October 17, 2020
What, as if they don’t get priority now?
Dateline 2020-09-14, Malay Mail:
The Sarawak Petroleum Contractors Association (Speca) is expected to start talks with Petroliam Nasional Bhd (Petronas) to give priority to oil and gas contractors from the state this November.
Its president, Datuk Rahman Lariwoo, today said this was because the association had received a letter from the Registrar of Societies (ROS) confirming that it had already approved the registration of SPECA.
“The letter is dated Aug 19, 2020, officially this organisation has been approved (its registration with ROS). After this we want to meet with the top management of Petronas to give us more opportunities (to get contracts),” he told a press conference at Wisma Bapa Malaysia, Petra Jaya, here.
He said the association would invite the top management of Petronas to Sarawak to attend the launching ceremony of the association in November.
“If they (Petronas top management) can’t come, we will go there (Kuala Lumpur) to meet and discuss with them,” he said.
October 16, 2020
Dateline 2020-09-13, Borneo Post:
The Petroleum Development Act 1974 (PDA 1974) should be rejected as the revenue derived from oil and gas (O&G) resources to the state was considerably insufficient, said Parti Sarawak Bersatu (PSB) Youth chief Dr Johnical Rayong Ngipa.
“We assessed the annual sale value of oil and gas resources from Sarawak at normal time could reach at least RM70 billion, almost exceeding 30 per cent of the total annual operating revenue of Petroliam Nasional Berhad (Petronas),” said Rayong during a PSB seminar on Malaysia Agreement 1963, PDA 1974 and Native Customary Rights land at a restaurant in Crown Square here today.
Rayong pointed out the state only received about RM3 to RM3.5 billion in its five per cent annual royalty from oil and gas resources and another RM3 billion from the five per cent state sales tax imposed on petroleum products in 2019.
October 15, 2020
Did I miss the check handover ceremony, or soming?
Dateline 2020-09-13, Malay Mail:
Petroliam Nasional Bhd (Petronas) is expected to pay up over RM2 billion for the sales and services tax for the oil and gas to the State government by this month end, said Assistant Minister in the Chief Minister’s Department (Law, State-Federal Relations and Project Monitoring) Datuk Sharifah Hasidah Sayeed Aman Ghazali.
She said the payment should be done soon, after the computation of the process which includes the penalty and interest.
“The wait will not be much longer, by end of September we should be done. On the exact amount, I’m not sure as it is still being computed,” she told reporters at the Surau Darul Nur Dini upgrading works completion event at Kampung Sungai Midin today.
October 13, 2020
Dateline 2020-09-09, Hydrocarbons Technology:
Oil and gas firm Petroliam Nasional Berhad (PETRONAS) has launched its liquefied natural gas (LNG) virtual pipeline system (VPS) via its regasification terminal in Pengerang in the Malaysian state of Johor.
The project, which is the company’s latest customer-centric solution, aims at facilitating the growth of cleaner energy use across Peninsular Malaysia.
Developed by the Gas and New Energy business Gas & Power and marketed by Petronas Dagangan Berhad, the VPS solution delivers LNG using trucks equipped with cryogenic tanks to off-grid customers.
October 12, 2020
Dateline 2020-09-03, Offshore:
SapuraOMV Upstream says production is now stable from its Bakong gas field offshore Sarawak, which came onstream in June.
Bakong is part of the same SK408 production-sharing contract (PSC) as the company’s operated Larak gas field, which entered production started last December, and the Shell-operated Gorek field which came online this May.
Phase 1 of the SK408 development is now fully onstream. Under a long-term agreement with Petronas, the PSC partners are exporting the gas to the Petronas LNG complex in Bintulu, Sarawak.
October 10, 2020
Mark this writer. He believes it just a cycle. I posit the cause of the hit are non-cyclic events. Perhaps he will have a different opinion if s/he is personally affected by The Cooties, not in a good way.
Dateline 2020-09-07, Malaysian Reserve:
IN 2014, the world’s oil market crashed, sending the industry into tatters. The oil price plunge of 2014 came after more than six years of above US$100 (about RM415) a barrel oil price average.
After the spike of oil price after 2008, producers were demonised to ride the high price, pumping more oil and gas (O&G) from the ground, leading to an oil glut before prices fell like a meteor shower. Brent oil prices plummeted from US$120 to US$28.55 a barrel in January 2016.
It is a great plunge considering that crude oil spiked to more than US$160 per barrel after 2008.
October 9, 2020
Dateline 2020-09-08, The Star:
As part of the company’s latest customer-centric solution to facilitate the growth of cleaner energy use across Peninsular Malaysia, Petronas recently launched the Virtual Pipeline System (VPS) solution via the Regasification Terminal (RGT) in Pengerang, Johor.
The VPS solution that was developed by the Gas & Power business of Gas and New Energy and marketed by Petronas Dagangan Bhd, delivers Liquefied Natural Gas (LNG) using trucks fitted with cryogenic tanks to off-grid customers.
Through the VPS solution, Petronas provides industries in Peninsular Malaysia that are not connected to the natural gas infrastructure with an option to switch to gas as an alternative form of cleaner energy.
October 8, 2020
hahahahahahahaha, to carry on from yesterday’s laugh. Or should it be (sad face) as this smacks of subsidy. To PETRONAS. To get profitability and dividends. From PETRONAS.
How about just not getting dividends for the next say 2 years and letting us service providers gracefully transition (with subsidies) to other industries?
Dateline 2020-09-06, Malay Mail:
The government is committed to ensuring that Petroliam Nasional Bhd (Petronas) is able to return to profitability, but it depends on world oil prices.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the loss announced by Petronas two days ago were due to the fall in oil prices but for now they have shown an increase.
“If I am not mistaken, in March and April (Brent crude) oil price fell to US$20 per barrel. At least now there is an increase (in oil price) in the global economy … the projected oil price this year is about US$40 per barrel, so the projection is still within our range,” he told reporters here today.
Tengku Zafrul was commenting on Petronas’ announcement on its net loss of RM21 billion in the second quarter (Q2) ended June 30 2020, dragged by huge impairments on assets and weaker oil prices, against a profit of RM14.7 billion in the same quarter last year.
October 7, 2020
Hahahahahahahahahaha (snort). Seriously, pigs have been equipped with jetpacks already?
Dateline 2020-09-04, Malay Mail:
National oil company, Petroliam Nasional Bhd (Petronas) says dividend payout to the government this year will depend on its affordability in light of the plunging oil prices and Covid-19 pandemic, which has taken a toll on its financial performance.
President and group chief executive officer Tengku Muhammad Taufik Tengku Aziz said Petronas’ year-end results would be the guidance to set the expectation and the group would have to deliberate on the board subject to the company’s affordability.
He also stressed that there is no pressure from the government on it given the unprecedented challenges that oil and gas companies were facing.
“This industry is volatile and like other oil and gas companies, the shareholders will tend not seeing so much returns.
October 6, 2020
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