Petronas to cut dividend to govt

April 20, 2012

Dateline 2012-04-08:

Petroliam Nasional Bhd, Malaysia’s state oil company, plans to lower its annual dividend paid to the government to RM28 billion (US$9.2 billion) this year as it holds onto cash to help reverse a production slump.

“We need to grow,” Shamsul Azhar Abbas, the group’s chief executive officer, said in an interview in Kuala Lumpur on March 30. “Energy reserve is not finite, it will deplete. You can’t be sucking us dry.”

Petroliam Nasional, which manages all the Southeast Asian nation’s energy reserves, is the biggest single contributor to government revenue, having paid RM30 billion in dividends for each of the past three financial years. Shamsul, who took over as CEO in 2010, wants to retain more of the company’s profits to invest in exploration after seeing Malaysia’s oil and gas production fall for three straight years

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Oil prices at US$100/barrel not sustainable

April 19, 2012

Does this sound like a broken record?

Dateline 2012-03-30:

Petroliam Nasional Bhd, Malaysia’s state oil company, expects oil prices to decline as crude above US$100 a barrel restrains demand, according to Chief Executive Officer Shamsul Azhar Abbas.

The company estimates a fair price of oil between US$85 and US$90 a barrel for benchmark Brent crude, compared with current futures markets at about US$123 a barrel.

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Malaysia’s Petronas, Total sign HOA on development of offshore sour gas field

April 17, 2012

Dateline 2012-03-28:

Malaysia’s Petronas and Total of France have signed a heads of agreement to jointly study the development and production of a high carbon dioxide gas field offshore Sarawak in eastern Malaysia, the state-owned oil and gas company said Wednesday.
The K5 gas field, discovered in 1970, is a sour gas field with an up to 70% carbon dioxide content. To develop and produce such a field requires extensive study and research, and if it results in the production of gas, K5 would be the first gas field with more than 50% carbon dioxide to be developed in Malaysia, Petronas said.

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Minister: RON95 petrol subsidy up 10 sen, pump price unchanged

April 15, 2012

Dateline 2012-03-27:

The government’s subsidy burden for RON95 petrol rose by 10 sen per litre this month due to increasing global oil prices said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob today to the Star.

He said that the total subsidy per litre is now RM1.03. RON95’s pump price presently is RM1.90 per litre.

Ismail Sabri said the government does not want people to bear the burden.

Last December RON95 pump price was raised 5 sen.

Late last month, Prime Minister Datuk Seri Najib Razak assured Malaysians that RON95’s — which is used by most motorists — present price would be sustained regardless of global oil prices.

 

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Idris Jala: Malaysia has to cut reliance on O&G

April 14, 2012

Dateline 2012-03-27:

Pemandu CEO Datuk Seri Idris Jala has acknowledged the government’s “heavy” dependency on oil and gas (O&G) revenues and said that it needs to diversify its income streams.

This comes as the World Bank warned last November that Malaysia is too dependent on fossil fuel revenues, with its non-oil primary deficit having doubled in the last five years to almost 20 per cent of GDP.

The windfall from petroleum has also bolstered government coffers to the point that the World Bank noted in 2009 that non-oil revenues are insufficient to finance government operational expenditure.

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Petronas to increase gas supply to Thailand

April 13, 2012

As if we have enough gas.

Dateline 2012-03-26:

Thailand’s state-controlled PTT Exploration & Production pcl and Malaysia’s Petroliam Nasional Bhd will increase gas to Thailand while Myanmar halts supply from April 8 to April 17 for maintenance.

PTTEP and Petronas will supply Thailand with an additional 50 million standard cubic feet per day from the Malaysia- Thailand Joint Development Area, according to Norkun Sitthiphong, permanent secretary of the energy ministry. PTTEP will also supply the same amount from its South Bongkot project during the same timeframe, he said.

During the maintenance period, Thailand’s power reserves will fall to 5 per cent from 20 per cent at the moment, Norkun said.

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Sabah-S’wak gas pipeline in final phase

April 12, 2012

Dateline 2012-03-25:

The Sabah-Sarawak Gas Pipeline (SSGP) project is now in its final phase with 85 per cent already completed

The massive multi-billion ringgit infrastructure project is expected to be ready by the first quarter of next year.

“We estimate the gas to start flowing by April next year if everything goes as planned,” SSGP senior project manager Shaiful Bahrin Hashim said during a media briefing at the SSGP Camp 5 in Long Bedian recently.

“The length of the pipeline is 94km in Sabah and 427km in Sarawak, and involves more than 3,000 workers, half of whom were recruited from local people.”

The other seven SSGP camps along the 521km route are Camp 1 Beaufort, Sabah; Camp 2, Lawas; Camp 3, Merarap; Camp 4, Limbang; Camp 6, Long Lapok; Camp 7, Niah; and Camp 8, Bintulu.

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Saturday Star 2012-04-07 – Job Opportunities

April 9, 2012

Support me by purchasing my recommendations, or buying through my Amazon store. I need the money to pay for running this site. Corporate level sponsors are encouraged.

If you need my help to submit your CVs, donate to the blog, and I’ll review your CV to see if it is worthy of my (and my associates’) expectations. If you can’t figure out how to donate, no need to ask.

  • I’m looking for a senior process engineer, 7+ years experience. Send your cv here . Also looking for process safety persons, lead piping designer, lead instrument engineer, and other seniors you think will catch my eye.
  • PETRONAS has a one page ad. Send your cv here. State your applied discipline as subject/title of your application.

May I suggest that readers install the Waze app on their phones? And use it as much as possible? It says its a “a social mobile application providing free turn-by-turn navigation based on the live conditions of the road. 100% powered by users, the more you drive, the better it gets. Join the community of drivers in your area today!” It’s definitely getting better for the Klang Valley area, though we need more users from East Malaysia.

Support your local bookshop! Visit Bookalicious at The Summit Subang, good selection of imported books. I think they focus on trilogies, quadrilogies, and otherologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Maybe I should say that next time I visit them. Those of you who have dropped my name, thanks!

BTW, did I tell you that I am the Secretary of MOGEC?

For those of you who have a healthy skepticism to my industry, these books are for you:

  

Why We Hate the Oil Companies: Straight Talk from an Energy Insider, The Party’s Over: Oil, War and the Fate of Industrial Societies, Barbarians of Oil: How the World’s Oil Addiction Threatens Global Prosperity and Four Investments to Protect Your Wealth (Agora Series)

This week’s food promotion is … masak asam pedas. If you find nice places around PJ, let me know. I’ve tried the one across from the PJ State Police Station, and the shop next to Dewan MPSJ in PJ State.

20 Comments | engineering, Malaysia, oil and gas | Tagged: , , , | Permalink
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IEM Shout Out – 2 Day Course on Welding Codes and Standards for Engineering Applications

April 9, 2012

This is a shout out for the IEM. My Technical Division will hosting a course on the 23rd and 24th May, 2012. It will be held at TUS room, Wisma IEM, Petaling Jaya.  The course is worth 13.5 CPD or PDP points.

This course is designed to provide an appreciation of ASME and ISO welding codes and standards to those engineers involved in manufacturing and fabrication industries using arc welding technologies. Its objective is to help engineers understand how to apply these welding codes and standards to ensure the welds meet the quality requirements set by these codes and standards. The course will also provide general guidelines in applying and interpreting the rules along with case study.

  • Receive overview of ASME and ISO welding codes and standards
  • Understand the importance of qualification test in ensuring weld quality
  • Understand the background of rules and qualification range and destructive and non-destructive tests required for qualification test
  • Understand the process and approach to qualify a welding procedure specification and welder in the most cost effective and practical way
  • Understand the background of qualification range of welding procedure specification and welder qualification
  • Application of qualification range to maximise the benefits of welding procedure specification and welder qualification
  • Understand the approach to validate a welding procedure specification with respect to welding and fabrication standards and project specification.
  • Understand the weld quality requirements to improve effectiveness.

Please register here. You can download the registration form here.

A map to Wisma IEM is presented here. It’s the building labelled ‘Putri Nursing College.’

I appeal to readers, come on and send yourselves and staff to these courses. I need the support.

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24 Petronas workers hurt in gas leak

April 8, 2012

Dateline 2012-04-07:

 24 workers at the Petronas gas processing plant in Kertih were admitted to hospital with breathing difficulties caused by a gas leak on Thursday.

Around 300 workers were about to start maintenance work shortly after 8pm when they had to rush out of the plant after smelling the gas, believed to be ammonia.

Eight of the workers were sent to Dungun Hospital while 16 others received treatment at the Paka clinic.

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