Dateline 2022-03-24, Bangkok Post:
PTT Exploration and Production Plc (PTTEP) is preparing to explore a new offshore oil block in Malaysia under its “Coming Home Strategy” to focus more on new investments in Southeast Asia.
Malaysian national oil and gas conglomerate Petronas awarded the exploration rights at Block SB412, located off the northwestern coast of Sabah, to PTTEP through its subsidiary PTTEP HKO and its partner SapuraOMV.
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Dateline ???, The Star:
A subsidiary of the PTT Exploration and Production has won a bid to survey for oil and gas in a new block in Malaysia’s sea, PTTEP said on Wednesday (March 23).
PTTEP’s chief executive officer, Montri Rawanchaikul, said the company’s subsidiary, PTTEP HK Offshore Ltd, and its Malaysian partner, SapuraOMV Upstream, have signed a production-sharing contract with Petronas. The joint venture was awarded the right to survey in Block SB412, northwest of Sabah state.
Montri said the joint venture won the Malaysia Bid Round 2021 to win the right to carry out the survey and now PTTEP has had 12 survey contracts in Malaysia.
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Dateline 2022-03-24, Natural Gas World:
Petronas has signed production sharing contracts (PSCs) for five offshore exploration blocks, namely SB412, 2W and X located off the coast of Sabah, and SK439/SK440 located off the coast of Sarawak, the company said on March 23. The contracts were awarded in the Malaysia Bid Round (MBR) 2021.
Block SB412 in Sabah was signed between Petronas, PTTEP HK Offshore and SapuraOMV Upstream, while the PSCs for ultra-deepwater Blocks 2W and X were signed between Petronas, Sabah Shell Petroleum Company, Shell Sabah Selatan and Petronas Carigali.
The PSC for Sarawak’s Block SK439/SK440 was signed between Petronas, Sarawak Shell and Petroleum Sarawak Exploration & Production.
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Leave a Comment » | oil and gas | Tagged: PCSB, PTTEP HKO, Sabah Shell Petroleum Company, SapuraOMV, SB412, SK439, SK440 | Permalink
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He will bang tables? Okay….. if that floats your boat.
Dateline 2022-03-21, FMT:
Sabah local government and housing minister Masidi Manjun has said he would not back down on the issue of the state’s rights, including on oil and gas, in its negotiations with the federal government and Petronas.
Masidi, who is the head of the state’s negotiation team, said the terms in the talks were in line with the aspirations of the people.
“I’ll walk out of the negotiation room and bang tables if I am not satisfied,” he said in reply to a supplementary question from Shafie Apdal (Warisan-Senallang) at the state assembly today.
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Dateline 2022-03-22, JPT:
Today’s high oil prices have not removed the memories of some top upstream executives about how swiftly boom-and-bust cycles can move, nor have they eroded their mission to lower carbon footprints.
Some of Southeast Asia’s top oil and gas executives spoke at OTC Asia on Tuesday about the dual challenge of achieving production growth while meeting the low-carbon demands of the energy transition amid a backdrop of rising energy prices and a world economy that is trying to get back on its feet.
The OTC Asia technical conference kicked off in Kuala Lumpur little more than a week before Malaysia is set to fully open its borders 2 years since the start of the COVID-19 pandemic and during a week when oil prices have bounced back above $110/bbl. Both circumstances served as a reminder that as one source of volatility is fading, another has arrived with the Russian invasion of Ukraine.
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2022-03-21, Gulf Business:
Abu Dhabi-headquartered Mubadala Petroleum has successfully started gas production from the Pegaga gas field in Block SK 320, offshore Malaysia. In 2014, the company reported that it had found substantial gas resources in the gas field.
The Pegaga gas field is designed for gas throughput of 550 million standard cubic feet of gas per day plus condensate. The produced gas will be evacuated through a new 4km, 38-inch subsea pipeline tying into an existing offshore gas network and subsequently to the onshore Petronas LNG Complex in Bintulu.
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Dateline 2022-04-17, The Malaysian Insight:
RISING fuel prices is tempting Putrajaya to increase fuel subsidies, but this is counterproductive to Malaysia’s goal of having net zero carbon emissions by 2050, economists say.
The best way is to give the subsidies in a targeted manner, with focus on the B40 lower income group and the M40 group.
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Leave a Comment » | oil and gas, Renewable Energy | Permalink
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Why would PETRONAS care about the welfare of local contractors? They’ve gone beyond their responsibilities in the Petroleum Act to squeeze renewable energy entrepreneurs.
Dateline 2022-03-14, The Edge:
LIKE other oil majors, Petroliam Nasional Bhd (Petronas) achieved an annual performance that exceeded pre-pandemic levels, with soaring oil and gas prices in 2021 the main fuel for earnings growth.
In the financial year ended Dec 31, 2021 (FY2021), Petronas’ profit after tax (PAT) came in at RM48.6 billion on revenue of RM247.96 billion, as the Brent crude oil price averaged US$70.91 per barrel and even exceeded US$86/bbl in the fourth quarter.
It was Petronas’ best performance since FY2018, when it booked RM55.31 billion PAT on RM250.98 billion in revenue, when Brent was averaging US$71.04/bbl.
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Watch for the follow-up.
Dateline 2022-03-14, The Edge:
BRENT crude tested the US$120 band last Thursday before tapering off to the US$110 level at press time on Friday.
Since early last December, the benchmark has strengthened by 61.6%. Thursday’s highs were last seen in 2008, when Brent crude hit US$145 per barrel in mid-July that year.
But there is little reason for local oil and gas firms to celebrate, at least for now, simply because they are still struggling to survive, let alone make handsome profits.
Petroleum Nasional Bhd (Petronas), however, chalked up a profit after tax of RM48.6 billion on the back of RM247.96 billion in revenue for the financial year ended Dec 31, 2021 (FY2021).
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Leave a Comment » | oil and gas | Tagged: PETRONAS Dagangan | Permalink
Posted by Wata
Safety engineers never forget.
Leave a Comment » | oil and gas, Safety | Tagged: Deepwater Horizon | Permalink
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Wata - Malaysian Oil and Gas Engineer 