Adenan sets oil royalty as priority

April 18, 2014

All hail the new CM. 5% of gross?

Dateline 2014-03-16, The Star:

New Chief Minister Tan Sri Adenan Satem is showing signs he will speak up on contentious issues and take a different stand from his predecessor.

In an interview with The Star, Adenan spoke assertively on the Malaysia Agreement, but even more surprising were his views on the oil royalty for Sarawak.

“I would like to have 20% royalty, sure,” he said, “but what was agreed before was 5% of gross. I will ask the Federal Government if they can accommodate us but let us be realistic”.

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Marketing Rounds – Tanjung Manis

April 16, 2014

Yup, I ended up here sometime this year.

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M’sia O&G sector poised for massive growth

April 15, 2014

Dateline 2014-03-12, The Star:

Deloitte’s O&G (oil and gas) experts say Malaysia’s O&G sector will see between RM26bil and RM30bil in mergers and acquisitions, as well as RM22bil in capital spending on projects, this year.

Deloitte Malaysia corporate finance executive director, Nizar Najib, pointed out that Petronas’s planned capital expenditure of RM300bil between 2011 and 2016, as well as investments in Enhanced Oil Recovery (EOR), marginal fields and deepwater exploration, would likely give a massive boost to the O&G sector in the next few years.

“In the near-term, we expect to see an increase in oil production. Meanwhile, long-term upsides can be expected from gas, and therefore Malaysia is positioning itself to be a regional hub for LNG and petrochemicals through projects such as RAPID, FLNG (floating liquefied natural gas) and overseas acquisition in Canada.”

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Oil and gas sector to emerge as ‘rising star’ to drive Malaysia’s economy forward Read more: Oil and gas sector to emerge as ‘rising star’ to drive Malaysia’s economy forward

April 12, 2014

Dateline 2014-03-07, NST:

The oil and gas sector is to emerge as the “rising star” and significantly drive the Malaysian economy forward this year, Prime Minister Datuk Seri Najib Razak said today.

He said the expectation was based on the number of oil and gas projects that would be awarded when the massive RM61 billion Refinery and Petrochemicals Integrated Development (RAPID) project in Pengerang, Johor, gets off the ground by year-end.

“This will have a major impact on the economy. I’m also hoping for some recovery in other commodity prices as well this year.

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Malaysia’s Petronas Q4 profit surges 45 percent

April 11, 2014

I see 12-month bonuses coming up… and a further effort to squeeze small business like moi.

Dateline 2014-03-04, GlobalPost:

Malaysian oil giant Petronas said Tuesday its fourth quarter net profit jumped 45 percent on strong production, making 2013 “one of the best years ever” for the state energy firm.

Net profit for the three months ending December 31 stood at 12.76 billion ringgit ($3.89 billion), up 45 percent from the same period in 2012, while revenue rose 10 percent to 84.8 billion ringgit.

Overall the company’s profit increased 10 percent to 65.59 billion ringgit for the last financial year compared to 2012. Revenue added 9 percent to 317.3 billion ringgit.

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MURPHY OIL CORPORATION ANNOUNCES FIRST OIL AT SIAKAP NORTH-PETAI AND UPDATES PROGRESS AT DALMATIAN

April 10, 2014

Dateline 2014-0303, TWSJ:

Murphy Oil Corporation MUR -0.03% announced today that first oil production from the Siakap North-Petai (SNP) development offshore Malaysia commenced on February 27, 2014.

The SNP field, operated by Murphy with a 32 percent working interest, is located offshore Malaysia in a water depth of approximately 4,400 feet. The overall field development plan consists of eight producing wells and five water injection wells developed as a subsea tie-back to the Kikeh Floating Production Storage and Offloading (FPSO) vessel. Initial operations commenced with production from four oil wells. Peak gross production from the field is expected to reach 35,000 barrels of oil per day in mid-2014. The unitized field combines the discoveries at Siakap North in Block K with Petai in the adjacent Block G. Murphy’s partners in the development are PETRONAS Carigali, Shell, and ConocoPhillips COP +0.18% with the latter two partners each holding a 21 percent working interest.

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Marketing Rounds – PETRONAS Gas

April 9, 2014

I took a trip to Segamat lately. Anyone know of POIs around there?

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Petronas pipeline has destroyed rainforest, says Swiss-based advocacy group

April 8, 2014

Of course construction destroyed rainforest. But have you seen the risk assessment? I haven’t, those in the know, send me a copy please?

Dateline 2014-03-03, Malaysian Insider:

The Swiss-based rainforest advocacy group Bruno Manser Fund (BMF), in a new attack on Sarawak, claimed the 500km Petronas gas pipeline (SSGP) has left a “trail of destruction” in the rainforest between the Sabah oil and gas terminal (SOGT) in Kimanis to the liquefied natural gas (LNG) plant in Bintulu, Sarawak.

BMF, on its new Sarawak geoportal, said that by shrouding the project in secrecy and for its failure to disclose the exact line of the SSGP, it has given rise for concern.

It claimed the less than transparent project had forced local communities to erect several blockades out of concern for damage to their environment and illegal extraction of timber for the construction of the pipeline within native customary rights (NCR) lands through which the line passes.

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Kampung Halaman 04 – Bandara

April 4, 2014

Center of aero commerce.

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M’SIA TO BE AS RICH AS NORWAY? FORGET IT – Umno’s racist, corrupt ways will PREVENT IT

April 2, 2014

If you don’t like the title, send brickbats to the Malaysia Chronicle. And if you read the whole article, you realise the title is link bait.

Dateline 2014-02-23:

Norway is oil rich. It is a very cold country and oil is its greatest resource. Norway is also known as the Land of Millionaires – not only because the national wealth is go great but also because its petroleum revenues have been so well managed and treasured by its governments through the decades that the money have trickled down to the ordinary folk.

There is little wastage or leakage through corruption or inefficient policies that cause market incompetency and uncompetitiveness – for example in countries such as Malaysia, where huge amounts of money have been siphoned out – almost a trillion ringgit over the past decade according to the Global Financial Integrity.

Malaysia is also oil rich. But the great majority of its 28 million people are poor and the greatest wealth is held by perhaps as little as 5% of the population. Sad to say the divide between the rich in Malaysia and the not-rich is growing alarmingly wider by the day. This is due to the policies promulgated by Prime Minister Najib Razak’s Umno party which has ruled the country since 1957. The policies have been widely criticized as being flawed and designed to mask massive corruption by the elite leaders in the guise of helping the predominant ethnic group in the country – the Malays.

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