PETRONAS Carigali, Shell and PETROS EP awarded exploration acreage offshore Malaysia

August 5, 2021

A bit more clarity for yesterday’s post.

Dateline 2021-07-28:

PETRONAS has awarded Block SK437 offshore Sarawak, Malaysia to PETRONAS Carigali Sdn Bhd (PCSB), Sarawak Shell Berhad (SSB), and Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP), a wholly-owned subsidiary of Petroleum Sarawak Berhad (PETROS).

Block SK437 is located to the southwest of the prolific Central Luconia province, measuring 2015 km2 in size and in water depths of up to 50 m.

SSB is the operator for Block SK437 PSC, with a 85% participating interest, while PCSB and PSEP hold 7.5% each. Both PCSB’s and PSEP’s interests are carried during the exploration phase. SK437 is a new addition to Shell’s existing interests in 15 production sharing contracts in Malaysia, of which eight are located off the coast of Sarawak, whilst the remaining seven are located off the coast of Sabah.

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Shell wins Malaysia offshore exploration block

August 4, 2021

Is Shell exiting, or wo’? Maybe it will exit PETRONAS , and enter PETROS?

Oo, and the page has an article titled “Petronas surrenders to Sarawak tax demands as CEO walks“

Dateline 2021-07-29, Energy Voice:

Significantly, Sarawak state-energy company Petroleum Sarawak (PETROS) will hold a minor stake in Block SK437, marking its first involvement in an offshore exploration production-sharing contract (PSC).

Shell will operate the 2,015 sq km block, which lies southwest of the Central Luconia province in waters 50 metres deep, with an 85% interest. Malaysian national oil company (NOC) Petronas Carigali and PETROS will each hold a 7.5% stake in the acreage.

Since the 1970s, significant oil and gas reserves have been discovered offshore the eastern Malaysian state of Sarawak, which have helped supply one of the world’s largest liquefied natural gas (LNG) export plants in Bintulu.

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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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