Sharifah: Only RM33 bln of RM660 bln in oil revenue mined by Petronas returned to Sarawak

March 27, 2020

Dateline 2020-02-02, The Sun:

Since national oil company Petronas began extracting oil and gas in Sarawak from 1976 to 2017, it had earned a total revenue of about RM660 billion, but only RM33 billion was returned to Sarawak, said Datuk Sharifah Hasidah Sayeed Aman Ghazali.

The state de facto law minister said if Sarawak were to have a hand in its own oil and gas resources since then, it would have been in a better economic position now to attain a high income economy and develop the state by the year 2030.

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Oil rebounds after WHO says no need for travel bans

March 26, 2020

For the history books:

Dateline 2020-01-31, FMT:

Oil jumped after the World Health Organization said there’s no need for travel and trade bans due to the coronavirus, but was still set for its worst month since May as the outbreak sapped the demand outlook.

The WHO declared a public health emergency of international concern, but said restrictions on commerce weren’t necessary and that it had confidence in China’s ability to control the virus.

However, that was undercut by the US government telling Americans not to travel to China.

…

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Two new standards to support national B20 biodiesel fuel programme

March 25, 2020

Dateline 2020-01-29, The Edge:

The Department of Standards Malaysia (Standards Malaysia) has developed two new Malaysian standards, namely MS123-4 High PME diesel fuel — Specification — Euro 2M and MS 123-5 High PME diesel fuel — Specification – Euro 5, in support of the national B20 biodiesel programme.

B20 is a blend of 20% palm methyl ester and 80% petroleum diesel.

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Anniversary – Exxon Valdez

March 24, 2020

EPMI engineers never forget.

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Saudi says coronavirus impact on oil demand limited

March 23, 2020

One for the history books:

Dateline 2020-01-27, FMT:

Top oil exporter Saudi Arabia said on Monday that the impact of a deadly coronavirus epidemic on oil demand was “extremely limited” but that the kingdom was closely following events.

Oil prices plunged on Monday, with Brent crude dropping below US$60 a barrel for the first time in almost three months amid fears over the economic effects of the epidemic, which has killed over 80 people in China.

But the outbreak’s impact “on the global demand for oil is extremely limited,” Energy Minister Prince Abdulaziz bin Salman said in a statement cited by the SPA state news agency.

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Petronas’ bid to recuse judicial commissioner in Sarawak suit fails

March 22, 2020

Dateline 2020-01-23, FMT:

Petronas today failed in its attempt to disqualify Judicial Commissioner Christopher Chin from hearing the case over Sarawak’s suit for unpaid state sales tax.

Petronas had earlier applied for Chin to discharge himself from hearing the case.

The national oil company claimed that Chin would decide the case to favour the prime minister as his tenure as a judicial commissioner was temporary and was subject to confirmation by the prime minister, who is also the person with ultimate control over Petronas.

Chin, however, said that during his nine months on the bench, he had never been instructed, hinted or urged by his “bosses” — the chief judge of Sabah and Sarawak, the chief justice, or any judge or person for that matter — on how he should decide any dispute.

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SapuraOMV and Partners’ First Production from SK408 Gas Fields

March 20, 2020

Dateline 2020-01-15, Energy Industry:

SapuraOMV Upstream announced first production following the start-up at the end of December, 2019 from its Larak gas field under the SK408 Production Sharing Contract (PSC), which was delivered within budget. The SK408 gas fields are part of discoveries made by SapuraOMV Upstream in a drilling campaign in 2014. The fields are tied back into an existing processing facility and gas is transported through existing pipelines for onward gas processing at PETRONAS LNG complex in Bintulu.

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THHE active, rises 25% on getting Petronas licence

March 19, 2020

Dateline 2020-01-15, The Edge:

Shares in TH Heavy Engineering Bhd (THHE) rose 25% in active trade this morning after it received the green light from Petroliam Nasional Bhd (Petronas) to supply certain products and services to oil and gas companies in Malaysia, after a multi-year suspension due to non-performance in 2016.

At 9.11am, THHE was the most actively traded stock on Bursa Malaysia and rose 2.5 sen to 12.5 sen, for a market capitalisation of RM140.17 million.

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SapuraOMV Achieves First Gas from Larak Field Offshore Malaysia

March 18, 2020

Dateline 2020-01-13, Rigzone (what happened to their paywall?):

SapuraOMV Upstream has achieved within budget first production from its Larak gas field offshore Malaysia under the SK408 Production Sharing Contract (PSC).

The SK408 gas fields are part of discoveries made by SapuraOMV in a drilling campaign in 2014. They are tied back to an existing processing facility and gas is transported through existing pipelines for onward gas processing at Petronas LNG complex in Bintulu.

…

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Repsol weighs sale of Malaysian assets as part of review

March 17, 2020

Dateline 2020-01-13, The Edge:

Repsol SA is exploring options for its Malaysian upstream operations including a potential sale as the Spanish oil company reviews its global portfolio, according to people familiar with the matter.

The Malaysian assets could attract interest from other energy companies in the region, the people said, asking not to be identified because the matter is private. The asset review comes as Repsol is working on a new strategic plan, which is expected to be presented in the first half of the year.

Repsol owns rights to six development blocks in Malaysia with a net surface area of 3,126 square kilometers (1,207 square miles), according to its website. Its major upstream projects include Kinabalu, a mature offshore oilfield located in the west of the Malaysian basin of Sabah. Repsol holds a 60% stake in the project, while state-owned Petroliam Nasional Bhd, known as Petronas, owns the remaining 40%.

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