Analysts: No major changes from Petronas’ cautious approach

December 2, 2017

Dateline 2017-10-24, Borneo Post Online:

Analysts expect no significant changes from Petroliam Nasional Bhd’s (Petronas) cautious approach to upstream exploration and development expenditures .

According to AmInvestment Bank Bhd (AmInvestment Bank), persistently low asset utilisation levels are anticipated for the medium term in the oil and gas sector as the research firm did not expect any significant change in Petronas’ cautious approach to upstream exploration and development expenditures.

AmInvestment Bank noted that for the second quarter of 2017 (2Q17) to date, contract awards have risen by 15 per cent quarter on quarter (q-o-q) RM2.2 billion largely due to the lumpy award of the RM1 billion Bokor central processing platform project to Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE).

…

 

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IEM Shout Out – 2017-12 OGMTD 27st AGM

December 1, 2017
Venue: Wisma IEM, 01- Auditorium Tan Sri Prof. Chin Fung Kee, Third Floor
Date & Time: 16 Dec 2017 (11:01 AM – 1:00 PM)
CPD/PDP: 2
Closing Date Before: 13-Dec-2017
Notice is hereby given that the 27th Annual General Meeting of the Oil, Gas and Mining Technical Division, IEM will be held on 16 December 2017 (Saturday) at 11.00 am, at the Tan Sri Prof. Chin Fung Kee Auditorium, 3rd Floor, Wisma IEM, Petaling Jaya, Selangor.

AGENDA

1. Opening Address by the Chairman of Session 2016/2017.
2. Confirmation of Minutes of the 26th Annual General Meeting held on 17 December 2016.
3. Matters Arising.
4. To receive and adopt the Secretary’s Report for the Session 2016/2017.
5. To receive and adopt the Financial Statement for the year ending 30 November 2017.
6. Election of the New Office Bearers for the Session 2017/2018.
7. Address by the Chairman for Session 2017/2018.
8. Any Other Business.

Your presence will contribute to the success of this meeting.

Thank you.

Ir. Mohd Azwira Mohd Azmi
Chairman
Oil, Gas and Mining Technical Division

The flyer for the above event is available here. Flyers for other events may be obtained here. A map to Wisma IEM is presented here.

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(Update) PIPC to garner RM8.3 billion income by 2020

November 30, 2017

Dateline 2017-10-24, NST:

Investments in the Pengerang Integrated Petroleum Complex (PIPC) are expected to generate RM8.3 billion to the country’s Gross National Income (GNI) by 2020.

Prime Minister Datuk Seri Najib Razak said of the amount, the Petronas’s Pengerang Integrated Complex (PIC) would be the biggest contributor in the oil and gas hub.

“PIPC is a strategically important project for the government. PIC, which I consider as the heart of the PIPC, will play a role to encourage new growth under the country’s Economic Transformation Programme.

“This will eventually create the basis for a more dynamic and progressive oil and gas downstream industries in Malaysia in the future.

“PIC is expected to generate a rapid growth in the development of the value chain of the downstream industry,” said Najib, adding that he was informed that as at the end of September, the PIC was 77 per cent completed.

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Safety Rounds 2017-09 – Sekolah Menengah Islam Hira’ Jeram and Sekolah Menengah Islam Hira’ Jeram

November 29, 2017

A group of us visited the school, to increase awareness on safety audits and hazard hunts. Please do the same for your local youth education centers. Contact us if you need help.

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How Much Lower Do Malaysians Want Petrol Price To Be Before They Are Happy?

November 28, 2017

Dateline 2017-10-12, Malaysian Digest:

This week Malaysians were greeted with news of petrol pump prices finally going down 3 sen after seeing consecutive weeks of upward trend.

The most common complaint when prices keep inching upwards is that our country produces oil so it is our right to enjoy cheap petrol.

Is this really the case?

Political analyst Lim Sian See (LSS) sought to give Malaysians the big picture into how much or too little that we fork out for petrol.

In a recent posting on LSS Report  LSS highlights four key points that Malaysians need to understand about our petrol prices.

Firstly, is that due to long term government subsidies, our petrol price is far behind the current inflation rate.

…

 

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Saturday Star 2017-11-25 – Job Opportunities

November 27, 2017

Happy been out of Internet contact for weeks, week. IGL has pivoted into training, so book your seats now.

We’re thinking of republishing Young Turks of PETRONAS, but it’s a minimum 500 book printing run. Do I have enough interested persons to purchase?

Donate to your favorite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (3 books until I can get YTP republished). Where are those corporate sponsors? Or throw donations at me, my camera dive case flooded, and I need a new replacement. Heck, if you want to send me a Canon 5D Mk III plus dive case, I will not say no.

  • I have a feeling that The Star isn’t the preferred O&G job recruitment portal now, and they have moved adverts to another online presence (I bought a dead tree edition this week). I see more adverts via social media. What do you think, is it a step change that the papers need to embrace?
  • I’m looking for jobs for 1Q2018. Send me your POs.

Food choice of the week? Support your local mee bandung.

Thinking about the zombie apocalypse, you need something to jumpstart access to those dodgy Internet sites:

The Knowledge: How to Rebuild Civilization in the Aftermath of a Cataclysm

.

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Malaysia’s SEEP expects first gas from Sarawak field in Q3 2020

November 26, 2017

Dateline 2017-10-03, Interfax:

(you can find the article via the link).

 

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CIA document reveals true intention of Malaysia formation

November 25, 2017

Linkbait. What other CIA documents have you uncovered today?

Dateline 2017-10-04, FMT:

A declassified CIA document, entitled “Implications of dispute over Sarawak continental shelf”, has raised questions on the formation of Malaysia and oil and gas reserves belonging to Sabah and Sarawak.
Sarawak activist Zulfaqar Sa’adi told FMT the document had exposed the real story of what happened in 1969 when Sarawak lost its territorial waters and with it, rich natural resources to the federal government.

The five-page document was believed to have been written in the weeks leading up to the day when the Continental Shelf Act 1966 was extended to the Bornean states.

…

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Govt to boost security of oil rigs

November 24, 2017

Ah, I would like to see fisherman find a copy of the ToR.

Dateline 2017-10-04, NST:

THE government is working on a national blue ocean strategy (NBOS) approach by engaging relevant quarters to curb encroachment on waters near offshore oil rigs in Sabah.

Sabah National Security Council (NSC) has information that the problem of fishermen going near the rigs is becoming rampant.

During a recent visit to oilfields on board Malaysian Maritime Enforcement Authority’s (MMEA) vessel KD Arau, Sabah NSC director Datuk Rodzi Md Saad said the approach would include drafting terms of reference to tackle the problem.

“The visit to the oil rigs by various security agencies is one way to understand the problem so we can come up with the NBOS approach.

…

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Petronas prepares life as subdued oil price remains

November 23, 2017

Dateline 2017-09-27, NST:

Fiscal discipline, prudent spending and delivering value over volume are the three values instilled by Petronas to prepare life as oil prices are forecast to average at below US$50 per barrel for the foreseeable future.

Executive Vice-President and Chief Executive Officer (CEO) for Upstream, Datuk Mohd Anuar Taib said based on these principles, the national oil company would continue to undertake portfolio high grading to ensure its assets have the strategic fit of value for the company to grow.

“Although we still put a lot of effort on production and exploration, it is all driven by how much we can afford and what kind of return we will get,” he told Bernama in an interview recently.

For assets seemingly having no strategic fit of value, Petronas, he added, would work on either relinquishing or divestment as was seen in its decision to relinquish Block 1 and 2 in Cuu Long Basin in Vietnam this month.

…

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