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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Diving Komodo 2018-11 2 of 8

January 2, 2019

 

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Natural gas reserves in S’wak sufficient for 17 years, says assistant minister

January 1, 2019

Dateline 2018-11-09, Bernama:

The natural gas reserves discovered in Sarawak are estimated to be sufficient for 15 to 17 years at a daily production of 5,000 MMscf, says Assistant Minister for Corporate Affairs Abdullah Saidol.

He said it was important for the state, through Petroleum Sarawak Bhd (Petros), to enforce and protect production sharing contracts for several revenue streams in the state.

“52.7 percent of the country’s discovered gas reserves are in the state and it was also the largest natural gas producer in Malaysia at 52.89 trillion standard cubic feet,” Abdullah told the Sarawak Legislative Assembly in response to a question from Aidel Lariwoo (Sadong Jaya – BN) in Kuching today.

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IEM Shout Out – 2019-01 Talk on “Offshore Drilling Rig Operations”

December 31, 2018

My technical division will be hosting a talk on the 12th Jan 2019. It is worth XX CPD points, and held at Wisma IEM. The talk will be presented by Ir. Razak Yakob.

And here I thought, the most important equipment is the drilling engineer.

The most important equipment required in a drilling operation is a drilling rig.  Drilling in offshore environment makes it more expensive and complex with much higher risk.  In this talk, you will be introduced to the different types of drilling rigs used for offshore drilling operations.  Each rig type is specific for a limited drilling operation, environment and local market condition.  Selecting a rig requires understanding of both technical and commercial requirements.  In addition, the talk shall also be covering the various major equipment you can find on the rig.

Ir. Razak Yakob is a Drilling Engineering Consultant and a part time Lecturer for Petroleum Engineering.  Razak has been in the oil and gas industry for more than 20 years, working for multinationals and local companies. His core expertise is in Drilling Engineering with the working experiences spanning from development and exploration, technical support, training, competency development, finance and consultancy. As an independent consultant, he has worked in many parts of the world. He graduated from the Colorado School of Mines with a degree majoring in Petroleum Engineering and a minor in Mechanical Design.  Razak is the Deputy Chairman for the Oil, Gas and Mining Technical Division and an IEM Council Member.

Register here, or download the form here.

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IEM Shout Out – 2019-01 Technical Visit to Pengerang

December 31, 2018

My technical division will be hosting a visit on the 28th January, 2019. Aaand, it’s with MOGEC, y’all all.

IC is PETRONAS’ largest investment in Malaysia, located in Pengerang, Johor and forming part of Johor state’s ambitious Pengerang Integrated Petroleum Complex (PIPC). The PIC project is designed to produce premium differentiated petrochemicals; meeting domestic demand for petroleum products and the Malaysian government’s future legislative requirements on the implementation of Euro 5. With an investment of USD27 billion, PIC supports the Government’s overall Economic Transformation Programme (ETP) and will position Malaysia to capitalize on the growing need for energy and commodity petrochemical products in Asia in the next 20 years.  This will spur the growth of Malaysia’s Oil and Gas downstream sector pushing Malaysia into a new frontier of technology and economic development.

Register here, or download the form here.

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Moody’s changes Petronas’ ratings outlook from stable to negative

December 31, 2018

Now, local banks can lend obscene amounts of money to the golden goose.

Dateline 2018-11-08, FMT:

Moody’s Investors Service has affirmed the A1 domestic issuer and foreign currency senior unsecured ratings of Petronas, but changed the outlook from stable to negative.

The rating agency also affirmed the A1 rating for Petronas Capital Ltd’s senior unsecured notes and the US$15 billion medium-term note (MTN) programme as well as sukuk issued through Petronas Global Sukuk Ltd, but changed its outlook to negative from stable.

Moody’s said the rating action was due to the government’s announcement that Petronas would be paying RM26 billion in dividends in 2018 and RM54 billion (inclusive of a one-off special dividend of RM30 billion) in 2019.

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