Govt seeks to decrease oil production to stabilise prices

January 11, 2019

Dateline 2018-12-04, The Star:

Malaysia will seek to decrease oil production in order to stabilise global oil prices, says Datuk Seri Mohamed Azmin Ali (pic).

“Even though we are not a member of Organisation of the Petroleum Exporting Countries (Opec), it needs the support of small producers like Malaysia to help stabilise the price of petroleum,” the Economic Affairs Minis­ter said.

Malaysia will take part in the Opec discussion in Vienna today.

Member and non-member countries are set to reach an accord over possible output cuts to address falling crude oil prices.

At present, Brent crude oil prices stand at US$62.34 (RM260) per barrel, compared to US$70 (RM292) a barrel when Budget 2019 was tabled on Nov 2.

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Laying claim on oil and gas

January 10, 2019

Dateline 2018-12-04, Borneo Post:

Sarawak is merely exercising its rights over oil and gas found in the state’s waters and shores.

Chief Minister Datuk Patinggi Abang Johari Tun Openg says in this context, Sarawak is not making any demands over the matter as it involves what rightfully belongs to the state.

“It is just a matter of rights. It is not demanding. If it is your house, and you want your house to be fenced up, that is what you want.

“That is not amounting to ‘demand’. That is just (our) right. Rights can be negotiated,” he told reporters after officiating at Zamalah Wartawan Malaysia organised by Malaysian Press Institute (MPI) here yesterday.

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Diving Komodo 2018-11 3 of 8

January 9, 2019
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Production at Malaysian gas field to resume full production by August 2019

January 8, 2019

Dateline 2018-11-26, LNG Industry:

According to Reuters, Petronas has announced that production at the Kebabangan gas field in Sabah is expected to resume working at full capacity by August next year.
This follows disruption that was caused by a gas leak at the related Sabah Sarawak Gas Pipeline in January this year. Reuters reports that repairs have now been completed, but that integrity assurance tests are still being carried out on the 500 km pipeline. These tests are reportedly expected to be completed by July next year.

Reuters quotes Petronas as saying: “The supply disruption, however, did not impact our LNG cargo deliveries to customers.”

According to Reuters, the finance minister of Malaysia recently announced that the nation’s economic growth has been significantly affected by the supply disruption. He reportedly noted that gas exports have been seriously impacted since 2Q18.

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Malaysia’s Petronas sets up team for renewable energy push

January 7, 2019

Is PETRONAS exceeding its mandate, and a prime candidate for monopoly laws? Which parlimentary constituency are they part of?

Dateline 2018-12-27, Reuters:

Malaysian state-owned oil and gas firm Petroliam Nasional Berhad, or Petronas, has set up a new business within the group to make a push into renewable energy, the head of the new venture said on Tuesday.

Petronas has expressed interest over the last year to diversify into renewables amid low oil prices. In March, Chief Executive Wan Zulkiflee Wan Ariffin said Petronas will explore new business areas including new energy and that the company will assess opportunities in solar power.

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Growth hit by Sabah gas snag

January 6, 2019

Dateline 2018-11-28, Daily Express:

Malaysia’s gas exports have been suffering from severe disruption since the second quarter of 2018 following a production breakdown at the Kebabangan gas field in Sabah, according to Finance Minister Lim Guan Eng, recently.

Hence, he said, the country has not fully benefited from the rising oil prices in the past six months.

“Major repairs and assessment works are still ongoing and production is only expected to return to full capacity by the middle of next year the latest,” Lim said in a statement.
He highlighted that the supply disruption has severely affected gross domestic product (GDP) growth and petroleum income tax revenue received by the government.

For the third quarter of 2018, petroleum income tax revenue declined 27pc to RM2.79 billion from RM3.81 billion in the second quarter.

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Exclusive: Murphy Oil in talks to sell Malaysian oil, gas assets – sources

January 5, 2019

Dateline 2018-11-28, Reuters:

 Murphy Oil Corporation is in talks to sell its Malaysian oil and gas assets after an unsolicited bid that could fetch between $2 billion to $3 billion, people familiar with the matter said, in the latest energy M&A deal in the Southeast Asian nation.

The independent U.S. oil and gas exploration and production company has tapped banks for the potential sale of its majority interests in eight separate offshore production sharing contracts in Malaysia, said the people, who declined to be identified because the matter is confidential.

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High time Sabah manages oil, gas resources more effectively, says minister

January 4, 2019

Ah, PETRONAS not doing its job?

Dateline 2018-11-17, Malay Mail:

Minister in the Prime Minister’s Department Datuk Liew Vui Keong said it is high time the new Sabah administration headed by Parti Warisan Sabah takes the necessary steps to manage its oil and gas resources more effectively.

He said the Petroleum Development Act 1974, for instance, needs to be reviewed and amended to enable the state government to have greater control in managing its own resources.

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I told you so, Najib says on budget after drop in crude oil price

January 3, 2019

Dateline 2018-11-14, FMT:

Former prime minister Najib Razak continued to pour scorn on Pakatan Harapan’s (PH) maiden budget today, saying its decision to formulate the budget based on the Brent crude oil price of US$72 per barrel had backfired.

Najib (BN-Pekan) said he had warned the government, during his debate on the mid-term review of the 11th Malaysia Plan, not to use the pricing of US$70 per barrel to formulate the budget.

He noted that back then, the crude oil price was US$80 a barrel.

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Wata’s Wonderings – Eye-Opening Bio

January 2, 2019

As I read through an article, it’s the bio of the writer which jumps out:

After receiving his Bachelor of Theology degree in 1970 from Baptist Bible College/Texas College of Theology, David J. Fish began his career in the oil and gas industry over 39 years ago.

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There is hope for you Classics Majors. Don’t hold your breath for a ChemEng dissertation on Dante though.

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