Malaysia steps up offshore gas production

August 2, 2021

Dateline 2021-07-26, Offshore:

Malaysia could contribute about 12% (3.1 bcf/d) of global natural gas production in 2025 from offshore projects coming onstream between 2021 and 2025, according to GlobalData.

The ‘Global Offshore Upstream Development Outlook, 2021–2025’ predicts that 2 bcf/d of gas production in Malaysia in 2025 will come from projects with identified development plans, and 1 bcf/d from early-stage projects currently in the conceptual phase but likely to be approved for development.

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Favelle Favco contract win reaffirms O&G sector recovery

August 1, 2021

Dateline 2021-07-23, The Malaysian Reserve:

FAVELLE Favco Bhd’s (FFB) contract wins are a sign of recovery for the oil and gas (O&G) sector, according to analysts.

MIDF Amanah Investment Bank stated that at least five out of the eight contracts clinched by FFB recently are for offshore activities, including the compressor system and upgrade works.

“We concur with FFB’s positive stance on recovery from the impact of Covid-19 pandemic with the vaccine rollout in the countries.

“The group will continue to be vigilant of the economic recovery, especially in the crane sector.

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Shell launches sale of stakes in Malaysian oil and gas fields -document

July 31, 2021

Dateline 2021-07-22, Reuters:

Royal Dutch Shell (RDSa.L) launched the sale of its stakes in oil and gas fields it does not operate off the coast of Malaysia, according to a document seen by Reuters.

The Anglo-Dutch company announced in March that it was considering selling its stakes in the Baram Delta EOR and the SK307 production-sharing contracts which are operated by Petronas Carigali Sdn Bhd, a unit of state energy firm Petronas.

The sale process for the two stakes, launched this month, is being run by investment bank J.P. Morgan, according to the sales document.

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Jadestone gets approval for acquisition of Malaysia assets

July 30, 2021

Dateline 2021-07-16, ShareCast:

Asia-Pacific-focused oil and gas production company Jadestone Energy announced on Friday the satisfaction of all conditions required to complete its proposed acquisition of the peninsular Malaysia assets of SapuraOMV Upstream, including the approval of Malaysia’s national oil company Petronas.

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Hibiscus Petroleum receives waiver of pre-emption rights on Repsol assets, comes closer to concluding US$212.5m acquisition

July 29, 2021

Dateline 2021-07-14, The Edge:

One of the conditions precedent in Hibiscus Petroleum Bhd’s acquisition of upstream oil and gas assets from Spanish oil major Repsol has been fulfilled, which brings the oil explorer one step closer to concluding its acquisition of the latter’s upstream assets in Malaysia and Vietnam.

In a statement, Hibiscus said that it has been informed by Repsol Exploración S.A that the waiver and/or expiry of pre-exemption rights held by Petronas Carigali Sdn Bhd and PetroVietnam Exploration Production Corp under each of the relevant joint operation agreement for the assets had been satisfied.

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Malaysia picks new chairman for state-run Petronas

July 28, 2021

Dateline 2021-07-12, Reuters:

Malaysia has appointed Mohd Bakke Salleh as the chairman of state energy firm Petroliam Nasional Berhad (Petronas), the prime minister’s office said on Monday.

The change comes as Petronas is recovering from a demand slump caused by the COVID-19 pandemic.

Mohd Bakke will replace Ahmad Nizam Salleh, who had served as chairman since 2018, effective Aug. 1.

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US Think-Tank: China Coast Guard Harasses Malaysian Oil, Gas Operation Off Sarawak

July 26, 2021

Dateline 2021-07-08, Radio Free Asia (Is this like the Voice of America, Or Hanoi Hannah?)

Chinese coast guard ships since early June have been putting pressure on and harassing new Malaysian oil and gas projects in the South China Sea off Sarawak state on Borneo Island, a U.S.-based think-tank said in a report released this week.

Malaysian state-run oil company Petronas, which runs such off-shore operations, meanwhile announced on Wednesday that it signed a 10-year, U.S. $7 billion deal to provide liquid natural gas to a subsidiary of the China National Offshore Oil Corp.

That same day, the Asia Maritime Transparency Initiative issued a report alleging that ships from the China Coast Guard (CCG) have been “contesting” new Malaysian oil and gas development in waters off the coast of Sarawak.

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Malaysia bourse wants independent review of oil firm’s deals after auditor’s red flags

July 25, 2021

Dateline 2021-06-23, Reuters:

Malaysian oil and gas service provider Serba Dinamik Holdings Bhd (SERB.KL) must appoint an independent reviewer to address issues raised by the company’s external auditor, the national stock exchange said on Wednesday.

In May, Serba said auditor KPMG had not been able to verify contracts and transactions worth 3.5 billion ringgit ($840.74 million) with 11 customers.

Serba rejected the concerns and has said it saw no issues with the existence or legitimacy of the contracts.

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Malaysia’s Sarawak awards key onshore acreage

July 24, 2021

Dateline 2021-06-21, Energy Voice:

The eastern Malaysian state of Sarawak, home to the country’s liquefied natural gas (LNG) export complex, has awarded its first onshore block to Petra Energy and Uzma, as it hopes to revitalise its onshore oil and gas industry after taking regulatory control from the federal government.

Malaysia’s Petra Energy will operate Block SK433 on behalf of joint venture partner Uzma following the award by state-energy company Petroleum Sarawak (PETROS). Block SK433 covers the Miri-Marudi area in Northern Sarawak. It also holds a discovery, Adong Kecil.

In a statement Friday, the Sarawak Chief Minister’s Office (CMO) said the award was the result of a competitive bidding exercise that was managed by PETROS since January this year.

The CMO said this marks a significant milestone for Sarawak as it looks forward to the resumption of active exploration and production activities onshore.

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How a bumi equity issue between two oil firms escalated into a ‘judicial fixing’ saga

July 23, 2021

I wait for the BEM to weigh in on Bumi onwership and PEPC directors

Dateline 2021-06-21, MalaysiaKini:

What began as an issue over the bumiputera equity requirement for a Petronas licence involving a Malaysian unit of Aker Solutions ASA, Norway’s largest oil services firm, has escalated into claims of judicial fixing that have rocked the legal fraternity.

The last two weeks saw a flurry of developments – the charging of an Aker Solutions manager, the Malaysian Bar expressing concern over alleged misconduct by one of its members – and most intriguing was a police report by the Office of the Chief Justice against a senior lawyer for allegedly bringing the judiciary into disrepute.

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