How to calculate Cost Oil:
Yet another example was the determination of Allowable Expenditure for calculating Cost Oil. The recovery was purposely tied to a yearly budget approval. By doing this, nothing was required to be definite up-front so as to avoid losing out early due to the lack of knowledge on the issues being addressed. Under this system a mistake or oversight could be readily be corrected by the next budget submission …
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Posted by Wata
Dateline 2014-04-03, Business Week:
Petroliam Nasional Bhd., Malaysia’s state oil and gas company, will proceed with a plan to invest in a $27 billion refining and petrochemicals project in the southern Johor state bordering Singapore.
The proposed Pengerang Integrated Complex will comprise of a refinery and petrochemical development and other associated facilities, the company known as Petronas said in a statement today after its board approved the investment decision. The project is poised for its refinery startup by early 2019, it said.
Today’s decision may help a push by Malaysia to turn the fishing town of Pengerang into an oil and gas hub. It comes after Taiwan’s Kuokuang Petrochemical Technology Co. in December ended a plan to build a $12 billion petrochemicals project in the same area.
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Leave a Comment » | Chemical, investment, Malaysia, oil and gas | Tagged: PETRONAS< Pengerang | Permalink
Posted by Wata
Dateline 2014-04-04, The Malaysian Insider:
The founding chairman and chief executive of Petronas yesterday lamented that Putrajaya has been treating the leading oil and gas company as a cash cow, especially in bailing out government-linked outfits of financial trouble.
Tengku Razaleigh Hamzah, or Ku Li, said since its inception in 1974 and until 2011, Petronas paid the government RM529 billion in dividends, taxes, petroleum proceeds and export duties.
He said the reliance of Petronas to help government-linked outfits out of financial trouble had been going on since 1985.
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Leave a Comment » | Malaysia, Malaysian election | Tagged: Ku Li, Petronas | Permalink
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Dateline 2014-04-01, The Sun:
Petroliam Nasional Bhd (Petronas), which drilled 160 wells between 2009 and 2013, is expected to maintain its exploration efforts at a steady pace with brownfield and new developments to command a greater share of future oil production.
Public Investment Bank said Petronas is positive on the oil and gas industry going forward as Malaysia continues to attract investments and interest from new players.
To date, 101 production sharing contracts and five risk sharing contracts have been awarded, supported by a rise in upstream expenditures by a compounded annual growth rate about 37%.
It said Petronas, as a national oil company, is challenged to deploy its capital and resources efficiently to compete globally amid rising costs, compressed margins and higher country risk and barriers.
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Leave a Comment » | Malaysia | Tagged: Petronas | Permalink
Posted by Wata
This is a shout out for the IEM. My Technical Division will be having a talk on Thursday 22nd May, 2014. It’ll be at 5:30 pm (makan-makan at 5.00pm) at Wisma IEM.
Consumers are health conscious and seeking for healthier natural foodstuffs in order to have a nutritious diet, and this lead to the increase of dietary intake of fruit. Fresh fruit contains vitamins, minerals and high amount of water. However, it has a short shelf life due to biochemical changes. In engineering perspective, postharvest processing of excessive fresh fruit, such as drying is widely used. What kind of drying method to be used? What are the key factors necessary to produce high quality dehydrated fruits? This talk aim to share how to minimise changes in physical appearance, colour as well as bioactivity attributes such as total polyphenol contents and antioxidant capacity of dehydrated fruits.
The above will be presented by Engr Dr Chong. Engr Dr Chong is the Associate Dean (Learning and Quality) for the School of Engineering at Taylor’s University. He holds a PhD in Engineering, a Chartered Engineer of the Engineering Council, UK, Graduate Member of Institute of Engineers Malaysia (IEM), Graduate Member of Board of Engineers Malaysia (BEM), Member of Institution of Chemical Engineers (IChemE), UK and Member of Institution of Engineering Technology (IET), UK. He is one of the CDIOTM leaders in Asia Region. His academic research interest is in the area of drying technology, energy, health and engineering education. He published more than 40 international journals, conferences papers, technical bulletin/proceedings and a book chapter for the past 7 years. Recently, he published a paper in Food Chemistry with a viewing and downloading record of 197 within a month.
Leave a Comment » | Chemical, engineering, Malaysia, oil and gas | Tagged: CETD, fruits, IEM | Permalink
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Dateline 2014-04-01, Rigzone:
Roc Oil Company Limited, announced Tuesday the farm in to a Production Sharing Contract (PSC) which includes three fields D35, D21 and J4 (Fields), located offshore Malaysia in water depths of approximately 164 feet (50 meters). The Fields are currently 100 percent owned and operated by Petronas Carigali and ROC has farmed into a 50 percent participating interest. The Fields are in production with a combined daily oil rate of approximately 10,000 barrels of oil per day (bopd) and gas sales of approximately 17 million standard cubic feet per day (MMscf/d) gross working interest. ROC’s economic interest (50 percent) of the 2P reserves from the Fields is 8.7 million barrels of oil equivalent (MMboe).
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Leave a Comment » | engineering | Tagged: D21, D35, J4, psc, Roc Oil | Permalink
Posted by Wata
This is a shout out for the IEM. My Technical Division will be having a talk on Saturday 17th May, 2014. It’ll be at 9:00 am (makan-makan at 8.30) at Wisma IEM.
The talk will be an introduction on how to (re)structure projects to ensure sustainability using the Engineering Finance(c) methodology and its tool called Techno-Financial Model(c). It is also to inculcate cost consciousness amongst directors and senior and middle management facing heavy responsibilities in a borderless and globalised world and to expose them to the many uses of Techno-Financial Model (TFM) in considering different Technology or Product options that could optimise returns.
The above will be presented by Ir. Prof. Madya Dr. Maulud Abdul Latif. Ir. Prof. Madya obtained his Engineering Doctorate (EngD) in Engineering Finance from UTM/University of Warwick. He also holds an MBA Finance from the University of Queensland Business School, a B. Sc. (Hons) in Mining Engineering from the University of Wales and a Diploma in Mechanical Eng. from Universiti Teknologi Malaysia. In addition, he holds the Dredgemaster Certificate of Competency and is a member of the Board of Engineers, Malaysia, Institution of Engineers, Malaysia and the Institute of Mineral Engineers. You can register here and download the flyer here.
Leave a Comment » | Chemical, engineering, Malaysia, oil and gas | Tagged: engineering finance, IEM, OGMTD | Permalink
Posted by Wata
This is a shout out for the IEM. My Technical Division will hosting the above seminar on the 5th June, 2014. by Ir. Prof. Madya Dr Maulud Abdul Latif.
Learn how to (re)structure projects to ensure sustainability using the Engineering Finance(c) methodology and its tool called Techno-Financial Model(c) (TFM). The seminar aims to inculcate cost consciousness amongst directors and senior and middle management facing heavy responsibilities in a borderless and globalised world and to expose them to the many uses of Techno-Financial Model in considering different Technology or Product options that could optimise returns.
Engineering Finance can be described as the ‘bridge’ that bridges the gap between “Engineering” and “Finance” to structure a cost-efficient project design/plan that is financially viable. This Engineering Finance methodology could also be used to evaluate the impact of “Technology” and “Product” changes on the IRR, i.e. financial viability. It can also be used to identify the project’s Critical Component (CCA) that could undermine the viability of the project. This TFM can also be used to prepare construction budget and O&M (post construction) budget.
Update with new terminologies in Engineering Finance e.g. Cost Efficiency Model, Economic Efficiency, Techno-Financial Model etc. Case studies from Biomass Power Plant to Biodiesel Plant to Mining and Property development.
The course will delve on:
- Understand the concept of Engineering Finance as a ‘bridge’ to develop a proper mindset for creating financial models.
- Understand common definition & terminologies used in Engineering Finance e.g. Critical Components Analysis (CCA) etc.
- Learn new Engineering Finance methodologies e.g. Techno-Financial Modelling (TFM), Cost Efficiency Model (CEM), Economic Efficiency (EE) and Product-Technology Option Matrix.
- Understanding thoroughly key criteria used to assess project viability such as Project IRR, Equity IRR, ROE, ROI, etc.
- Understand the importance of corporate structure in structuring the financial model.
- Know the types of project funding available, their difficulties and obligations.
- Learn how to conduct a full feasibility study using Engineering Finance Project Implementation Flow Chart. Definition and concept of Engineering Finance.
The seminar will be led by Ir. Prof. Madya Dr Maulud Abdul Latif. He obtained his Engineering Doctorate (EngD) in Engineering Finance at the UTM/University of Warwick. He also holds an MBA Finance from the University of Queensland Business School, a B. Sc. (Hons) Mining Engineering from the University of Wales and a Diploma in Mechanical Eng. from Universiti Technologi Malaysia. In addition, he holds the Dredgemaster Certificate of Competency and is a member of the Board of Professional Engineers, Institute of Engineers and Institute of Mineral Engineers.
Leave a Comment » | engineering, Malaysia, oil and gas | Tagged: engineering finance, IEM, Maulud, OGMTD | Permalink
Posted by Wata
This is a shout out for the IEM. My Technical Division will hosting the above seminar on Wednesday the 4th June, 2014 by Ir. Tony Chew, Juna Azleen bin Abdul Ghani, Ir. Look Keman Sahari.
As a result of fast pace development housing, business centres, factories etc are being built near existing structures. Development within city areas for examples requires firm foundation below the surface where underground space are also used as car parks, LRT stations, bus station etc. Excavation of underground space requires the removal of soil and also rocks. In both Selangor and Penang Island the need for building new houses for expanding population requires the cutting and levelling of hilly areas. All these require the use of explosives.
Blasting of rock using explosives near existing structures especially where people live requires special expertise which ordinary shotfirers and even blasting engineers do not learn even in universities. Experience and guide from experienced engineers are needed to ensure successful and safe blasting work.
This one day seminar will discuss the current Regulatory requirements, procedures and also the need for proper competence persons to ensure the safety of the blasting work at construction sites. Standards that are being used as references will also be discussed. Current methodology being practiced will also be shown and case studies from previous project locally and overseas will also be referred.
Not forgetting, the peril of blasting work may result in incidents such as flyrock issues which had caused property damages and sometimes can be fatal. These incidents may result in long work stoppages. Techniques being applied to mitigate flyrock issues and also other environmental issues will be presented. The alternatives means of breaking rocks will also be discussed.
Leave a Comment » | engineering, Malaysia, oil and gas | Tagged: blasing, IEM, jmg, mining | Permalink
Posted by Wata
Dateline 2014-04-1, The Star:
Uzma Bhd confirmed it has entered into a contract with Petroliam Nasional Bhd (Petronas) to carry out the development and production of petroleum from the Tanjung Baram field.
In a note to Bursa Malaysia, the oil & gas company said its wholly-owned subsidiary company, Uzma Energy Venture (Sarawak) Sdn Bhd, and its partner had entered into the contract, clarifying recent news reports that both were the front runners for the risk service contract (RSC) for the Tanjung Baram field in Sarawak, worth an estimated US$100mil to US$200mil (RM330mil to RM660mil).
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Leave a Comment » | Malaysia, oil and gas | Tagged: Petronas, Tanjung Baram, Uzma | Permalink
Posted by Wata
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Wata - Malaysian Oil and Gas Engineer 