 20 years, working for companies such as ExxonMobil, Halliburton, Talisman Energy, Petronas Carigali and EQ Petroleum / Uzma Engineering.

His core expertise is in Drilling Engineering with the working experiences spanning from development and exploration, technical support, training, competency development, finance and consultancy. As an independent consultant, he has worked in many parts of the world. He graduated from the Colorado School of Mines with a degree majoring in Petroleum Engineering and a minor in Mechanical Design.  Ir. Razak is the Secretary/Treasurer for the Oil, Gas and Mining Technical Division and an IEM Council Member.  He is also an Industrial Advisory Panel for a university.

Register here, or download the form here.

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Malaysia agrees to extend oil output cuts until end-2018

January 23, 2018

Dateline 2017-12-02, Kitco:

Malaysia will extend its oil production cuts until the end of 2018, in line with its commitment to reduce global supply as part of a deal struck between OPEC and other global oil producers.

OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts until the end of 2018 as they try to clear a global glut of crude, while still signalling a possible early exit from the deal if the market overheats.

OPEC and Russia combined produce over 40 percent of global oil.

“The production adjustments extension is needed to reduce oil inventory to a more reasonable level which will provide stability and sustainability in terms of price, as well as demand and supply,” Abdul Rahman Dahlan, a minister in the prime minister’s department said in a statement issued on Friday.

…

 

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Saturday Star 2018-01-20 – Job Opportunities

January 22, 2018

Happy worry about a new year 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, and they have moved adverts to another online presence (I bought a dead tree edition this week). 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 2Q2018. Send me your POs.

Food choice of the week? Please patronise King’s Confectionery at IOI Mall. A member of the family is working there while waiting for exam results. Go on, you know you want to a donut (British edition) every 3 hours.

This week, may I suggest you have a peek at Dakwah Corner? They have branches in Subang Parade, PJ Section 14, Ampang Park (okay, forget about the Ampang Park branch)

Leave a Comment » | Malaysia, oil and gas | Permalink
Posted by Wata

‘Recovery in O&G industry hindered by low capex’

January 20, 2018

Dateline 2017-11-29, The Edge:

UMW Oil & Gas Corp Bhd (UMW-OG), a stock that has fallen out of favour after the meltdown of crude prices in late 2014, beat estimates with its first-ever profitable quarter in two years in the third quarter ended Sept 30, 2017.

The performance brought fresh optimism about earnings recovery for other upstream players. But is the long wait finally over? Analysts are still sceptical, with no consistent work order flow in the local upstream segment with national oil firm Petroliam Nasional Bhd (Petronas) sticking to upstream capital expenditure (capex) cuts.

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Mixed views on Petronas capex allocation

January 19, 2018

Dateline 2017-11-25, The Star:

Petronas records another strong quarter on stronger oil prices
Analysts are mixed on whether this means increased capex spending and activities
Outlook for crude oil prices remains uncertain due to risks on demand aswell as supply
OIL giant Petroliam Nasional Bhd (Petronas) recorded yet another strong set of results in the third quarter, with profit after tax (PAT) surging 64% to RM10bil.

The stellar performance followed a more than a four-fold jump in PAT to RM7bil in the second quarter, and an over 100% surge in net profit in the first quarter ended March 31, 2017, due mainly to recovering oil prices and efficiency improvements by the company.

The company is optimistic about its prospects as well, having said that it expects to record stronger results for the full-year, compared to the previous year.
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Malaysia-Brunei annual leaders’ consultation sees signing of accord on oil, gas

January 18, 2018

Dateline 2017-11-23, Borneo Post Online:

The 21st Malaysia-Brunei Annual Leaders’ Consultation here today saw the signing of the Unitisation Framework Agreement which, in principle, will essentially finalise by mid-2018 the percentage of Petronas revenue from four oil and gas fields.

The agreement was signed by Petronas and the Brunei National Unitisation Secretariat at the conclusion of the annual talks by Malaysian Prime Minister Datuk Seri Najib Tun Razak and the Sultan of Brunei, Sultan Hassanal Bolkiah, at Istana Nurul Iman here.

A joint statement issued after the talks said the four fields were Kinabalu West (NAG) (KN), Maharajalela North Fields (MLJ), Gumusut/Kakap  (GK) and Geronggong/Jagus–East (GRG/JGE).

Speaking to reporters here, Najib said the annual talks also saw the signing of a memorandum of understanding on tourism.

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