AmResearch stays “neutral” on oil and gas sector

February 23, 2016

I would keep an eye on MISC.

Dateline 2016-01-12, The Star:

AmResearch has maintains its “neutral” call on the oil and gas (O&G) sector as prospects for a sustainable turnaround in crude oil prices still appear opaque at this stage.

“Given the current oil glut, which has adversely affected upstream players, we are positive on downstream and storage operators. As such, we prefer companies with stable and recurring earnings such as Dialog Group and Yinson.

“We also like O&G downstream players such as MISC, which benefits from the growth in petroleum shipping charters and new build slowdown,” AmResearch said.

Bloomberg reported that Petroliam Nasional Bhd’s (Petronas) CEO Datuk Wan Zulkiflee Wan Ariffin as saying that the group was bracing for two to three more tough years with crude at an 11-year low while seeking to keep its multi-billion dollar projects on track.

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Posted by Wata

Saturday Star 2016-02-20– Job Opportunities

February 22, 2016

Happy Flu from Umrah Week. Donate to your favourite charity (me), buy my recommendations, or through my Amazon store. Or get the Young Turks series (all 4 books). 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 2Q2016. Send me your POs.
  • An associate of mine is looking for a technical safety part-time adviser. 2 Associates, actually. Needs to be needle sharp with respect to QRAs, and HSE safety cases. A calm demeanor to handle nonsensical questions from young engineers helps as well. Either that, or a drinking problem.
  • Nothing in the papers this week. See Happy note above.

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.

During these trying times, perhaps you should focus on self improvement. The following are a good set of books to start automating your uncertainty budget tables.

The Cartoon Guide to Statistics, Hands-On Start to Wolfram Mathematica, Doubt-Free Uncertainty In Measurement: An Introduction for Engineers and Students

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

‘Rapid’ project only minimally affected by oil price drop

February 21, 2016

Note to self – Move business plan to focus on RAPID, wait, have already started.

Dateline 2016-01-11, FMT:

The current decline in global oil prices has had a minimal impact on the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang here.

The project is progressing according to schedule, with 17 per cent of the venture ready to date, said Johor Chief Minister, Mohamed Khaled Nordin.

As such he added, the people have nothing to worry about in respect of the project, which is also focused on downstream industries.

“Rapid is focused on crude oil refining activities and not processing (oil), so the impact is less,” he added.

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High-flying oil workers now scraping by amid layoffs

February 20, 2016

Yeah, you high flyers. And we hope Haqim Nawawi is not disillusioned.

Dateline 2016-01-11, Malay Mail:

Haqim Nawawi thought he had it all when an international oil services firm poached him from a biochemical company and hired him as a logging-while-drilling field specialist with a monthly salary of more than RM10,000.

But just 11 months into his dream job, the 26-year-old took a phone call last June that would crush all hopes for a comfortable life. Now, he is jobless and makes a scanty side income of RM540 a month teaching secondary school students maths or science.

“When they hired me I was so happy,” Haqim told Malay Mail Online. “I even bought a house”.

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Posted by Wata

Who Wins and Who Loses in a World of Cheap Oil

February 19, 2016

Dateline 2016-01-08, STRATFOR:

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As one of the few net producers in the Asia-Pacific, Malaysia will feel the greatest pressure from cheap oil. Last year, roughly 20 percent of the Malaysian government budget came from the earnings of state-owned oil company Petronas. As the firm’s earnings declined, Kuala Lumpur was forced to impose an unpopular goods and services tax to make up for the shortfall.

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Lundin Abandons Well Offshore Malaysia After Minor Oil Shows

February 18, 2016

Hey, not my fault Lundin posts bad news after good back-to-back.

Dateline 2016-01-08, EPMag:

Lundin Petroleum subsidiary Lundin Malaysia BV has plugged and abandoned the Imbok-1 exploration well offshore East Malaysia after encountering minor oil shows, according to a news release.

The well, which is located in Block SB307/308, targeted hydrocarbons in Miocene-aged sands. Imbok-1 was drilled with the West Prospero jackup rig.

Lundin Malaysia holds 85 percent working interest in SB307/308. Partner is Petronas Carigali Sdn Bhd with a 15 percent working interest. Lundin Malaysia operates six blocks in Malaysia, the release said.

 

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Diving Bali 2015-12 Part 1

February 17, 2016

These are some photos taken at Padang Bai, Bali

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Lundin Spuds Bambazon Prospect in Block SB307/308 Offshore East Malaysia

February 16, 2016

Dateline 2016-01-08, Rigzone:

Sweden’s Lundin Petroleum AB announced Friday that its wholly owned subsidiary Lundin Malaysia BV has commenced drilling of the Bambazon exploration well in Block SB307/SB308, offshore East Malaysia.

The Bambazon prospect, located in shallow water and lies to the north of a major producing field in offshore East Malaysia, will target hydrocarbons in Miocene aged sands and is being drilled by the jackup West Prospero (400′ ILC) to a total depth of approximately 4,101 feet (1,250 meters) below mean sea level.

Drilling of the well is expected to take approximately 25 days.

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Posted by Wata

What determines retail oil prices

February 14, 2016

Article with byline of TAN SRI DR MOHD IRWAN SERIGAR ABDULLAH

Dateline 2016-01-07, NST:

THE price of crude oil in the global market had fallen from the peak of US$110 per barrel in June 2014 to US$37 per barrel in December last year, primarily due to excess supply. The price had fallen almost 66 per cent in less than 18 months, causing alarm among countries dependent on oil revenue.

The large-scale production of shale oil by the United States is said to have increased its oil production, which contributed to the downward trend of crude oil prices. In addition, the 12-member countries of the Organisation of Petroleum Exporting Countries (Opec) have also decided to maintain the current oil production quota. The decision by some major producing countries to maintain their market position, even at a low price and subsidy rationalisation on petroleum products by many countries in the world such as India, China and Indonesia, also contributed to the declining trend in crude oil prices.

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OCBC sees oil price ‘relief’ for Malaysia

February 13, 2016

Optimism here. Go hire the analyst team that made the forecast:

Dateline 2016-01-08, The Sun:

OCBC Bank said oil prices will be on the road to recovery this year which would help to stabilise Malaysia’s economy.
“As our house view has it, the oil price is on track to recover this year, with Brent back to US$55 (RM242) per barrel by year-end. If that pans out, it would be a huge relief for Malaysia,” the bank said in its OCBC Global Outlook 2016 report yesterday.

OCBC said one of the reasons for the poor market sentiment towards the country last year was the perception that it is Asia’s only net oil exporter, with its fiscal balance is most threatened by a drop in the oil price.

“Hence, if the oil price does recover forcefully, such concerns would dissipate,” it added, noting that Malaysia would likely be printing growth rate of 4.7% year-on-year in 2016, which is in line with the growth rate target of 4.8% last year.

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