Sarawak’s Humble Journey In The O&G Industry

May 5, 2018

Dateline 2018-03-07, MalaysianDigest:

Sarawak’s humble journey in the oil and gas (O&G) industry started with the commissioning of the first oil well, known as the “Old Lady” in Miri, on Dec 22, 1910.

Sarawak’s first oil refinery was built by Shell at Tanjung Lobang, Miri, and subsequently moved to Lutong, Miri.

In 1920, the Rajah issued what was known as “the Shell Concession Order”, designating the area in Miri for the exploration and mining of oil by Sarawak Oilfields Limited, owned by Shell.

In the 1930s, the Dutch and the British began their exploration for oil offshore Baram.

In 1952, the Sarawak colonial government issued an oil mining lease in the form of a deed to Sarawak Oilfields, giving the company the liberties, right and privileges to explore and mine all “the petroleum lying or within, under or throughout the territory comprising the colony of Sarawak, including lands beneath all territorial waters”.

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UPDATE 2-Malaysia’s Petronas ramps up spending as profit surges

May 4, 2018

When will it spill down to us bottom feeders?

Dateline 2018-03-02, Reuters:

Malaysian state energy firm Petroliam Nasional Berhad, or Petronas, pledged on Friday to ramp up its growth and spending plans this year following a sharp rise in profits, even as it cautioned about the sustainability of higher oil prices.

Petronas, like other oil majors, has taken a hit from lower oil prices, but sharp cost cuts – along with some recent stability in oil prices – helped the company boost profits and margins despite lower production.

Net profit for the fourth quarter ended December rose to 18.2 billion ringgit ($4.65 billion) from 11.3 billion ringgit in the same quarter last year, while revenue rose 13.8 percent to 61.8 billion ringgit.

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Analysts: 2018 a better year for O&G sector, but not its workers

May 3, 2018

Hah!

Dateline 2018-03-08, FMT:

The oil and gas sector will fare better in 2018, on the back of higher oil prices.

But this may not translate to many new jobs or higher salaries, say industry sources.

Speaking to FMT, one oil and gas analyst said while recent developments at home and abroad were encouraging, companies were likely to remain cautious with spending.

“I estimate that throughout 2018, the oil price will be between US$60 and US$65 per barrel. Petronas is basing its budget on a more conservative US$52 per barrel,” said the analyst who spoke on condition of anonymity.

“The fact that the oil price now sits above the US$60 per barrel mark brings some ‘sunlight’ into the sector.”

Still, he said, the industry, which in recent years saw massive cutbacks and retrenchments due to plummeting prices, was a long way from full recovery.

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IGL Training – 2018-06 Business Course

May 2, 2018

IGL SERVICES SDN BHD is glad to invite you to take part in our training course that listed below:

Date:       27th & 28th June 2018

Trainer:   Ir Danaraj Chandrasegaran

Venue:     Hilton, Petaling Jaya

For Further Information & Registration: Visit here

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Sarawak gains full control over state’s oil and gas sector as Malaysia election nears

May 1, 2018

Dateline 2018-03-07, The Straits Times:

Sarawak announced yesterday that it now has complete mining rights over its territory, making it the first state in Malaysia to form a state-owned oil and gas company.

Sarawak Chief Minister Abang Johari Openg said the formation of Petros, which was founded last year, was part of the promise made by the federal government to return eroded rights from the Malaysia Agreement 1963 (MA63), signed when the giant state agreed to become part of Malaysia.

“This gives Sarawak full regulatory authority of the upstream, downstream aspects of the oil and gas industry,” said Datuk Abang Johari at an event to launch Petros in the Sarawak capital of Kuching.

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Malaysia’s MISC Confirms Cooperation With Anti-Graft Agency On Alleged Bribery

April 29, 2018

Dateline 2018-03-06, Nikkei:

Malaysian oil-and-gas shipping firm MISC said Tuesday it has been giving full support and cooperation to Malaysian Anti-Corruption Commission or MACC on the investigation related to company’s alleged bribery.

“The group has a zero tolerance policy against any form of bribery or corruption by our employees, subsidiaries or any persons or companies acting for MISC or on its behalf,” the company said in an exchange filing.

MISC’s response comes following an earlier report by The Sun newspaper, said officials of MISC were under MACC probe over allegations of power abuse and corruption involving about 109 million ringgit ($27.9 million).

 

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Johari: Impact of rising oil price on Malaysia’s revenue will only be known after one year

April 28, 2018

Dateline 2018-03-06, Malay Mail:

The impact of rising global oil prices on Malaysia’s revenue will only be known after one year, said Second Finance Minister, Datuk Seri Johari Abdul Ghani.

He said the ups and downs of oil prices would not provide accurate expectations on additional revenue as the oil price announced during the presentation of Budget 2018 was an estimated annual average price.

“During the Budget 2018 presentation, the government estimated 2018’s petroleum revenue to average RM37.8 billion, including petroleum income tax, royalties and ancillary income from Petronas.

“The estimate was based on average oil price of US$52 per barrel. For the period of Jan 1 to Feb 23, 2018, global average oil price was US$67.15 per barrel,” he said at the Dewan Rakyat here today.

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Petronas exercises prudence

April 27, 2018

Dateline 2018-03-05, NST:

Even as oil prices have improved in recent months, national oil company Petroliam Nasional Bhd (Petronas) is maintaining a cautious outlook this year and warns against slipping into complacency.

Its president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said Petronas has formulated its budget based on the assumption of oil price of below US$60 (RM236) per barrel.

“Some consultants have forecast higher than that, but then they change their forecasts every three months. Petronas cannot do that. We have to be more prudent,” he told editors at a briefing ahead of the group’s full-year results announcement, here, recently.

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Wan Zul shows his mettle

April 26, 2018

Dateline 2018-03-04, NST:

THERE are certainly many things on his plate but Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin certainly looks more confident in guiding the oil giant at least in the next three years.

When he took over in April 2015, the company was beset with an oil price slide. His immediate task was to tide over the trying times and to stay profitable.

The crude oil prices have since recovered and improved further last year on the back of demand driven by India and China.

But that does not mean Petronas is losing its focus to manage cost and remain prudent while continuing to invest for the future.

There should not be the overexuberance that seems to be creeping back in some other oil and gas players.

“We must continue to stay the course,” the chemical engineer by training told a group of editors last week.

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Diving Komodo 2017-12 – 8 of 8

April 25, 2018

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