Malaysian oil well plugged, Enquest falls to record low

January 30, 2015

Something’s wrong with this title. Enquest has started drilling in Malaysia?

Dateline 2014-11-19, NST:

Enquest Plc fell to a record low after Barclays Plc said it and two other UK explorers were more exposed to an oil drop and after a well in Malaysia was plugged and abandoned.

The shares fell 2.7 per cent to 64.15 pence (RM3.36) at the close in London trading, the lowest close since April 7, 2010.

Enquest, Afren Plc and Ophir Energy Plc are the most exposed if the oil outlook moves toward US$70 (RM235) a barrel, Barclays’s investment-banking unit said in the note today. Brent, used to price more than half the world’s crude, has plunged 30 per cent since June and is trading below US$80 a barrel.

“Debt leverage combined with a limited tax cushion increase the impact of lower oil prices relative to other producer/developers,” Barclays said of Enquest and Afren.

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Shell, Petronas Carigali to develop E6 field offshore Malaysia

January 29, 2015

Dateline 2014-11-19, The Star:

Shell and Petronas Carigali recently took the final investment decision (FID) to develop the E6 field, offshore Malaysia.
 Discovered in 1970, the E6 field is the last field to be developed under the SK308 production sharing contract. SK308 is about 200km offshore Sarawak.
A joint statement issued on Wednesday said the development concept leverages on existing infrastructure by evacuating gas from E6 to the E8 platform located 16km away and crude oil to D35 located 66km away.
Shell Malaysia chairman Iain Lo said: “The development of the E6 field further strengthens Shell’s position in Malaysia. It will enable Shell to sustain gas supply to Malaysia LNG Tiga Plant and produce crude oil concurrently by 2017.”
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Taylor’s Engineering Fair 2014

January 28, 2015

I was honoured to be a judge at Taylor’s for this event.

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Malaysia and Singapore urged to develop as Asian LNG hub

January 27, 2015

Dateline 2014-11-19, NST:

Malaysia and Singapore need to develop an Asian liquefied natural gas (LNG) hub as a platform to provide an economically sustainable energy solution to Asian countries.

Chief Executive Officer of Singapore’s Pavilion Energy, Seah Moon Ming said the initiative could facilitate transparent LNG pricing and price discovery, leading to an Asian LNG Price Marker as well as development of financial instruments such as LNG future contracts.

“It is timely for the two countries to work together towards an Asian LNG hub as their locations in the Straits of Malacca and South China Sea are host to some of the world’s vital sea lanes with about 50 per cent of global LNG supplies passing through each year.

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Saturday Star 2015-01-24 – Job Opportunities

January 26, 2015

Happy Happy Week. 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.

  • I’m lining up jobs for next quarter, for IGL Services. Whisper to (better yet, carpe jugulum) your boss, and send work my way.
  • Nothing this week. Must be the calm before the USD35/barrel oil. Track prices here. Anyone have a spare hypertanker they can spare, that I can park offshore Cape Puchong?

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? How if you visit Vietnam, how about visiting and updating GoHalalVietnam! for your food needs. For your other needs, talk to your local tour guide/ concierge / man on the street.

Extract from my book choice of the week:

“I am impressed by his argument: ‘When you have eliminated the impossible, then whatever remains, how ever improbable, must be -‘

“-wrong,” Soames brusquely completed my sentence.


Professor Stewart’s Casebook of Mathematical Mysteries

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Lundin plugs and abandons Kitabu-1 offshore Malaysia

January 25, 2015

Dateline 2014-11-18, Oil & Gas Technology:

Kitabu-1 exploration well, offshore Sabah, Malaysia, has been completed as a dry hole, according to the operator Lundin Petroleum

Kitabu-1 exploration well, offshore Sabah, Malaysia, has been completed as a dry hole, according to the operator Lundin Petroleum

The primary reservoir interval resulted in being a poor quality siltstone, and no hydrocarbon shows were encountered in the well

Lundin Petroleum AB (Lundin Petroleum) has completed the Kitabu-1 well located in Blocks SB307/SB308, offshore Sabah, Malaysia.

The well has reached planned total depth of 2,270 metres and is to be plugged and abandoned as a dry hole.

Objectives of the Kitabu-1 well were Miocene aged turbidite sands of similar age to the Shell operated South Furious 30 oil field, approximately four kilometres to the north.

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Petronas to review future capex on weak oil prices

January 24, 2015

Dateline 2014-11-18, NST:

PETROLIAM Nasional Bhd (PETRONAS) is reviewing its future capital expenditure (capex) in light of the declining oil price, said its executive vice-president and chief executive officer of upstream Datuk Wee Yiaw Hin.

The future capex could potentially be streamlined, he said at a media briefing on the upcoming eight International Petroleum Technology Conference (IPTC).

“Exploration and production (E&P) business is a long-term business, so volatility in oil price is something we need to manage.

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Contingency plan needed in view of declining crude oil prices, DAP tells Najib

January 23, 2015

Dateline 2014-11-17, The Malaysian Insider:

DAP lawmaker Liew Chin Tong today called on Prime Minister Datuk Seri Najib Razak to present a revised Budget 2015 or a contingency plan to take into consideration the declining prices of crude oil, which would severely dent the government’s revenue.

He said that Najib should at least present to parliament his plans if faced with three scenarios: of crude oil prices dropping to US$80 (RM267.40), US$70 (RM233.90) or US$60 (RM200.50) per barrel.

“The government had estimated its 2014 revenue with the crude oil price at US$110 (RM367.60) per barrel and US$105 (RM351) per barrel for 2015,” he said in a statement today.

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UTP – NACES 2014

January 22, 2015

I was honoured to be appointed a Judge during the event (Stallone voice now, “I AM DELAW!“).

I was a Judge for the Technical Video Competition and Technical Powerpoint Competition. The Videos can be seen on Youtube. Go visit the videos, and say Wata says Hi.

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Najib assures Sabah of more oil and gas revenue – Bernama

January 21, 2015

Dateline 2014-11-15, The Malaysian Insider:

Datuk Seri Najib Razak (pic) has assured Sabah that it would continue to get more revenue from its oil and gas resources.

The prime minister said apart from the oil and gas royalty of five per cent, Sabah was also given a 10% stake in Petronas LNG Train 9 Sdn Bhd in Bintulu, Sarawak, which would generate an additional revenue to the state and its people.

“That is why I had said, you can make a request, but let us negotiate and we have a formula that Sabah would receive more from the oil and gas revenue. This has been clarified by chief minister Datuk Musa Aman,” he said when opening the Pasokmomogun Kadazandusun Murut Organisation (UPKO) Convention in Kota Kinabalu, today.

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