IEM Shout Out – Wata’s Talk at the IEM

April 18, 2009

Here’s some self promotion. This is a shout out for the IEM. My Technical Division will be having a talk on the 23rd April. It’ll be at 5:30 pm (makan-makan at 5:00) at the IEM , Bangunan Ingenieur, PJ.:

This presentation will provide a quick introduction into the engineering of oil production. It will start with an introduction to important oil properties to consider when producing an oilfield, and how this data is used. It then moves to a generic offshore production facility, pointing out the salient points, design considerations and major equipment used in oil production. It closes out with a quick look at downstream facilities.

For my background, you can hunt around somewhere on this site.

3 Comments | engineering, Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Taxes and Service Taxes – Help?

April 15, 2009

There’s an old adage that says only 2 things are certain in life: death and taxes. The former you personally experience once, the latter every time money moves around.

For consultant companies like SOGE, we have had to register with the Customs Department so that we can collect service tax, which puts us in the same category as the delightful mamak shop across from our offices.

Service tax is applicable to all our work which will be applicable to an asset in Malaysia. Note that it doesn’t depend on who our client is, but where the ultimate user of our brain power resides. Since business is slow, our total cumulative service tax is about RM3.45 for this quarter.

Anyone know whether service taxes are applicable to assets located in the Thai-Malaysia Joint Development Area (JDA)? This would cover companies like CHOC, CPOC. I think service taxes don’t apply, but I may be wrong.

3 Comments | business opportunity, Malaysia, oil and gas | Tagged: , , | Permalink
Posted by Wata

Saturday Star 2009-04-11 – Job Opportunities

April 14, 2009

Another week, another scan of the Saturday Star newspaper. Here’s a list of job ads in the paper:

  • Oo, PETRONAS has a full page advert. Those of you who believe you are worth the skewed starting salary PETRONAS offers (and PETRONAS doesn’t pay engineering companies enough to offer the same skewed salary), please apply.  Note that this time round, they are looking for 7 years plus experience. Send your CVs to talent@petronas.com.my.
  • Dialog is looking for you to ‘further your ambition in the oil & gas industry’. There are positions for IT support, network, tech sales, project. Send an email here or snail mail to Humarn Resources Department, Dialog Group of Companies, 109, Block G, Phileo Damansara 1, No. 9, Jalan 16/11, 46350.
  • Petrofac is looking for a reservoir engineer, junior petroleum engineer, junior reservoir engineer. Email to vacancy.kl@petrofac.com, or snail mail to Human Resource.

18 Comments | engineering, Malaysia, oil and gas | Tagged: , , | Permalink
Posted by Wata

From the Star – Perisai Seeks Tie-ups

April 8, 2009

Dateline 2009-04-07 (story link here):

KUALA LUMPUR: Perisai Petroleum Teknologi Bhd hopes to either build or acquire more strategic marine assets to assist in the offshore installation of small fields and deepwater developments, says managing director Nagendran Nadarajah.

He said the company planned to co-own the assets via partnerships and joint ventures, as financing was somewhat limited in the current economic slowdown.

“Now is the time to build more strategic assets in preparation for the next rebound in oil price.

Another opportunity for you wheeler dealers out there.

You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.

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The SOGE Office – A Fuller Office

April 7, 2009

Another Photosynth view of the office. We’re getting a bit more fuller, and I suppose we have enough money to pay for the rent and the lights. We’d like some more work during these trying times.

Sorry for the lack of news. Been kinda distracted, and out of the country.

3 Comments | engineering, Malaysian election, oil and gas | Tagged: | Permalink
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Saturday Star 2009-03-28 – Job Opportunities

March 30, 2009

Another week, another scan of the Saturday Star newspaper. Here’s a list of job ads in the paper:

  • ExxonMobil is looking for Instrumentation, Electrical, Mechanical, Prodution Trainee Technician. By applying and graduating from the course, you will add to Malaysia’s bank of trained O&G personnel, as rumour has it most people leave after getting all knowledge they can, and as soon as they realise more money can be got elsewhere, though I suspect the current eco situation might put a damper in that plan. Apply  here, or snail mail to Recruitment, Human Resources, Level 17, Menara ExxonMobil, 50088 KLCC, KL.
  • Optimal (tagline Optimise your Career Potential) is looking for a Test & Inspection Engineer. Visit their website, or apply here.
  • RasGas is looking for field operators. CVs to be submitted here. You can phone the local recruiters at +603 2078 1918. I believe RasGas is a JV, one of the partners being ExxonMobil.

Sigh, since I have moved with Synergy out of KL, will you patronise Chee Meng in my memory? I’ll probably be there next Wednesday.

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From Bernama – Oil Price Drop Will Not Badly Affect Malaysia Earnings

March 29, 2009

Dateline 2009-03-18 (story link here):

KUALA LUMPUR, March 18 (Bernama) — PETRONAS recorded revenue of RM223.1 billion and a pre-tax profit of RM95.5 billion for the financial year ended March 31, 2008 during which the average world oil price was US$82 a barrel, Deputy Prime Minister and also Finance Minister Datuk Seri Najib Tun Razak said today.

However, taking into view that Petronas’ current financial year will end only on March 31, 2009, the real effects of the drop in world oil price on Petronas’ earnings cannot be ascertained as yet, he said.

Najib said this in his written reply to Teresa Kok (DAP-Seputeh) who wanted to know the estimated reduction in PETRONAS earnings following the oil price drop in 2007 and 2008 and the consequent amount of drop in the government’s earnings following the world oil price drop.

Hmmm, there are so many ways the topic can be pessimistic. ‘Oil Price Will Badly Affect 2010 Earnings’, ‘New PM First Term Ends with Country in Debt’.

I wonder how this will be written into the history books when they review the transition of Malaysia’s leadership? And isn’t there a transition of PETRONAS leadership in the works as well?

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From Business Times – Malaysia uses 5pc less natural gas in Feb

March 27, 2009

Dateline 2009-03-17 (story link here):

MALAYSIA’S consumption of natural gas declined about 5 per cent last month from a year earlier because of falling demand from power plants, a Petroliam Nasional Bhd official said.

The country burned 2 billion cubic feet a day last year, and the power industry accounts for two-thirds of the usage, Ezhar Jaafar, senior manager for gas business at the state oil and gas company, said at the Gas Asia conference in Kuala Lumpur today.

“The power sector is not taking as much because of the economic slowdown,” Ezhar said.

Malaysia’s slowing economy has curbed the consumption of electricity as offices and factories close down. Analysts at Citigroup Inc and Standard Chartered Plc expect Malaysia to join neighbouring Singapore in a recession this year, with Nomura Holdings Inc predicting a full-year contraction of as much as 4 per cent.Malaysia may have to consider importing gas or liquefied natural gas to meet domestic demand when economic growth picks up, Ezhar said.

Demand for LNG in Asia may drop 7 per cent to 10 per cent this year as countries including Japan and South Korea reduce cargo purchases, Ezhar said.

The cut in long-term contract volumes may force some producers to sell the cargoes at “cheap” prices, he said, without identifying any supplier.

The world’s three biggest LNG producers are Qatar, Malaysia and Indonesia.

LNG is natural gas that has been chilled to liquid form, reducing it to one-six-hundredth of its original volume, for transportation by ship to destinations not connected by pipeline. It’s turned back into gas for distribution to power plants and other buyers. – Bloomberg

You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.

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From the Associated Press – Oil dips in Asia on signs of building inventories

March 26, 2009

Dateline 2009-03-26 (story link here):By EILEEN NG – 13 hours ago

KUALA LUMPUR, Malaysia (AP) – Oil prices declined in Asia Wednesday in tandem with a pull back in global stock markets and on signs of building crude inventories.

Benchmark crude for May delivery fell 96 cents to $53.02 a barrel by afternoon Asian electronic trading on the New York Mercantile Exchange. The contract staged a late rally Tuesday to close up 18 cents at $53.98 a barrel.

Oil prices haven’t climbed much higher because the buying has been driven by stock market gains and not because of a real improvement in global oil demand.

A report Tuesday by the American Petroleum Institute showed a build up of crude stock, a day ahead of a U.S. government report on domestic crude inventories, said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.

Analysts expect a build up of 1.4 million barrels in commercial crude oil stocks in the U.S, the world’s largest energy consumer, a Platts survey showed.

“That is bearish news,” Shum said. “Some caution has crept into the market and expectations that the U.S. government inventory report will show an increase will likely put downward pressure on oil pricing.”

Oil prices rallied all last week and again on Monday amid gains in stock markets and optimism about a U.S. government plan to buy up toxic assets from banks to resolve to financial crisis. A weaker dollar has also caused investors to flee to commodities like oil, which have risen more than 30 percent this month.

Wall Street declined slightly Tuesday, and Asian markets were mixed Wednesday as investors took stock of the recent rally. Analysts said if more good news emerges, stocks could keep climbing. But if they fall back in coming days, oil will likely follow.

“I am not convinced that oil (pricing) is turning around. It’s a short spike on the back of the stock market rally but eventually I expect it to fall back below $50,” said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore.

With effects of the OPEC production cuts and a global economic recovery likely to kick in late in the year, Chu said he foresee oil demand and price to only bounce back by the second half.

Russian Finance Minister Alexei Kudrin also warned Tuesday that the recent rise in oil and stock prices may be “temporary.”

But the oil rally led China on Tuesday to raise its benchmark retail price of gasoline and diesel fuel.

In other Nymex trading, gasoline for April delivery fell 1.81 cents to $1.4845 a gallon, while heating oil lost 2.31 cents to $1.4765 a gallon. But natural gas for April delivery climbed 0.7 cent at $4.34 per 1,000 cubic feet.

In London, Brent prices shed 87 cents to $52.63 on the ICE Futures exchange.

Sorry, I don’t have a link directly to AP. For us O&G people, USD52/barrel gives us hope that shelved capital projects  will restart again.

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From Business Times – SapuraCrest bags RM3b Contract

March 20, 2009

Dateline 2009-03-18 (story link here):

SapuraCrest Petroleum Bhd has won a contract worth US$825 million (RM3 billion) for installation works at the Gumusut-Kakap field, about 200km offshore Sabah.

The field is located in 1,200m water depth.

The contract from Sabah Shell Petroleum Co Ltd will be executed over three years, beginning this year, SapuraCrest told Bursa Malaysia yesterday.

You can subscribe to an online version of the paper at the Bluehyppo site, follow links to e-browse.

On the same topic from the Oil & Gas Journal (dateline 2009-02-05):

Sabah Shell Petroleum Co. Ltd. Sdn. Bhd. awarded JP Kenny Wood Group a contract for subsea integration and follow-up engineering work for the Gumusut-Kakap deepwater development in 1,300 m of water, 120 km off Sabah, Malaysia, on Blocks J and K

And I thought that G-K would languish until the recession is over.

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