February 26, 2014
Dateline 2014-01-12, Yahoo! (from Business Times):
PETROLIAM Nasional Bhd (Petronas) is undertaking major steps to rejuvenate the oil and gas industry.
The move is in the face of Malaysian oilfields now entering the mature phase, marked by declining oil and gas extraction, after more than 30 years of extensive exploration and production.
As the custodian of the country’s hydrocarbon resources, Petronas has initiated risk- sharing contracts (RSCs) for marginal oilfields over the last few years.
This is to develop resources from smaller oilfields, and at the same time, explore enhanced oil recovery (EOR) technology to improve production from other fields that are maturing.
Petronas executive vice-president (exploration and production business) Datuk Wee Yiaw Hin said it is estimated that 50 per cent of Malaysia’s producing oilfields have EOR potential.
…
Leave a Comment » | 
Malaysia, oil and gas | Tagged: Petronas | 
Permalink
Posted by Wata
February 25, 2014
Platts, dateline 2014-01-13:
First production from the offshore Kapal, Banang and Meranti Cluster fields offshore peninsular Malaysia began under a Risk Service Contract on December 16, Malaysia’s state-owned Petronas said Monday.
The initial production rate from the cluster averaged more than 10,000 b/d, with peak production of 13,000 b/d, Petronas said.
KBM, which is being developed by Coastal Energy of Houston in an RSC with Malaysian oil services company Petra Energy, is the third RSC to be successfully brought into production following the Balai Cluster and the Berentai fields, Petronas said.
KBM, which started development in mid-2012, is an eight-year development project, Petronas said.
…
Leave a Comment » | Malaysia, oil and gas | Tagged: Coastal Energy, KBM | Permalink
Posted by Wata
February 22, 2014
Dateline 2014-01-09, the Malaysian Insider:
National oil and gas firm Petronas has the responsibility to offer contracts to qualified local companies, the Malay Economic Action Council (MTEM) said.
Tired of Petronas’ repeated explanation that contracts were only handed out to international firms when there are no qualified local corporations, MTEM disputed the firm’s excuse and asked the oil giant to fulfil its duty as per its objective.
“It is Petronas’ responsibility under the Petroleum Development Act 1974 to give help to the local oil and gas industry,” said MTEM chief executive officer Mohd Nizam Mashar today.
Disappointed with Petronas president Tan Sri Dato’ Shamsul Azhar Abbas’ inaction to spur the development of local companies, Mohd Nizam said the firm’s chief had only appointed three firms for the Vendor Development Programme (VDP) during his tenure in office.
…
Leave a Comment » | Malaysia, oil and gas | Tagged: MTEM, Petronas, Shamsul Azhar Abbas | Permalink
Posted by Wata
February 21, 2014
Really? Can I get an insider from PETRONAS to say the same things?
Dateline 2014-01-09:
Local oil and gas (O&G) service providers continue to be in focus after Petroliam Nasional Bhd (Petronas) started the year with a five-year umbrella contract awarded to four engineering services contractors.
Fabricators like SapuraKencana Petroleum Bhd, TH Heavy Engineering Bhd,Malaysia Marine & Heavy Engineering Holdings Bhd (MMHE) and Boustead Heavy Industries Corp Bhd were among the much-talked-about indirect beneficiaries of the contracts awarded to Technip Consultant (M) Sdn Bhd, Perunding Ranhill Worley Sdn Bhd, RNZ Integrated (M) Sdn Bhd and MMC Oil & Gas Engineering Sdn Bhd.
Petronas is expected to conduct a closed competitive bidding among the four parties to select the technically capable and commercially attractive bidder, with the work scope covering domestic upstream O&G engineering services, including front-end engineering design and detailed design works, of which generally run into multi-billion-dollar contracts.
This is part of the national oil company’s RM300bil capital expenditure budget till 2017 in a bid to reverse declining production.
…
Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Petronas | Permalink
Posted by Wata
February 18, 2014
Really? No slowdown in contracts?
Dateline 2014-01-08, Borneo Post:
On the back of booming 2013, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) believes that the oil and gas sector will continue to be on overdrive in 2014.
The research arm pointed out that the overall sector did spectacularly well in 2013 with stocks under its coverage gaining an average of 75 per cent on a year to date (YTD) basis.
“The significant share price gains are no surprise as around RM30 billion of domestic contracts (inclusive of international wins, the total rise to RM43.3 billion) were dished out in 2013, which is a far cry from the circa RM10 billion contract wins in 2012,” it opined.
Despite significant share price appreciations, Kenanga Research expects further gains as it believes there are still ample project awards in 2014 to act as catalysts.
In addition there will likely be no slowdown in contracts flow this year.
…
Leave a Comment » | investment, Malaysia, oil and gas | Permalink
Posted by Wata
February 17, 2014
I see that for Ranhill, the game is afoot.
From The Star, dateline 2014-01-07:
Petronas Carigali Sdn Bhd has awarded a five-year umbrella contract to four local engineering services contractors to undertake the design and engineering services for its facilities involved in the oil and gas industry.
Petronas Carigali, which is Petroliam Nasional Bhd’s upstream unit, said on Tuesday the four companies were Technip Consultant (M) Sdn Bhd, Perunding Ranhill Worley Sdn Bhd, RNZ Integrated (M) Sdn Bhd and MMC Oil & Gas Engineering Sdn Bhd.
…
Leave a Comment » | investment, Malaysia, oil and gas | Tagged: MMC, PCSB, Ranhill, RNZ, technip | Permalink
Posted by Wata
February 15, 2014
Dateline 2013-12-27, Malaysian Digest.com:
The contracts worth about RM300 billion awarded by Petronas to Bumiputera firms in the last five years show their high level of competitiveness and credibility, said the Malaysian Oil and Gas Services Council (MOGSC).
MOGSC president Sofiyan Yahya said Bumiputera firms’ level of activity in the oil and gas industry can be seen in the council, 90 per cent of whose 450 members are Bumiputera companies.
“MOGSC is willing to support Bumiputera firms who want to venture into this sector,” he told Bernama.
…
Leave a Comment » | investment, Malaysia, oil and gas | Tagged: MOGSC, Petronas | Permalink
Posted by Wata
February 13, 2014
Dateline 2013-12-21, Malaysia Chronicle:
THE era of cheap energy has ended and Malaysia has to face the fact that it has to move on to an open market regime, targeted to be implemented by 2019, said Petroliam Nasional Bhd (Petronas).
The national oil company, by way of its wholly-owned subsidiary Petronas Gas Bhd (PGB), has recorded revenue foregone due to regulated gas pricing at a cumulative RM199.9 billion since 1997, with 2013’s first three quarters making up RM20.29 billion alone.
“What we want to do is to move our regulated gas market towards an open market so that we can enjoy competitive pricing. In order to achieve this we need to gradually phase out our regulated market module now,” said Petronas general manager for Malaysia gas management Ezhar Yazid Jaafar during a media briefing, here, recently.
He explained that in preparation for an open market module, the government is increasingly decreasing the amount of gas consumption subsidy, which has a significant impact on the increment of the electric tariff from 33.54 sen/kWj to 38.53 sen/kWj.
…
2 Comments | Malaysia, Malaysian election, oil and gas | Tagged: Petronas, PGB | Permalink
Posted by Wata
February 12, 2014
Dateline 2013-12-20, The Star:
Malaysia may see almost all of its gas production requirements being sourced from local means from 2015 as soon as the second regassification terminal in Pengerang, Johor is up and running.
Petroliam Nasional Bhd general manager for Malaysia gas management Ezhar Yazid Jaafar said that the additional supply would be sourced from east Malaysia to be processed in Pengerang.
Speaking at a press conference on Wednesday, Ezhar said the country now sourced about 15% of its local requirements from overseas.
“In 2015 or 2016 we will source most of our supplies locally. We presently import LNG from countries such as Brunei, Nigeria, Qatar and Norway,” he said.
…
Leave a Comment » | Malaysia, oil and gas | Tagged: Pengerang, Petronas | Permalink
Posted by Wata
February 11, 2014
Dateline 2013-12-14, The Star:
AN oil and gas stock which has got the market all excited since its debut on Nov 6 would be Barakah Offshore Petroleum Bhd. Not only has its stock price done well (it’s up 2.4 times to RM1.56 from its offer price of 65 sen), but it has also won a Petroliam Nasional Bhd (Petronas) contract less than two months after its listing.
While trading in Barakah remains suspended as at press time, the stock will likely see further action when trading reopens.
…
Leave a Comment » | investment, Malaysia, oil and gas | Tagged: Barakah Offshore Petroleum, PBJV | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 