Petronas to spend US$1 bln to develop gas field

March 1, 2015

Before or after the oil crash of ’14?

Dateline 2014-12-12, Borneo Post Online:

Petronas, through its upstream arm, Petronas Carigali Sdn Bhd, will invest between US$500 million and US$1 billion to develop the K5 high carbon dioxide (CO2) concentration gas field off the coast of Sarawak until 2018.

For this purpose, Petronas Carigali has entered into an agreement with four companies, namely Technip Consultant (M) Sdn Bhd, UOP Malaysia Sdn Bhd, Twister BV and Generon Asia Sdn Bhd to provide the technology for the gas extraction.

Petronas Carigali head technology, technical global (sic) Dr Nasir Darman said Petronas would develop the world’s first offshore CO2 cryogenic distillation facility to enable it to recover four trillion square cubic feet (TSCF) of hydrocarbon gas from the 21 TSCF gas reserve at the field.

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Sarawak queries oil, gas PSCs for Sabah

February 28, 2015

Dateline 2014-12-11, Free Malaysia Today:

The Opposition wants to know why Sabah is being given stakes in Production Sharing Contracts (PSC) in the oil and gas industry and Sarawak being given “the short-end of the stick”.

“Sabah has done better than Sarawak in asking for PSCs,” said Batu Lintang Assemblyman See Chee How in a statement implicitly criticizing Sarawak Chief Minister Adenan Satem for his weak leadership on the issue. “We are getting a raw deal.”

“Sabah has entered into upstream petroleum development.”

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Tok Bali port to become supply base for oil and gas offshore sector

February 27, 2015

Election coming round?

Dateline 2014-12-07, The Malaysian Insider:

Tok Bali Port at Pasir Puteh will expand a step further with the proposal to make it a supply base for offshore support activities in the oil and gas (O&G) sector.

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed (pic) said Tok Bali is seen as having big potential to be transformed into the supply base, after Kemaman, Terengganu.

“We understand that Kemaman is fast developing and is very compact to the point of having no further room for expansion. Thus, we see Tok Bali as having the ability to become a support base.

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M’sia still strong enough to fend off falling oil prices

February 26, 2015

Dateline 2014-12-03, Free Malaysia Today:

Malaysia’s underlying economic fundamentals continue to be strong despite the apparent free fall in global crude oil prices which roiled markets worldwide including the local equity and currency markets.

“The economy remains strong but the country does not operate in isolation, making its markets vulnerable to falling oil prices,” CIMB Group’s Chief Executive, Zafrul Tengku Abdul Aziz, said here today.

He said Bursa Malaysia’s bearish performance – particularly oil and gas-related counters yesterday, was mainly due to Malaysia being a major investment destination for oil and gas (O&G) players.

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Umrah 2014 – Engineering Works

February 25, 2015

And… looking at the trip as an engineer.

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Malaysian LNG imports unlikely to falter

February 24, 2015

Delay in rise of industrial gas prices? Ah, shucks.

Dateline 2015-01-15, Interfaxenergy:

A decision by Malaysia’s government to postpone a plan to increase gas prices for the country’s industrial sector is unlikely to reduce LNG imports to the Malaysian peninsula. Instead, imports of the fuel could exceed expectations – as long as low prices and tepid demand for spot cargoes in Asia persist.

Malaysian Prime Minister Najib Razak outlined a revised national budget for 2015 on Tuesday that included delaying the price increases. The measure was introduced as part of an initiative to scale back subsidies for gas to encourage further investment in new supplies and promote greater efficiency.

Raising the gas prices for industrial buyers would also help pass through the higher price of LNG, which Malaysia started importing on a spot and short-term basis in 2013, when it received 1.5 mt at the Malacca terminal.

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The economics of oil – Tay Tian Yan

February 24, 2015

Really? You couldn’t see this?

The Malaysian Insider, 2014-12-04:

Many people were confused: isn’t it great that petrol prices are lower now? The government can subsidise less and our budgetary deficit could be narrowed.

People no longer need to worry about the additional financial burden as prices of goods are expected to come down and the impact of GST tamed.

This should have been a piece of wonderful news in any way, but why did the equity and money markets slide? As if that is not enough, experts said the country’s economic prospects were gloomy.
The answer couldn’t have been more straightforward: Malaysia is an oil-producing country with oil revenue making up about 30% of the government’s budget. Although the government will have less of fuel subsidy to worry about, the saving would not be enough to offset the drastic loss in revenue.

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Saturday Star 2015-02-21 – Job Opportunities

February 23, 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 hear Hess is looking for a number of metering and measurement engineers. Heck, I should be a shoe in.
  • Kebabangan Petroleum Operating Company (KPOC to friends) has an itty-bitty spread. Operations is looking onshore and offshore operations, project engineer (mechanical), offshore installation manager, production supervisor. Apply here, or snail mail to: Kebabangan Petroleum Operating Comp Sdn Bhd, Level 52, Tower 2, PETRONAS Twin Towers, KLCC, 50088 KL, Malaysia.

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.

As crude prices are low, you need all the help you can get to nail that elusive 2k job:

Social Engineering: The Art of Human Hacking, Ghost in the Wires: My Adventures as the World’s Most Wanted Hacker, The Art of Deception: Controlling the Human Element of Security

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Highest and Cheapest Gasoline Prices by Country

February 22, 2015

Dateline 2014-12-02, Bloomberg:

Malaysia

Price per gallon of gasoline: $2.48
Rank by most expensive gas: 54
Rank by pain at the pump: 35

Malaysia’s extensive fuel subsidies give it one of the lowest gasoline prices.

Cheap gas comes at a cost; despite strong economic growth, Fitch Ratings lowered the country’s credit rating last year. Soon after the rating drop, Prime Minister Najib Razak cut the fuel subsidy. He cut it again in October.

Even though gas remains cheap, the subsidy cuts are sending inflation ripples through the economy. Consumer prices are forecast to climb 4 percent to 5 percent next year, the fastest since 2008.

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Malaysia Crudely Treated By Oil Slump

February 21, 2015

Dateline 2014-12-02, Barron’s:

Malaysia may have just set itself up for a major oil shock.

That may seem a long shot as crude prices plummet. But Malaysia is one of Asia’s few remaining net oil exporters and last month it made the decision to scrap subsidies on diesel and unleaded gasoline and instead set their prices more or less in line with market prices beginning this month.

Markets appear to have ignored this watershed. Global investors may not know a lot about Malaysia, but they do know it’s a major commodities exporter whose economy is slowing with exports and whose government depends on oil-related income for 30% of its annual revenues. Stocks in Kuala Lumpur fell as much as 2.3%, the biggest tumble in almost two years, to the lowest since late-October. Government bonds fell, too. Malaysia’s currency, the ringgit, slid as much as 1.4% against the U.S. dollar to its lowest since early 2010.

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