Is oil and gas industry healing?

September 1, 2017

Nah. And notice  reference to Headwind.

Dateline 2017-08-07, NST:

 Experts from the financial services industry and people on the ground are split on where the oil and gas industry is actually heading, said MIDF Research oil and gas analyst Aaron Tan.

“People from FSI are optimistic on the stock price movement of oil and gas companies. (But) as far as MIDF is concerned, we are maintaining our view that the upstream segment of the oil and gas industry will still face headwinds, while the downstream segment will continue to perform well, due to further pressure to oil price.

“Low oil price means low feedstock price and lower cost which translates into lower production costs,” he told NST Business last week.

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One of Malaysia’s largest gas pipelines and Punj Lloyd’s largest EPCC Pipeline Project – Sabah Sarawak Gas Pipeline of Petronas sees financial closure

August 31, 2017

Dateline 2017-08-04, Equitybulls:

Undulating mountains, dense rainforests and unrelenting weather, nothing deterred Punj Lloyd from completing one of the largest pipelines of Malaysia. Worth US$822 million, the prestigious contract for the construction of the 512 km, 36 inch dia pipeline was awarded to Punj Lloyd by Petronas for transporting gas from the Sabah Oil and Gas Terminal to the Petronas LNG Complex at Bintulu, Sarawak. July 2017 saw the challenging project achieve financial closure.

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Marketing Rounds – Sundram Kerteh

August 30, 2017

Where you been? Sundram has banana leaf rice, banana leaf rice, banana.. (you get the impression he is a one-trick pony, but what a pony! Think Ferrari prancing horse). Add in the blended squash, fried chillies, rasam (oh, the rasam!), and teh tarik, for less than RM20, probably less than RM15 as well.

Facebook page is here. Google Maps location here. And the official name on receipts is Gerai Shamin Nasi Daun Pisang.

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Petronas Sets Aside RM10b For Enhanced Oil Recovery Projects In Sarawak

August 29, 2017

Dateline 2017-08-03, MalaysianDigest:

Petroliam Nasional Bhd’s upstream subsidiary, Petronas Carigali Sdn Bhd (PCSB), has set aside RM10 billion for its enhanced oil recovery (EOR) projects located offshore Sarawak.

Expected to be completed by the year 2020, the EOR in the Bakor and Baronia fields, would be jointly carried out with Sarawak Shell Bhd.

PCSB Sarawak Oil-Malaysia Assets head, Anuar Ismail, said the company is upbeat that the investment will yield return despite uncertainties in the global oil prices.

“It is business as usual for Petronas although we are adopting prudent spending. We are trying to reduce our operating cost as much as possible to maximise our income,” he told reporters when met the PCSB headquarters here today.

Anuar also gave his assurance that retrenchment is not in the cards although Petronas is trying to control its operating cost from increasing.

He said there are a total of 1,200 employees stationed at oil rigs in the state.

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Saturday Star 2017-08-26 – Job Opportunities

August 28, 2017

Happy typhoon 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 4Q2017. Send me your POs.

Food choice of the week? Any halal meal in HK. During a typhoon.

Book choice of this week, Chemical Engineering Process Simulation, authors are Nishanth Chemmangattuvalappil Denny Ng Kok Sum Rafil Elyas Cheng-Liang ChenI,Lung Chien Hao-Yeh Lee. I intend to get a signed first edition, and place it in my Charles Dickens first edition cabinet.

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North Malay Basin platforms deliver first gas

August 27, 2017

Dateline 2017-07-27, Offshore Mag:

Gas production has started from the Hess-operated North Malay Basin full-field development in the Gulf of Thailand, following hookup of the topsides for the central processing platform.

Commissioning activities continue.

Hess expects its net production to ramp up shortly to around 165 MMcf/d.

North Malay Basin comprises nine gas fields in block PM302 with combined recoverable reserves of over 1.5 tcf of gas and over 20 MMbbl of condensate.

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Tenggol 2017-07

August 27, 2017

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Petronas divests interest in Bintulu’s LNG 9

August 26, 2017

Dateline 2017-07-28, Borneo Post:

Petronas has signed an agreement with PTTGL Investment Ltd (PTTGLI) for PTTGLI’s equity participation of a 10 per cent equity interest in Petronas LNG 9 Sdn Bhd (PL9SB) in Bintulu.

PL9SB, a subsidiary of Petronas, owns the ninth LNG liquefaction train (Train 9) in the Petronas LNG Complex in Bintulu, Sarawak.

PTTGLI is a subsidiary of PTT Global LNG Company Ltd (PTTGL) which is a 50:50 joint venture company between PTT Public Company Ltd (PTT), Thailand’s state-owned oil and gas company, and PTT Exploration and Production Public Company Ltd (PTTEP).

With a production capacity of 3.6 million tonnes per annum (mpta), Train 9 started its commercial operations in quarter one of this year, boosting the total output capacity of the Petronas LNG Complex to 30 mtpa.

Following PTTGLI’s 10 per cent participation, Petronas now owns 80 per cent share in PL9SB, while the remaining 10 per cent is owned by JXTG Nippon Oil & Energy Corporation through its subsidiary, Nippon Oil Finance (Netherlands) BV.

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SapuraEnergy: B15 offshore field on track for first gas in 4Q 2017

August 25, 2017

Dateline 2017-07-27, Upstreamonline:

Malaysia’s Sapura Energy, formerly known as Sapura Kencana, is working towards bringing online its offshore gas field in East Malaysia.

The company on Monday said the SK 310 B15 field development was on track, with first gas expected in the fourth quarter of 2017, in line with its previous statements.

SapuraKencana’s subsidiary, SapuraKencana Energy Sarawak (SKE), is the operator of Block SK310 PSC which was awarded by Petronas on June 17, 2008.

SapuraEnergy is the operator of the SK310 PSC with a 30% participating interest and partners Petronas Carigali with 40% and Diamond Energy Sarawak, a subsidiary of Mitsubishi Corporation with 30%.

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Another (Business) Malaysian oil and gas casualty

August 24, 2017

What turndown, isn’t this the new norm?

Dateline 2017-07-21, The Star:

Nam Cheong Group Bhd is the latest company that is unable to service its debts due to the prolonged downturn in the oil and gas (O&G) industry.

The company, which is based in Sarawak and listed in Singapore, had outstanding debts of some RM1.84bil as of its latest reported first quarter ended March 31.

It said in a filing with the Singapore Stock Exchange that it would temporarily cease repayments on all its borrowings, pending a restructuring of its debts.

Thus, Nam Cheong said it would not be making a payment of the next coupon for its bonds due on July 23, 2017 with respect to the Series 004 Notes.

“We will be in communication with the trustee of the notes on this issue,” Nam Cheong said.

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