Sarawak gas deal expected to boost downstream activities

April 7, 2020

Dateline 2020-02-14, Malaysian Reserve:

THE recent natural gas deal between Petroliam Nasional Bhd (Petronas) and state-owned Petroleum Sarawak Bhd (Petros) is expected to provide a boost to Sarawak’s downstream operations.

The handover of authority over the supply, sales and distribution of natural gas in Sarawak to Petros effective Jan 1 this year has given the fuel-rich state room to manage its resources — which account for 54% of total national gas reserves and 29% of national oil reserves.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Petros takes over control of Sarawak gas from Petronas

April 6, 2020

Dateline 2020-02-12, FMT:

Sarawak now has full control and authority over the supply, sales and distribution of natural gas within the state following an agreement signed between state-owned Petroleum Sarawak Berhad (Petros) and Petronas today.

Deputy Chief Minister Awang Tengah Ali Hassan is hopeful that the state would now be able to attract more investors, adding that in the past, Sarawak had missed many investment opportunities due to insufficient gas supply.

He said as a result, the state government was previously left with no choice but to “beg” from Petronas and even wrote to the prime minister for more gas supply.

…

Leave a Comment » | oil and gas | Tagged: , , | Permalink
Posted by Wata

CM optimistic O&G industry in Sarawak will thrive, help boost economy

April 4, 2020

Kejap, JX Nippon recent set up an office in Miri?

Dateline 2020-02-04, Borneo Post:

Chief Minister Datuk Patinggi Abang Johari Tun Openg is optimistic that the oil and gas (O&G) industry in the state, particularly Miri as the O&G hub, will thrive and help boost the state’s economy.

In referring to the setting up of a new office by a Japanese company JX Nippon Oil and Gas Exploration (Malaysia) in Miri recently, Abang Johari said that it is a good sign as it shows that the oil and gas industry players are slowly coming back to Miri.

…

Leave a Comment » | oil and gas | Tagged: , , , | Permalink
Posted by Wata

O&G index hit by coronavirus outbreak, lower oil prices

April 3, 2020

For the historical record. And I did not know there is a Bursa Malaysia Energy Index.

Dateline 2020-02-05, The Malaysian Reserve:

BURSA Malaysia Energy Index, which tracks oil and gas (O&G)-related 6stocks on the local exchange and is highly correlated to energy prices, is downtrending as oil prices trade between US$50 and US$55 (RM226.05) a barrel levels on expectations of lower global oil demand due to the coronavirus (nCoV) outbreak in China.

The index closed slightly lower, down 0.07% to 1,146.40 points. In the past five days, the index has been down 5.72% and 9.31% lower in the past 30 days.

…

Leave a Comment » | oil and gas | Permalink
Posted by Wata

Federal Constitution empowers Sarawak to impose state sales tax, court told

April 2, 2020

Dateline 2020-02-04, FMT:

The Federal Constitution does not limit the powers of the Sarawak legislature on the type of goods to be subjected to state sales tax, Sarawak legal counsel JC Fong said today.

Submitting at the hearing of Petronas’ judicial review application against the state sales tax in the High Court here, Fong said Article 95B(3) did not restrict or limit the range of goods that may be subject to state sales tax.

“It is not for the judges who are not legislators to make the law or rewrite the constitutional provision,” he said.

…

Leave a Comment » | oil and gas | Tagged: | Permalink
Posted by Wata

Hess, Petronas deliver first gas from North Malay Basin

April 1, 2020

Dateline 2020-02-04, Yahoo News:

Hess Malaysia said it and partner Petronas Carigali delivered first gas from Phase 2 of the North Malay Basin Integrated Gas Development Project on schedule.

Delivery of first gas expected to come onstream in April 2020.

Hess Malaysia is moving forward with Phase 3 of the North Malay Basin development, with first gas planned for the fourth quarter of 2021.

North Malay Basin, located off peninsular Malaysia in the Gulf of Thailand, holds more than 1.5 trillion cubic feet of natural gas and more than 20 million barrels of condensate, according to Hess Malaysia.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Invest more on workforce, O&G players encouraged

March 31, 2020

Dateline 2020-02-04, Borneo Post:

The oil and gas (O&G) industry players should consider investing continuously into their workforce through training and retraining, in view of today’s challenging landscape.

In this regard, Minister of Transport Datuk Lee Kim Shin believes that the economic prospects in Miri as far as O&G is concerned are ‘looking brighter’, with tens of millions of ringgit worth of investments being injected into projects.

As such, he sees the need to revitalise the industry, where there is a high demand for workforce.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

Coronavirus affects oil demand, Opec+ viewing deeper cuts

March 30, 2020

Man, for the history books:

Dateline 2020-02-03, FMT:

Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by Opec and its allies offered some price support.

Brent crude was down 48 cents at US$56.14 a barrel by noon, having earlier lost more than US$1 to its lowest since January last year at US$55.42.

…

Leave a Comment » | oil and gas | Permalink
Posted by Wata

Petronas claims Sarawak sales tax law ‘unconstitutional’

March 29, 2020

Haha haha ha. Are there positions in the legal team now?

Dateline 2020-02-03, FMT:

Petronas has claimed that some parts of the state Sales Tax Ordinance 1998 which require the national oil company to pay the 5% sales tax on petroleum products to Sarawak are “unconstitutional”.

Petronas lawyer Malik Imtiaz Sarwar.

Therefore, the notice of assessment issued by the Sarawak government to Petronas, seeking payment of the state sales tax on petroleum products, was also considered to be invalid, said Petronas lawyer Malik Imtiaz Sarwar.

…

Leave a Comment » | oil and gas | Tagged: , , , | Permalink
Posted by Wata

Bursa O&G counters decline as oil trades below US$60 amid coronavirus outbreak

March 28, 2020

For the historical record.

Dateline 2020-02-03, The Edge:

Bursa Malaysia-listed oil and gas (O&G) counters Sapura Energy Bhd and Bumi Armada Bhd declined about 4% each in mid-morning trades today as crude oil prices traded below US$60 a barrel as the coronavirus outbreak, which started in China, led to lower global oil demand concerns.

Reuters reported that oil prices extended declines on Monday, dragged down by worries about lower demand in the world’s largest oil importer China following the coronavirus outbreak. It was reported that Brent and US West Texas Intermediate (WTI) crude fell for a fourth week in a row last week after airlines cancelled flights to China.

…

Leave a Comment » | oil and gas | Tagged: , | Permalink
Posted by Wata

« Previous Entries
Next Entries »