Fall in oil price becomes opportunity for Malaysia’s Petronas

January 7, 2016

Dateline 2015-12-01, InTheBlack:

The chief executive of Malaysian energy giant Petronas is using the sliding oil price to push the boundaries on innovation while reining in costs.

Datuk Wan Zulkiflee Wan Ariffin took stewardship of Malaysian state-owned oil and gas giant Petronas on 1 April 2015, a day known in many parts of the world as April Fools’ Day. The irony is not lost on the company veteran, given the tough trading conditions Petronas is battling on the back of a sustained slump in the price of crude oil.

It has made his role of president and chief executive an even greater challenge. Wan Zulkiflee is shepherding the company’s 51,000 employees in 75 countries through a thorough and very public cost-cutting drive. He’s also responsible for contributing a large chunk to the Malaysian Government’s coffers – 30 per cent of government revenue came from Petronas in 2014, down from 40 per cent in 2009.

Against this, the crude oil price has dropped by about 50 per cent since mid-2014, largely due to an over-supplied market. Prices spent much of 2015 below US$50 a barrel and, while they’ve recovered at times over the past 12 months, analysts believe it will be many years before oil again fetches US$100 a barrel.

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Lundin comes up dry off Malaysia

January 5, 2016

Dateline 2015-11-25, AOG:

Lundin Petroleum’s Malaysian arm has plugged and abandoned Selada-1 exploration well in block PM308A, offshore Malaysia, as it was a dry hole.

The well, which was targeting hydrocarbons in the Miocene aged sands approximately 14km to the south of the Bertam field operated by Lundin Malaysia, was drilled with the West Prospero jackup rig.

Lundin Malaysia holds 75% working interest in PM308A, while block partner PETRONAS Carigali has 25% stake.

Similarly, in the Bertam field, late October, the duo plugged and abandoned the Mengkuang-1 exploration well in license PM307, because only a small amount of gas was found. After drilling to a depth of 1259m below sea level, using the West Prospero, the well encountered 9m of gas pay.

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Saturday Star 2016-01-02– Job Opportunities

January 4, 2016

Happy Back to School (and Work) 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.
  • Paper’s taking a day off.

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

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PETRONAS, Partners Gain from Malaysia’s Production Sharing Contracts

January 3, 2016

Dateline 2015-11-25, Rigzone:

Sweden’s Lundin Petroleum AB, when announcing the sale of upstream oil and gas assets in Indonesia to PT Medco Energi Internasional Tbk (Medco) last month, reiterated the importance of Malaysia to the firm’s growth strategy in Southeast Asia. Lundin after all operates several production sharing contracts (PSCs) in the country.

“We remain committed to our growth strategy in Southeast Asia where Malaysia continues to be one of Lundin Petroleum’s core areas,” Alex Schneiter, president and CEO of Lundin Petroleum said in an Oct. 9 press release.

The Swedish firm, which currently operates six PSCs in Malaysia – PM307, PM319, PM308A, PM308B, PM328 and SB307/308 – mainly in partnership with PETRONAS Carigali Sdn Bhd discovered gas at Mengkuang-1 exploration well in Block PM307 offshore Malaysia Oct. 26.

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Posted by Wata

Small discovery, but big hopes at Malaysian natural gas field

January 2, 2016

Dateline 2015-10-26, UPI:

Swedish energy company Lundin Petroleum announced it made a small gas discovery off the coast of Malaysia, where it’s placed much of its recent focus.

Lundin said it ran though a 30-foot column of natural gas in an exploration well in the deepwater Bertram field off the coast of Malaysia. The size of the discovery was considered small, though Lundin provided no details on the commercial gas prospects expected after completing the exploration well.

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Malaysia’s Petronas cuts state dividend as profit plunges on oil drop

January 1, 2016

Dateline 2015-11-11, Reuters:

Malaysia’s Petroliam Nasional Bhd (Petronas) is slashing its 2016 dividend to the government by nearly 40 percent, after its quarterly profit fell 91 percent on weak global crude oil prices. The state-owned oil and gas firm, which brings in nearly half of Malaysia’s oil revenue, is being forced to shrink its contributions, compounding woes of the Southeast Asian country that is struggling amid a depreciating currency and political uncertainty caused by heavily indebted state investor 1Malaysia Development Berhad (1MDB). Petronas said on Wednesday it will pay 16 billion ringgit in dividend to the government next year, down from 26 billion in 2015. Its net profit for July-September tumbled to 1.4 billion ringgit ($321.10 million) from 15.1 billion in the same period a year earlier.
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Shout Out – Two-Day Course on Safety Integrity Levels (SIL) Training For Workshop Participants

December 31, 2015

My technical division will be hosting a 2 day seminar on the 12th January, 2016. It is worth 13 CPD points, and held at Wisma IEM. Since I’m giving it, I expect hoards will have to be turned away at the gates. And it’s a big room, so I need to fill the seats.

In the Layer of Protection methodology, a Safety Instrumented Function (SIF) designed to eliminate the cause of a risk or minimize the consequence of an event. The expectation of the SIF’s reliability to perform upon demand must be defined so that it is designed appropriately. The Safety Integrity Level (SIL) study is a tool used this.

This full day course is designed to educate participants in the SIL process from the perspective of a SIL team member. It is meant to provide both instruction and workshop sessions so that the participants:

  • Are familiar with the concept of ‘risk’
  • Are familiar with the theory and terminology behind Layers of Protection, SIS, SIF, SIL and LOPA
  • Are familiar with the different SIL methodologies: risk graph, risk matrix, LOPA.
  • Have expectations as to what the SIL workshop will (and won’t) provide.
  • Understand what deliverables can be expected from a SIL workshop.
  • Have the opportunity to participate in SIL exercise in a safe environment.Opportunity to share SIL experiences.

Wata has 19 years of experience in the oil and gas industry, in both design and operations.

Register here, or download the form here.

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Posted by Wata

(cancelled) IEM Shout Out (N Sembilan) – Full-Day HAZOP Training For Team Members – A Practical Approach

December 31, 2015

The course has moved inter-state.

Post note: and cancelled. What, my own state doesn’t want me?

The Negeri Sembilan branch will be hosting a 1 day seminar on the 20th January, 2016. It is worth 7 CPD points, and held at Wisma IEM. Since I’m giving it, I expect hoards will have to be turned away at the gates. And I get to baaliiiik kampuungg.

A Hazard and Operability study is a formal and systematic and detailed examination of the process and engineering intentions of new or existing facilities which assesses the hazard potential and effects on the facility as a whole when operation is outside of the design envelope, or individual items of equipment malfunction.

This course is designed to educate participants in the HAZOP process from the perspective of a HAZOP team member. It is meant to provide both instruction and workshop sessions so that the participants:

  • Are familiar with the concept of ‘risk’
  • Are familiar with the theory behind HAZOP
  • Are familiar with the actual HAZOP workshop process
  • Have expectations as to what the HAZOP will (and won’t provide)
  • Understand what deliverables can be expected from a HAZOP
  • Have the opportunity to participate in HAZOP exercise in a safe environment
  • Opportunity to share HAZOP experiences

At the end of the session, the participants should:

  • Understand the responsibilities of all parties in the HAZOP
  • Have experience in a HAZOP session.
  • Understand the outcomes from a HAZOP session

Wata has 20 years of experience in the oil and gas industry, in both design and operations.

Register here, or download the form here.

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Posted by Wata

Marketing Rounds – UTP IEM Visit

December 30, 2015

These are some photos I captured during the IEM visit to UTP on 24th April, 2015. Where were you?

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Shout Out – Two-Day Course On SIL Training for Team Members – A Practical Approach

December 29, 2015

My technical division will be hosting a 2 day course on the 12th and 13th January, 2016. It is worth 13 CPD points, and held at Wisma IEM. Since I’m giving it, I expect hoards will have to be turned away at the gates. And it’s a big room, so I need to fill the seats. It is two days, ignore the typo.

In the Layer of Protection methodology, a Safety Instrumented Function (SIF) designed to eliminate the cause of a risk or minimize the consequence of an event. The expectation of the SIF’s reliability to perform upon demand must be defined so that it is designed appropriately. The Safety Integrity Level (SIL) study is a tool used this.

This full day course is designed to educate participants in the SIL process from the perspective of a SIL team member. It is meant to provide both instruction and workshop sessions so that the participants:

  • Are familiar with the concept of ‘risk’
  • Are familiar with the theory and terminology behind Layers of Protection, SIS, SIF, SIL and LOPA
  • Are familiar with the different SIL methodologies: risk graph, risk matrix, LOPA.
  • Have expectations as to what the SIL workshop will (and won’t) provide.
  • Understand what deliverables can be expected from a SIL workshop.
  • Have the opportunity to participate in SIL exercise in a safe environment.Opportunity to share SIL experiences.

Wata has 19 years of experience in the oil and gas industry, in both design and operations.

Register here, or download the form here.

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

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