PETRONAS’ PFLNG1 Facility is 95% Complete, On Track to Commence Ops in 2016

February 4, 2016

Just in time. Is there a rumor that PETRONAS may sell the PFLNG1 strengthen their cash position?

Dateline 2015-12-31, Rigzone:

Malaysia’s national oil company Petroliam Nasional Berhad (PETRONAS) announced that the PETRONAS Floating LNG1 (PFLNG1) facility is on track to commence operations in 2016.

“The PFLNG1 has reached a 95 percent overall progress in its construction and will come on stream in 2016. All project updates of the PFLNG1 will be officially announced by PETRONAS in due course,” the company said in a press release Tuesday.

PETRONAS’ first Floating Liquefied Natural Gas (FLNG) facility will be deployed at the Kanowit field, located 124 miles (200 kilometers) offshore Bintulu, Sarawak, East Malaysia, at a water depth of approximately 262 feet (80 meters).

The PFLNG1 vessel, which will produce 1.2 million tons of LNG per year, will play a significant role in PETRONAS’ efforts to unlock gas reserves in Malaysia’s remote and stranded fields to help meet the growing demand for gas.


Govt focusing on TPA framework to liberalise gas market

February 2, 2016

Add more meters, please, so I can do an uncertainty calculation.

Dateline 2016-04-27, The Star:

The Government is focusing on getting the necessary framework in place for third party access (TPA) to pave the way for the liberalisation of the gas market in Peninsular Malaysia.

It will also push for rationalisation and subsequent deregulation of gas price in a move towards a market-based pricing of energy, the Performance Management and Delivery Unit (Pemandu) said in the National Transformation Programme Annual Report 2015 released on Tuesday.

“The advent of market liberalisation will facilitate the entry of new industry players, encourage more efficient utilisation, and benefit customers by enabling competitive gas pricing,” the report said.

 


Saturday Star 2016-01-30– Job Opportunities

February 1, 2016

Happy Umrah Week. Donate to your favourite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (all 4 books). 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’m looking for jobs for 2Q2016. Send me your POs.
  • An associate of mine is looking for a technical safety part-time adviser. 2 Associates, actually. Needs to be needle sharp with respect to QRAs, and HSE safety cases. A calm demeanor to handle nonsensical questions from young engineers helps as well. Either that, or a drinking problem.
  • Nothing in the papers this week. See Happy note above.

Support your local bookshop!  Bookalicious at The Summit Subang is a good choice. I think they focus on trilogies, quadrilogies, and other ologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Those of you who have dropped my name, thanks!

Food choice of the week? Any weight loss diet.

During these trying times, perhaps you should focus on self improvement. The following are a good set of books to start automating your uncertainty budget tables.

The Cartoon Guide to Statistics, Hands-On Start to Wolfram Mathematica, Doubt-Free Uncertainty In Measurement: An Introduction for Engineers and Students


Jeffrey: Borneo states may turn against Najib if ignored

January 30, 2016

And the shrinking income cake is asked to be recut:

Dateline 2015-12-29, FMT:

Briefly, Jeffrey wants Umno to halt its politics of race and religion fueling its divide-and-rule tactics to cover up the plundering of the economy, defer the GST or at least reduce it to 2 per cent from the current 6 per cent, and exempt Sabah and Sarawak from the consumption tax. “Sabah is also entitled to 40 per cent net revenue entitlement under the Federal Constitution and other financial rights like 10 per cent export duty and 10 per cent import and excise duty on petroleum products.”

“The measly 5 per cent oil royalty should also be reconsidered in the wake of the emergency laws being done away with and the Petroleum Development Act and the oil agreement being considered redundant as a result.”


Office space blues from oil and gas companies

January 29, 2016

Hey, I was part of the expat (pick your country) nightshift that helped move people into the building.

Dateline 2015-12-29, The Star:

The bleak long-term outlook of oil prices has gotten companies with operations in the Kuala Lumpur city centre readjusting their priorities in line with the situation.

ExxonMobil Exploration and Production Malaysia Inc is likely to join the list of companies that have embarked on cost cutting measures particularly in terms of office space.

Sources said the company may return several floors of a building it currently occupied in the city centre to KLCC Property Holdings Bhd (KLCCP) once its tenancy agreement expires in January 2017.

The 29-storey Menara ExxonMobil, which is next to the Petronas Twin Tower, has been leased to the company since 1997 and the oil and gas (O&G) giant is looking at occupying up to only half of the building.


OPEC: Four more years of cheap oil

January 28, 2016

It takes that long to kill Western producers, eh? And PETRONAS, while you’re at it.

Dateline 2015-12-24, FMT:

The OPEC oil cartel sees only a gradual improvement in the global crude market, with prices recovering to above $70 per barrel after four years, according to a report released Wednesday.

With the global benchmark oil price touching an 11-year low of $36.04 on Monday, the cartel which produces a third of the world’s crude said that it foresees a “gradual improvement in market conditions as growing demand and slower than previously expected non-OPEC supply growth eliminate the existing oversupply and lead to a more balanced market”.

The Organization of the Petroleum Exporting Countries, in its annual World Oil Outlook report, bases its reference scenario on $70.70 for a barrel of crude in 2020 and $95 in 2040.

Those projections represent a sharp drop in market value compared to last year’s report, which predicted a nominal price of $110 for the rest of this decade.

The oil market has been rife with drama over the past year and a half as OPEC abandoned its policy of cutting production to support prices, with the price of a barrel of crude plunging more than 60 percent.


Marketing Rounds – Where are the Floaters?

January 27, 2016

If you were wondering where the oil & gas industry stores floaters in the off season, wonder no more.

These were the entries to the UTP OGCE competition, and they were from secondary schools. Us jaded old timers could do well to learn from the young ‘uns. Give some love to your local school, whether monetary, time or engaging the minds of that generation.


Saturday Star 2016-01-23– Job Opportunities

January 25, 2016

Happy 30 dollars a barrel week (we really, really hope). Donate to your favourite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (all 4 books). 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’m looking for jobs for 2Q2016. Send me your POs.
  • An associate of mine is looking for a technical safety part-time adviser. 2 Associates, actually. Needs to be needle sharp with respect to QRAs, and HSE safety cases. A calm demeanor to handle nonsensical questions from young engineers helps as well. Either that, or a drinking problem.
  • Nothing in the papers this week. See Happy note above.

Support your local bookshop!  Bookalicious at The Summit Subang is a good choice. I think they focus on trilogies, quadrilogies, and other ologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Those of you who have dropped my name, thanks!

Food choice of the week? Any weight loss diet.

During these trying times, perhaps you should focus on self improvement. The following are a good set of books to start automating your uncertainty budget tables.

The Cartoon Guide to Statistics, Hands-On Start to Wolfram Mathematica, Doubt-Free Uncertainty In Measurement: An Introduction for Engineers and Students


O&G sector still rife with challenges

January 23, 2016

Dateline 2015-12-21, Borneo Post:

The oil and gas (O&G) industry will still likely face headwinds ahead as uncertainties of oil prices continue, driven by various global events.

The research arm of CIMB Investment Bank Bhd (CIMB Research) in a recent report, pointed out that recently, the industry has been hit by three events that will likely affect oil prices.

“Brent and WTI have both declined to US$37.19 (down 3.3 per cent) and US$35.74 (down 4.3 per cent) respectively overnight on news of surprising weekly build-up in US crude inventories coupled with the Federal Reserve’s 0.25 per cent rate hike announcement earlier this morning.

“This was further exacerbated by the proposal that US may lift the 40-year ban on crude oil exports. Investors have been bracing themselves for these decisions where the hike would support the dollar, and make oil (priced in dollars) more expensive to other currency holders,” the research team explained.


O&G industry faces bleak 2016

January 22, 2016

Nuclear, Nuclear.

Dateline 2015-12-18, Borneo Post:

The oil and gas industry has been sluggish in 2015 and prevailing low oil prices will continue to cast a bleak outlook in the medium-term.

From the peak of US$112 per barrel reached in June last year, Brent, the global benchmark, almost halved its price, plunging to US$61.31 in June this year.

It has been steadily falling to below US$50 per barrel since August before dropping to US$36.33 on Dec 14, slightly above the low of US$36.20 seen during the 2008 financial crisis.

The weak oil price trend is caused by the oil supply glut following the booming shale industry in the United States while the Organisation of the Petroleum Exporting Countries (OPEC) refused to cap its production, estimated at about 31 million barrels per day (bpd).