March 24, 2019
Dateline 2019-02-25, The Edge:
Two months after hitting fresh record lows, share prices in upstream oil and gas (O&G) companies have recouped some losses after crude oil prices staged yet another climb this year.
However, the backdrop is eerily similar to 2018 — Opec extended production cut, which lifted oil prices and consequently the O&G counters regained some shines, share prices rebounded from multi-year lows.
March 23, 2019
Dateline 2019-02-25, Daily Express:
Senator Datuk Theodore Douglas Lind (pic) has urged that Sabah be given all its oil and gas revenue, instead of just 20pc, as announced by Prime Minister Tun Dr Mahathir recently.
Speaking during a recent debate on the 11th Malaysia Plan Half-Term Study, Lind hailed Dr Mahathir’s announcement but said it should be 100pc because Acts of Parliament that gave powers to the Federal Government such as the Continental Shelf Act 1966 and Petroleum Mining Act 1966 (revised 1972), which existed during the emergency times, had been automatically nullified when the Agong’s emergency declaration on May 15, 1969 was voided by the Dewan Rakyat on Nov 14, 2011 and Dewan Negara on Dec 20, 2011.
March 21, 2019
Dateline 2019-02-19, NST:
Skilled local workforce has helped major oil and gas (O&G) cushion the global weak oil prices, ringgit fluctuations and foreign exchange (forex losses) over the past few years.
Analysts said companies such as Petroliam Nasional Bhd (Petronas), Sapura Energy Bhd, Alam Maritim Bhd, Barakah Offshore Bhd and others has hired local professionals and technical and vocational education and training (TVET) graduates to reduce costs, which is part of the companies’ cost cutting measures.
Sunway University Business School Professor of Economics Dr Yeah Kim Leng said the O&G sector is a very specialised high technology sector which requires a lot of specialised skills to work at oil rigs and fabrication yards.
“In the early days, these niche areas required foreign expertise and was dominated by expatriates but now firms such as Petronas and Sapura no longer hire foreign professionals but source local engineers from the O&G field.
“This in turn has enabled the country to save a lot in terms of foreign exchange as it is very expensive to pay the foreign engineers.
“Now Malaysia is able to produce its own local oil and gas engineers, technicians and supervisors,” Yeah told NST Business recently.
March 19, 2019
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March 18, 2019
Dateline 2019-02-18, Malaysian Reserve:
The 2014 global oil rout continues to impact the oil and gas (O&G) sector in the country.
Perisai Petroleum Teknologi Bhd’s regularisation plan was rejected by Bursa Malaysia and its share was suspended on Jan 22. The company had appealed the decision on Feb 8 and its official delisting from the Main Market is pending the outcome of the appeal.
CLIQ Energy Bhd distributed RM6.12 million from its trust account to shareholders on Jan 31 after the special-purpose acquisition company failed to secure a qualifying asset within the three-year deadline and will soon be delisted.
Scomi Group Bhd is also reeling from the 2014 oil fiasco.
March 17, 2019
Dateline 2019-02-18, Malay Mail:
The government is now in the final phase of identifying eligible recipients of targeted petrol subsidies to be implemented in the second quarter of this year.
Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail said this was the result of a series of discussions held with gas station operators and consumer associations.
In addition, the Ministry of Finance will also at any time announce the selected vendor to develop a targeted RON95 petrol subsidy programme implementation system, he said in his speech at the opening of the BHPetrol Sepang-Lukut fuel station owned by Seng Group of Companies here today.
March 16, 2019
Dateline 2019-02-13, The Borneo Post:
The Sarawak government has been praised for introducing its own sales tax for petroleum products.
Stressing that economic growth is about strategy and bold decision, Associate Professor Dr Fatimah Kari of Universiti Malaya (UM) said Sarawak is actually deprived of the profits of the true value of its resources despite being at the top of the country’s social prosperity indicator by virtue of its position as an oil and gas producer.