March 30, 2014
Dateline 2014-02-21, The Star:
Spurred by the recent sale of Newfield Exploration Co’s Malaysian operations, American oil major Murphy Oil Corp is looking to hive off a 30% stake in its oil and gas (O&G) assets here at a price tag of US$2bil-US$3bil (RM6.62bil-RM9.93bil), sources said.
A sale by Murphy is potentially more lucrative than the one agreed between Newfield and SapuraKencana Petroleum Bhd last year for US$898mil (RM2.97bil), given its much larger production and reserves, O&G executives told StarBiz.
Several parties have expressed interest, including Houston-based Coastal Energy Co,a firm linked to Malaysian investor Taek Jho Low.
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Posted by Wata
March 29, 2014
Nah, use minyak as your personal piggy bank.
Dateline 2014-02-20, Malaysia Chronicle:
An opposition MP has proposed setting up a sovereign wealth fund to prevent the government in power from abusing Malaysia’s oil riches as a personal piggy bank.
Compared to oil-rich Norway which today has the richest sovereign wealth fund in the world at RM2.7 trillion, PKR MP Nurul Izzah Anwar lamented the fact that Malaysia’s equivalent oil fund, the Petronas-backed Kumpulan Wang Amanah Negara (Kwan), only has RM5.43 billion.
Nurul asked where did Malaysia’s oil wealth go, considering that Petronas had declared an accumulated profit of more than RM700 billion since its inception some 40 years back.
“Petronas cannot continue to serve as a private fund for the prime minister and the cabinet, with the use of nearly 40 percent of the revenue generated by the petroleum revenue in the government budget, compared with Norway which only allows four percent to be used.
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Posted by Wata
March 28, 2014
Hey, hey.
Dateline 2014-02-18, Bloomberg:
Mokhzani Mahathir, a son of former Malaysian Prime Minister Mahathir Mohamad, sold part of his stake in SapuraKencana Petroleum Bhd. (SAKP), the country’s biggest oil and gas services company, keeping his share above 10 percent.
Some 190.3 million shares in SapuraKencana were traded off market yesterday at 4.30 ringgit each, amounting to 818.3 million ringgit ($247.8 million), according to data from the Kuala Lumpur stock exchange. Mokhzani and family of the late Chong Hin Loon were sellers of the block, the Star newspaper reported today, citing people it didn’t identify.
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Posted by Wata
March 27, 2014
Congratulations, SKY.
Dateline 2014-02-16, Bernama:
See Kok Yew has been appointed as the President of ExxonMobil Exploration and Production Malaysia Inc (EMEPMI) and Chairman of the ExxonMobil Subsidiaries in Malaysia with effect from yesterday.
In a statement today, The ExxonMobil Subsidiaries in Malaysia said See succeeded J. Hunter Farris who will relocate to Houston and assume the position as the new Vice-President, Global Engineering of ExxonMobil Production Company.
Prior to his appointment, See was a Production Manager for ExxonMobil Production Company businesses in the US Lower 48, based in Houston, Texas.
See started his career with EMEPMI in 1990 and held various technical, supervisory and management positions in Kerteh, Terengganu, and in Kuala Lumpur.
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Posted by Wata
March 25, 2014
Dateline 2014-02-13, The WSJ:
Exxon Mobil Corporation (NYSE:XOM) today announced the start of natural gas production at the Damar field off the east coast of Peninsular Malaysia. ExxonMobil subsidiary, ExxonMobil Exploration and Production Malaysia Inc., has a 50 percent interest in the project.
The Damar field has a projected capacity of 200 million cubic feet of gas per day. ExxonMobil and joint-venture partner Petronas Carigali Sdn. Bhd. have planned a total of 16 development wells for the platform.
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Posted by Wata
March 23, 2014
Dateline 2014-02-24, Business Times:
PROJECTS in offshore Malaysia are forecast to see the largest capital expenditure rise in the Asia-Pacific region at more than US$59 billion (RM177 billion) over the next five years, according to an oil and gas industry research.
The Regional Perspective Offshore Asia Oil and Gas Market Report to 2015 is forecasting that deepwater developments in Malaysia will continue to gather pace, with 84 fixed platform units and eight floating production units to be installed between 2011 and 2015.
Given such a scenario, Malaysia, in particular Petroliam Nasional Bhd (Petronas), has made the right decision to host the Offshore Technology Conference (OTC) Asia this year to provide a platform for industry professionals to share their technical knowledge and experiences.
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Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: OTC, Petronas | Permalink
Posted by Wata
March 22, 2014
Dateline 2014-02-13, Platts:
Malaysia’s state-owned Petronas said Thursday it has awarded the engineering, procurement, construction, installation and commissioning contract for its second floating LNG project, located offshore Sabah, to a partnership of Japan’s JGC and South Korea’s Samsung Heavy Industries.
Petronas said the EPCIC contract for PFLNG 2 follows the January 23 board approval of the final investment decision taken on the project.
The FLNG facility will be located at the Rotan field in Block H.
Murphy Oil, operator of the upstream block, had announced FID of the project early this month.
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Posted by Wata
March 21, 2014
Dateline 2014-02-13, Borneo Post:
It is with much optimism that oil and gas players enter 2014 in Malaysia with projects progressing to the next stage and massive job awards on the line.
According to analyst Aaron Tan from MIDF Amanah Investment Bank Bhd (MIDF), Petroliam Nasional Bhd (Petronas) will have the final investment decision (FID) on the RM60 billion Refinery and Petrochemicals Integrated Development (Rapid) complex in Pengerang, Johor whithin the first quarter of 2014.
“We view this as a positive sign as it will spur the downstream petrochemical sector. So far, Petronas has signed agreements with Versalis SpA (Italy), Itochu (Japan) and PTT Global Chemicals (Thailand) as joint-venture partners to build specialty chemical plants,” he said in the MIDF Equity Beat report yesterday.
“We do not, however, think that the Rapid initiative will directly benefit most Bursa-listed oil and gas service providers these companies are mainly upstream offshore support service providers.
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Leave a Comment » | investment, Malaysia, oil and gas | Tagged: MIDF, Pengerang, Petronas | Permalink
Posted by Wata
March 20, 2014
How come I wasn’t sent a subpoena? And score one for the ‘disgruntled employee’.
Dateline 2014-02-11, MalaysiaKini:
Petronas subsidiary MISC has surfaced in a global bribery and corruption scandal involving US$10 million (RM33.4 million) of more than US$250 million (RM834 million) in bribes and other malpractices spanning six years, which centres around Dutch oil and gas (O&G) services company SBM Offshore.
According to a document listing possible fraud by SBM Offshore in various countries spanning Africa, Equatorial Guinea, Brazil, Iraq, Kazakhstan and Italy in addition to Malaysia, MISC was allegedly involved in payments to Barnado Limited and Delcom Limited totalling US$10 million (RM33.4 million) related to the Kikeh field floating production, storage and offloading (FPSO) platform.
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 