GEV PURSUES MALAYSIAN GASFIELDS JOINTLY WITH TAMARIND RESOURCES

November 3, 2018

This is based on a paywall protected article, GEV PURSUES MALAYSIAN GASFIELDS
JOINTLY WITH TAMARIND RESOURCES, dateline 2018-08-17, Business News WA. The .doc file is here.

Global Energy Ventures Ltd (ASX:GEV), a developer of global integrated compressed natural gas (CNG) projects, is pleased to advise that it has entered into a Letter of Intent (LOI) with Tamarind Resources Pte Ltd (Tamarind), an oil and gas operator headquartered in Kuala Lumpur, Malaysia.
The aim of the LOI is to jointly identify, evaluate and pursue an interest/operatorship in gasfields in the Malaysian region, using GEV’s proprietary CNG Optimum technology and CNG Optimum 200 MMscf ships to export gas to markets within a 2,500 km range.
Under the LOI, both parties have already established a commercial case for a particular offshore Malaysian gas field, and have since expressed their interest to the authorities to conduct further due diligence and potential interest/operatorship in such field.
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Shout Out: MOGEC Talk 2018-11

November 2, 2018

MOGEC will be hosting a talk titled ‘A Trade War and An Austerity. Where to hide?’  by Peck Boon Soon. Those of you whose gut reaction is ‘under our beds’ should come.

The talk will be on 15th November (Thursday) from 12pm to 3pm at the Royal Selangor Golf Club (you know you want to go there).

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IPC outlines offshore Malaysia drilling goals

November 2, 2018

Dateline 2018-08-07, Offshore Mag:

 IPC Petroleum Corp. continues to assess new infill drilling opportunities at the Bertam field offshore Peninsular Malaysia, the company said in a results statement.

This follows positive results from previous infill drilling programs and continued good reservoir performance.

In addition, the company is looking to drill an exploration well on the Keruing prospect in late 2018, subject to regulatory approval and rig contracting.

 

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Oil royalty: Calling the brave ones

November 1, 2018

Dateline 2018-08-19, FMT:

Petronas’ Group Strategic Communications wrote a letter to the editor of The Edge to clarify the outdated Production Sharing Contracts (PSC) terms used in their article “The black gold conundrum” dated July 30.

It highlighted the improper use of the PSC Cost/Profit oil split of 70/20 that is no longer in use, and any calculation on the distribution of wealth using the outdated split was therefore wrong.

Petronas also provided an illustration of the Revenue/Cost (R/C) PSCs split which are in use today.

Apart from The Edge, many others have tried to calculate the “profits” from the PSCs, using the now contentious PSC splits, with regard to Sarawak’s claim for 20% royalty from revenue for its oil and gas resources and recent Pakatan Harapan’s (PH) offer for a 20% royalty from profits.

Animah Kosai (founder at Speak Up, on Linkedin July 26) had 50% Cost Oil to the Operator. Azman Ujang (“The real deal behind Oil Royalty” the Sundaily, July 27) had it at 70% for the recovery of the cost of production.

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Diving Tenggol 2018-07 Pt 5 of 4 (yes, I know)

October 31, 2018
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Oil and gas duo charged with receiving illegal proceeds

October 30, 2018

Dateline 2018-08-06, FMT:

A former director of an oil exploration company and a former technical assistant with Petronas Carigali Sdn Bhd, were charged at the Sessions Court with receiving proceeds from unlawful activities, totalling more than RM1.7 million.

The duo were previously charged with making false claims.

Yong Mee Lan, 54, and Ahmad Asyraaf Kamarul Zaman, 29, who were charged separately, however, pleaded not guilty before judge Rozina Ayob.

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Restore Sarawak’s rights to its oil

October 29, 2018

Dateline 2018-08-06, FMT:

Economic Affairs Minister Mohamed Azmin Ali has told Parliament that Pakatan Harapan’s (PH) election promise of giving a 20% “royalty” to oil-producing states was based on “a loose definition of the word… The term cash payment is not used generally, but it is generally understood to mean a royalty”.

He said a special Cabinet committee had been formed to negotiate with the oil-producing states on how to increase the 15% payments to them, on top of the existing 5% of gross profit cash payment under the Petroleum Development Act (PDA).

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Malaysia’s Petronas appoints industry veteran as chairman

October 28, 2018

Dateline 2018-08-01, Today Online:

Malaysia has appointed Ahmad Nizam Salleh as the new chairman of state-owned oil company Petroliam Nasional Bhd (Petronas) effective immediately, the prime minister’s office said on Wednesday.

Ahmad Nizam has spent most of his 37-year career in the oil and gas industry at Petronas, the office said, and replaces Sidek Hassan.

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‘Politics need not dominate oil royalty talks’

October 27, 2018

And here’s me thinking, isn’t politics the point of the talks?

Dateline 2018-08-01, Borneo Post:

Chief Minister Datuk Patinggi Abang Johari Tun Openg says the issue of oil royalty needs to be discussed professionally between Petronas, representing the federal government, and Petros, which represents the Sarawak government.

He said politics must not be too dominant in the discussion, which was now ongoing between the two parties.

According to him, the discussion started following the Federal Court decision in June to dismiss Petronas’s proceeding to obtain court declaration to have exclusive ownership on oil and gas resources in the state.

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‘5-plus-20’ formula for Sarawak

October 26, 2018

Dateline 2018-07-31, Borneo Post:

The Pakatan Harapan (PH) federal government has altered its promise of 20 per cent oil and gas royalty to Sarawak, after the Sarawak government chose not to accept the condition set in their ‘New Deal Agreement’ prior to the 14th general election.

PH Sarawak chairman Chong Chieng Jen, who announced this to reporters outside Parliament in Kuala Lumpur yesterday, said while the oil and gas royalty will be retained at five per cent, the state will receive an additional 20 per cent in oil profits.

According to him, the promises of 20 per cent of oil and gas royalty to Sarawak and 50 per cent of tax revenue collected in Sarawak to be returned to the state come with an underlying condition, in that the Sarawak government must use the funds on education and healthcare development.

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