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.
…
Leave a Comment » | 
Malaysian election, oil and gas | Tagged: Najib Razak | 
Permalink
Posted by Wata
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.
…
There is hope for you Classics Majors. Don’t hold your breath for a ChemEng dissertation on Dante though.
Leave a Comment » | oil and gas | Tagged: David J Fish, sampling, Welker | Permalink
Posted by Wata
Leave a Comment » | diving, oil and gas | Tagged: Komodo | Permalink
Posted by Wata
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.
…
Leave a Comment » | oil and gas | Tagged: Abdullah Saidol, Sarawak | Permalink
Posted by Wata
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.
Leave a Comment » | Malaysia, oil and gas | Tagged: IEM, razak yakob | Permalink
Posted by Wata
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.
Leave a Comment » | engineering, oil and gas | Tagged: IEM, mogec, OGMTD | Permalink
Posted by Wata
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.
…
Leave a Comment » | oil and gas | Tagged: Moody, Petronas | Permalink
Posted by Wata
Dateline 2018-11-09, The Edge:
There may be no chance for Malaysian oil & gas (O&G) firms to rest on their laurels given the anticipated demand preference policy activism towards green energy and renewables, which will eventually result in lower fossil fuel consumption.
“There is a lot of debate about how to fuel the future moving forward,” said Institute for Democracy and Economic Affairs (IDEAS) senior fellow Professor Renato Lima de Oliveira.
“However, renewables have shown impressive gains in competitiveness in recent years, and in some cases, the cheapest sources for electricity generation.
…
Leave a Comment » | oil and gas | Tagged: IDEAS, Renato Lima de Oliveira | Permalink
Posted by Wata
Dateline 2018-11-08, The Edge:
The process of normalising gas prices between the domestic market and global prices is a critical step towards driving Malaysia’s gas production activities, said IDEAS senior fellow Prof Renato Lima de Oliveira.
The normalisation, which is currently ongoing via the gas cost pass through (GCPT) mechanism, will make domestic sales profitable, thus providing an incentive for oil and gas (O&G) companies to further invest in Malaysia’s gas fields.
“There has been progress towards unifying the selling price of gas for electricity generation for industrial use here, with international prices.
“You need that convergence in order to be profitable to exploit fields here. That is an important mechanism to increase the amount of natural gas [used in the country],” said Oliveira at a forum on Malaysia’s energy policy challenges today.
…
Leave a Comment » | oil and gas | Tagged: GCPT, IDEAS, Renato Lima de Olveira | Permalink
Posted by Wata
Dateline 2018-11-07, The Star:
The Sarawak government’s move to impose a 5 per cent sales tax on petroleum products produced in the state will not only affect Petronas but also the market, said Economic Affairs Minister Datuk Seri Azmin Ali.
He said the matter should be discussed further as any increase in costs due to additional tax would lead to lesser demand as it would be more expensive than products produced in other oil producing countries.
…
Leave a Comment » | oil and gas | Tagged: Azmin Ali, Petronas, Sarawak | Permalink
Posted by Wata
Paypal donations accepted.
Wata - Malaysian Oil and Gas Engineer 