Oil sold out of tanker off Malaysia, undermining Opec cuts

April 1, 2017

Dateline 2017-02-24, FMT:

Traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by Opec is starting to have the desired effect of drawing down bloated inventories.

Yet in the short-term, the crude released from tankers will weigh on markets and possibly undermine Opec’s goal of achieving a balanced market by mid-2017.

The Organization of the Petroleum Exporting Countries (Opec) and other producers outside the group, including Russia, announced late last year that they would cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, looking to drain a glut that pulled down prices from over US$100 per barrel in 2014 to around US$56.50 currently.

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Malaysia’s Petronas attracts PTT to Sarawak

March 31, 2017

Dateline 2017-02-23, Bangkok Post:

PTT Plc, the national oil and gas conglomerate, has expressed interest in buying a stake from Malaysian state-owned oil and gas company Petroliam Nasional Bhd (Petronas) in a large upstream Sarawak gas field.

 

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Linkbait – PETRONAS Activity Outlook 2017-2019

March 30, 2017

Hot off the press! Actually, not so hot, I was privileged to see a preview about 3 weeks ago. We thank PETRONAS for sharing this information to us, the minions.

Also, is it a coincidence this came out on the first day of the weekly petrol price setting regime?

PETRONAS Activity Outlook 2017-2019

PETRONAS Activity Outlook FAQ

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Spotlight on Hibiscus Petroleum

March 30, 2017

Dateline 2016-02-22, Daily Express:

There is increased interest in Hibiscus Petroleum Bhd due to imminent regulatory approval for its propsed acquistion of a 50pc stake in four offshore oilfields in Sabah from Shell.

Hibiscus earkier announced it had entered into a conditional sale and purchase agreement with Sabah Shell Petroleum Company Ltd and Shell Sabah Selatan Sdn Bhd to acquire Shell’s entire 50pc interest in the 2011 North Sabah enhanced oil recovery production-sharing contract (PSC) for US$25 mil (RM 111mil).

The PSC comprises four producing oilfields namely, the St Joseph, South Furious, SF30, and Barton oilfields, and associated infrastructure such as pipeline infrastructure and the Labuan Crude Oil Terminal.

The purchase is subject to regulatory approval of Petroliam Nasional Bhd (Petronas) and the consent of Petronas Carigali Sdn Bhd, a 50pc joint venture partner in the PSC. If approval is gained, the acquisition is likely to be completed in the middle of the year.

Hibiscus managing director Kenneth Pereira declined to comment on the likelihood that Petronas will give its approval for the stake buy soon.

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Marketing Rounds – AOG 2017

March 29, 2017

I was part of the delegation that was sent to AOG 2017 in Perth. The official report can be found at MOGEC’s website, and I’ll post it again next week. Here are the ‘nothing to do with work’ photos.

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Sarawak urged to buy stake in gas block from Petronas

March 28, 2017

I need a refresher on the mechanics of a PSC. Anyone want to come over and give it?

Dateline 2017-02-22, FMT:

Chief Minister Abang Johari Openg has been urged to take up the 49% stake in the SK316 offshore gas block which Petronas is reportedly planning to sell.

PKR Sarawak vice-chairman See Chee How said the Sarawak government should immediately negotiate with Petronas to purchase this stake.

See was responding to a Reuters report on Feb 20 that Petronas aimed to sell a large minority stake in the prized upstream local gas project for up to US$1 billion as it seeks to raise cash and cut development costs.

Petronas is looking to sell a stake of as much as 49% in the SK316 offshore gas block in Sarawak state, Reuters quoted sources as saying.

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Saturday Star 2017-03-25 – Job Opportunities

March 27, 2017

Happy Wata  IEM VP and Council Candidacy. Vote for me, and spread the word, wilya? 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. 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 3Q2017. Send me your POs.

Food choice of the week? The nostalgic food stall, near your parents home. McD Bangsar Baru does not count.

Seeing that Joe Dever has passed away, you may want to revisit his books:

Flight from the Dark (Lone Wolf, Book 1), Legends of Lone Wolf Omnibus 1, War of the Wizards (The World of Lone Wolf, Book 4)

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IEM Shout Out – 2017-04 2-Day Course on “Fundamental of Project Management for Chemical Engineers”

March 26, 2017

My technical division will be hosting a 2 day course on the 26th and 27th April, 2017. It is worth 13 CPD points, and held at Wisma IEM. The course will be presented by Ir. Elias Musa.

Synopsis

This practical course will provide the participants the required skills, tools, knowledge, attitude and the competencies needed to manage the design and the construction of a process plant or facilities.
• Introduction to Project Management for Chemical Engineers
• Overview of Plant Project and Basic Process Design Element for Chemical Engineers
• Planning Engineering Work, managing Schedule, Cost, Quality and Resource
• Coordinating Engineering Work and Conceptual Engineering Design
• Detail Engineering design, Invitation To Bid and Contract matters
• Project Management Organization, Progress Measurement and Reporting
• Procurement of Long Lead Items and Bulks
• Construction – Process Equipment, Piping, Instrumentation etc
• Pre-commissioning and Mechanical Acceptance, Commissioning and Initial Startup
• Project Handover and Warranty

 

Ir. Elias Musa earned a Bachelor of Engineering degree in Chemical Engineering in 1977, with MS and MBA as well as a certified Project management Professional with PMI (USA), and has over 30 years of experience in plant /facilities project development in Oil & Gas Industry, including offshore and onshore production facilities, pipeline and gas processing plant GPP and LNG. He has worked for clients as well as International design consultants.

Register here, or download the form here.

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Petronas boss wants more consolidation in Malaysian oil & gas sectors

March 25, 2017

Dateline 2017-02-22, Seatrade Maritime News:

Malaysia’s oil and gas (O&G) industry needs still more consolidation and preference will be given to those that invest in assets, local media quoted national oil company Petroliam Nasional (Petronas) president and chief executive Wan Zulkiflee Wan Ariffin as saying.

Repeating his comparison between Norway’s O&G sector and Malaysia’s he noted that there is still a long way to go before Malaysia reaches efficient levels.Between the two countries, which have similar-sized deposits, Petronas has about 3,700 registered contractors while Norwayhas just around 700 players in its O&G sector.

Wan Zulkiflee pointed out that among the 3,700 were agents who did not invest in O&G assets and were reaping handsome profits.

“Imagine a commission of just 1% for the kind of contracts that we award. It runs into a big sum for the agents. We want to only help those who have invested in their assets and grown their expertise,” he said.

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Anniversary – Exxon Valdez

March 24, 2017

EPMI engineers never forget.

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