April 26, 2014
I was wondering where they got their money from. If you are short, I have a mate introduced by Lat at Batu Road if you want a tenner quick.
Dateline 2014-03-20, Reuters:
Malaysian oilfield service provider SapuraKencana Petroleum Bhd said on Thursday it has signed a $5 billion refinancing deal with 13 banks to partly fund two of its most recent acquisitions.
The company bought Seadrill Ltd’s tender rig business in 2012 and the entire equity stake of Newfield Exploration Co’s Malaysian oil and gas assets last year.
The refinancing was also done to replace and streamline its existing borrowing facilities, SapuraKencana said in a statement.
The deal, of which 70 percent is in U.S. dollars, constitutes a senior multi-currency term and revolving facilities with short and long-term tenures of up to seven years, according to the company.
…
Leave a Comment » | 
Malaysia, oil and gas | Tagged: SapuraKencana, Seadrill | 
Permalink
Posted by Wata
April 24, 2014
Links to Parts 1 and 2 can be found in the main article.
Dateline 2014-03-19, Energy Global:
Sabah crisis sharpens focus on regional territorial disputes over oil and gas reserves
Following last year’s invasion of Malaysia’s Sabah state by a Filipino militia group, another quiet corner of the world risks being sucked into renewed territorial and ethnic disputes fuelled by a growing regional race for oil and gas reserves.
The Malaysian government responded by ordering its military to bomb the group of more than 200 members of the self-proclaimed ‘Royal Army of the Sulu Sultanate’ who briefly holed up in a village near the port of Lahad Datu. At least 70 people, including nine Malaysian security personnel, were killed in the conflict to expel the group linked to the descendants of a former royal family in southern Philippines with claims over Sabah state.
The conflict has the potential to grow as it involves groups with long-standing territorial claims, separatist ambitions and ethnic grievances now enmeshed with the US-led global war on terror, Sabah’s increasing importance as an oil and gas producer and the area’s 600 km proximity to the disputed hydrocarbon-rich Spratly Islands in the South China Sea.
…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Sulu | Permalink
Posted by Wata
April 22, 2014
I really don’t know why Sabah and Sarawak have been in the news frequently this year. Any apologists who want to make a comment?
Dateline 2014-03-20, Daily Express:
Sabah should work together with neighbouring Sarawak in pursuing an increase in the oil and gas royalty and turn this into a reality, said Parti Bersatu Sabah (PBS) Information Chief Datuk Jahid Jahim.
He believes there is nothing wrong for the State Government to work together with its Sarawak counterpart to make a joint request to the Federal Government to increase the rate of oil and gas royalty presently received by both states.
“I think we (Sabah and Sarawak) should work together like what we have done in 1963 when we formed the Federation of Malaysia together. It would be more synchronised and justified if both the states work together on this,” he said.
Saying an increase in oil and gas royalty can be used to support additional development of the State and the people to be on par with what is enjoyed by fellow Malaysians in the peninsula, Jahid, who is formerly Tamparuli Assemblyman, felt the recently announced discovery of oil fields off Sabah which is timely can also be considered as good justification for the request.
…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Sabah, Sarawak | Permalink
Posted by Wata
April 19, 2014
Dateline 2014-03-17, Rigzone:
Malaysia’s national oil and gas company Petroliam Nasional Berhad (Petronas) and Royal Dutch Shell plc announced Monday an oil discovery offshore Sabah, Malaysia.
The discovery was made via the Limbayong-2 well during the appraisal of the Limbayong gas field by Shell. The appraisal well encountered 446 feet (136 meters) of oil bearing sands, and there are plans to conduct more appraisal work on the discovery to determine its recoverable volume.
Petronas’ Executive Vice President of Exploration and Production Wee Yiaw Hin said: “We are indeed pleased with the discovery which affirms the hydrocarbon prospects of Malaysia’s deep water areas.”
Iain Lo, chairman of Shell Malaysia and managing director of Sabah Shell Petroleum Company Ltd said: “This discovery attests to the significant potential in this area and is a positive development for exploration activities in East Malaysia.”
The drilling of the Limbayong-2 appraisal well was carried out by the consortium of Shell Malaysia (35 percent), ConocoPhillips (35 percent) and Petronas Carigali Sdn Bhd (30 percent).
2 Comments | Malaysia, oil and gas | Tagged: Limbayong, PCSB, Petronas, Shell | Permalink
Posted by Wata
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”.
…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Adenan Satem | Permalink
Posted by Wata
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.”
…
Leave a Comment » | investment, Malaysia, oil and gas | Tagged: Deloitte, Petronas | Permalink
Posted by Wata
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.
…
Leave a Comment » | Chemical, investment, Malaysia, oil and gas | Tagged: Pengerang | Permalink
Posted by Wata
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.
Leave a Comment » | Malaysia, oil and gas | Tagged: Petronas | Permalink
Posted by Wata
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.
…
Leave a Comment » | Malaysia, oil and gas | Tagged: FPSO, Kikeh, Murphy, PCSB, Petai, Siakap, SNP | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 