Lundin makes gas find off shore of Malaysia

April 23, 2016

Lundin seems to be a good place to work, with continuing new on exploration and finds.

Dateline 2016-03-03, Marketwatch:

Swedish oil producer Lundin Petroleum AB (LUPE.SK) said Thursday it has completed the Maligan exploration well in Block SB307/SB308, offshore East Malaysia.

The company said the well encountered significant gas shows and it has now been plugged and abandoned. It will be expensed in the first quarter of 2016.

Lundin Malaysia holds 65% working interest in SB 307/308. Partners are DYAS B.V. with a 20% working interest and PETRONAS Carigali Sdn Bhd with a 15% working interest.

Swedish oil producer Lundin Petroleum AB (LUPE.SK) said Thursday it has completed the Maligan exploration well in Block SB307/SB308, offshore East Malaysia.

The company said the well encountered significant gas shows and it has now been plugged and abandoned. It will be expensed in the first quarter of 2016.

Lundin Malaysia holds 65% working interest in SB 307/308. Partners are DYAS B.V. with a 20% working interest and PETRONAS Carigali Sdn Bhd with a 15% working interest.

Leave a Comment » | Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Malaysian state oil giant may borrow to finance spending

April 22, 2016

Apparently, PETRONAS is not cash rich.

Dateline 2016-03-01, Nikkei Asian Review:

Malaysia’s state-owned oil and gas producer Petronas said Monday it has made additional expenditure cuts and may borrow to weather “challenges” in 2016 as the sharp fall in crude oil prices continues to hurt earnings.

Petronas’ net loss improved to 4.69 billion ringgit ($1.1 billion) in the October-December quarter, from 9.87 billion ringgit in the same period in 2014, partly helped by a stronger U.S. dollar against the ringgit. However, for the full year, net profit plunged 64.5% to 13.15 billion ringgit on revenue of 247 billion ringgit. The company blamed this on lower average prices recorded across all products, along with Brent crude’s 47% fall to $52.46 per barrel in 2015.

Oil’s sharp fall, which began in mid-2014, hit Petronas’ upstream business the hardest. But its downstream business saw a 60% increase in net profit, on higher refining margins and sales volumes for its petrochemical products.
…

 

 

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Malaysia’s Petronas to cut about 1,000 positions after strategic review

April 21, 2016

Old news, but hey, I report the olds.

Dateline 2016-03-01, Reuters:

Malaysia’s Petronas announced it is making about 1,000 positions redundant and is reshuffling some senior executives after a strategic review, as the state-owned oil and gas company tries to cope with the hit from a plunge in oil prices.

Petronas, or Petroliam Nasional Bhd, is one of the biggest employers of Malaysians and has a staff of about 51,000 people, according to its 2014 annual report.

A 70 percent slump in crude prices since mid-2014 has been squeezing the finances of oil companies globally, including those of Petronas, which makes up about a third of the Malaysian government’s oil and gas revenue.

Earlier this week, the company posted a quarterly net loss and confirmed plans to cut spending by 50 billion ringgit ($12.0 billion) over the next four years.

…

 

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Marketing Rounds – Umrah 2016/02 Pt 1

April 20, 2016

Leave a Comment » | engineering | Tagged: | Permalink
Posted by Wata

M’sia Still Preferred For Oil & Gas Industries

April 19, 2016

What technical symposium?

Dateline 2016-03-01, Malaysia Digest:

Malaysia remains a preferred location for business operations, especially in the petrochemical and oil & gas (O&G) related industries.

This is despite facing global headwinds, said Malaysian Investment Development Authority (Mida) Chief Executive Officer Azman Mahmud.

He said Malaysia had the infrastructure for these industries and was still fundamentally strong with the economy expected to grow between 4.0% and 4.5% this year.

“With the implementation of the Pengerang Integrated Petroleum Complex and the Petronas Refinery and Petrochemical Integrated Development project, Malaysia has now been placed on the world map for building opportunities for growth in this ecosystem,” he told reporters after officiating the Schmidt + Clemens Group Technical Symposium here today.

Schmidt + Clemens is a producer of special steel components and a supplier of services for plant operators and mechanical equipment manufacturers.

The company has invested more than 14 million euros in a new production plant at the Sendayan Tech Valley in Seremban, while planning to add a few more machines this year.

…

Leave a Comment » | engineering, investment, Malaysia | Tagged: , , | Permalink
Posted by Wata

Shout Out – Technical Visit to Aker Solutions Manufacturing Centre, Port Klang

April 19, 2016

My Technical Division will be arranging a Trip to visit Aker on the 5th May, 2016. It is worth some CPD points (don’t know why the page says 0).

Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Their engineering design and technology bring discoveries into production and maximize recovery from each petroleum field. They employ approximately 15,000 people in 20 countries. Aker Solutions portfolio of oilfield stretches all the way from the reservoir to the wellstream processing systems generating marketable and valuable hydrocarbon products.

The Aker Solutions Manufacturing Centre in Port Klang assemble oil and gas production equipments and systems. Some of the items that have been manufactured are topsides process packages, subsea structures, subsea christmas tree, subsea control module, subsea wellheads, and drilling and production risers. In this visit, visitors will be able to learn how the manufacturing centre is operated and maintained.

…

Register here, and you can download the form here.

Leave a Comment » | Malaysia, oil and gas | Tagged: , , | Permalink
Posted by Wata

Saturday Star 2016-04-16– Job Opportunities

April 18, 2016

Happy Miri week. Donate to your favourite 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’m looking for jobs for 3Q2016. Send me your POs.
  • Nothing in the papers this week.

Support your local bookshop!  Bookalicious at The Summit Subang is a good choice. I think they focus on trilogies, quadrilogies, and other ologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Those of you who have dropped my name, thanks!

Food choice of the week? Any weight loss diet.

Let’s get a bit nostalgic with the book selection.

Wetter, Louder, Stickier: A Baby Blues Collection (Baby Blues Scrapbook), BBXX: Baby Blues: Decades 1 & 2, Bedlam

Leave a Comment » | Malaysia, oil and gas | Permalink
Posted by Wata

Petronas posts $704 million fourth-quarter net loss, confirms spending cuts

April 17, 2016

Dateline 2016-02-29, Reuters:

…

Malaysia’s Petroliam Nasional Bhd, or PETRONAS, reported a fourth-quarter net loss on Monday and announced spending cuts for the next few years, as the state oil company braces for a prolonged period of low oil prices.

Petronas reported a net loss of 2.96 billion ringgit ($704.3 million) for the October-December period, compared with a loss of 7.3 billion ringgit a year ago. The company attributed the net loss to impairment of assets caused by low oil prices.

Revenue for the quarter was 60.1 billion ringgit, down nearly a quarter from 79.4 billion ringgit for the corresponding period a year ago.

The 70 percent slump in crude oil prices since mid-2014 has been squeezing the finances of unlisted Petronas, which accounts for about a third of the Malaysian government’s oil and gas revenue.

…

 

Leave a Comment » | Malaysia, oil and gas | Tagged: | Permalink
Posted by Wata

Conquering the fear of failure

April 16, 2016

Inspirational stories, for these tough times in the O&G sector.

Dateline 2016-02-29, FMT:

…

Since then, two very enterprising Malaysian firms from my native oil and gas sector have come forward to share their experiences.

ProEight started as an engineering consultancy. After thoroughly understanding their position in the market and identifying gaps, the firm developed their own products. Today, their portfolio of mechanical seals and pumps is not only one of the best in class, their after sales service in the region is unparalleled.

…

Leave a Comment » | Malaysia, oil and gas | Tagged: , | Permalink
Posted by Wata

Malaysia’s Bumi Armada 2015 Revenue Down 9% to $516M, Posts $56M Net Loss

April 15, 2016

I guess with net loss being about 10% of revenue, last years obscene profits make up the shortfall?

Dateline 2016-02-29, Rigzone:

Malaysia’s offshore energy facilities and services provider Bumi Armada Berhad posted a net loss of $55.5 million (MYR 234.6 million) for financial year 2015 (FY 2015) ending Dec. 31, 2015, compared to a net profit of $51.7 million (MYR 218.7 million) in the previous year, the company said when releasing its financial results Friday.

Revenue during this period reached $515.5 million (MYR 2.179 billion), down 9.1 percent from $694.6 million (MYR 2.937 billion) in 2014, with the decline attributed to lower contributions by the company’s offshore support vessel (OSV) and transport and installation (T&I) business, which recorded a decline of 17.8 percent and 57.7 percent, respectively.

…

Leave a Comment » | investment, Malaysia | Tagged: | Permalink
Posted by Wata

« Previous Entries
Next Entries »