Malaysia’s upstream O&G sector capex to near US$60b over 5 years, says Najib

May 3, 2014

Show us the money!

Malay Mail, dateline 2014-03-25:

The capital expenditure in Malaysia’s oil and gas sector’s upstream business is forecast to near US$60 billion (about RM198 billion) over the next five years, Prime Minister Datuk Seri Najib Tun Razak said today.

He said the amount contributed significantly to the total upstream spending in South East Asia, which was expected to receive one-fifth of the global upstream spending in the next decade.

“While global upstream spending in the oil and gas sector is expected to remain set at around US$700 billion (about RM2.31 trillion) over the next decade, close to 20 per cent of this spending will be here in South East Asia,” said Najib, who is also the Finance Minister, at the opening of the inaugural Offshore Technology Conference Asia 2014.

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Rapid investment may top US$50b

May 2, 2014

NST, dateline 2014-03-24:

Mida confident that investment outlook on O&G sector will remain positive.

INVESTMENTS at the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor, could top US$50 billion (RM165 billion) by 2020, 150 per cent more than the initial
target of US$20 billion.

Malaysian Investment Development Authority (Mida) said Pengerang will serve as catalyst for development in areas such as refinery, petrochemicals, power, naptha cracker and regasification plants, as well as crude oil storage and liquefied natural gas storage tanks.

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Labuan Chinese Chamber rejoices over revival of mega oil-gas project

May 1, 2014

Revival? When was the first attempt?

Daily Express, dateline 2014-03-25:

The Chinese Chamber of Commerce (LCC) here has expressed support for the revival of the USD2 billion oil and gas investment on Pulau Daat, off Labuan.

Its President Datuk Wong Kii Yii said this was because the mega project would definitely boost the local economy.

He hoped this time the project would materialise as Labuan had been waiting for it for four years.

“Labuan also has had no significant big projects in recent years as everything went to Sabah,” he said, Monday.

He said the proposed investment would complement Malaysia’s existing oil and gas industry in Miri, Terengganu, Bintulu and Labuan.

A substantial part of Malaysia’s vision of becoming a regional major player in oil and gas will be materialised when Johor’s Rapid and Pulau Kuraman and other proposals come on stream.

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Trevor Kletz – In Memoriam

April 30, 2014

I know that this is late, but I was prompted last week to ascertain the status of Mr Kletz. C’est la vie.

Trevor Asher Kletz, OBE, FREng, FRSC, FIChemE (1922–31 October 2013) was a prolific British author on the topic of chemical engineering safety. He is credited with introducing the concept of inherent safety, and was a major promoter of Hazop.[1]
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Here’s an obituary from The Guardian.

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Oil and gas sector remains rising star

April 29, 2014

Dateline 2014-03-24, Malaysia Chronicle:

TWO weeks ago, Prime Minister Datuk Seri Najib Razak said the oil and gas industry is a rising star and is expected to contribute significantly to Malaysia’s economic growth this year.

This should perhaps ease earlier concerns that Malaysia will become a net importer of oil and gas by the end of this year.

Indeed, Petroliam Nasional Bhd (Petronas) has been aggressively exploring its domestic hydrocarbon acreage with the aim to increase reserves as well as production capacity. At the same time, the national oil company continues to explore opportunities abroad, having its presence in about 30 countries.

Last year’s financial results highlighted Petronas’ success in carrying out its strategy to sustain profitability and increase production.

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Saturday Star 2014-04-26 – Job Opportunities

April 28, 2014

Happy Book Fair week.

Buy my recommendations, or through my Amazon store. Where are those corporate sponsors? Or throw donations at me. I need RM360 to get The Star ePaper

  • I’m looking for a senior process engineer, 7+ years experience. Also looking for technical safety persons, metering / measurement engineers and other seniors you think will catch my eye.
  • Qatar Petroleum International is looking for people for it’s Mega Grass roots Refinery / Petrochemical / Fertilizer Projects. Examples of jobs are HSE Safety, Fire Engineering and Rescue. Apply here or visit the website.
  • Murphy is seeking extraordinary talent. Examples are engineer instrument, HSSE engineer, operational engineer. Send your CV here.

Here’s a quick list of tech podcasts I follow:

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!

Let’s talk about maths:

  

Visions of Infinity: The Great Mathematical Problems, In Pursuit of the Unknown: 17 Equations That Changed the World, An Imaginary Tale: The Story of [the Square Root of Minus One] (Princeton Science Library)

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Crunch time for Petronas

April 27, 2014

Dateline 2014-04-28, The Star:

PETROLIAM Nasional Bhd (Petronas), facing dwindling production at home, is in a race against time to scour for new oilfields beyond Malaysia’s shores.

But with depleting hydrocarbons on the homefront, where oil has been extracted for well over a century, and stiff competition abroad, how will Petronas fare in the new age of energy?

For Datuk Wee Yiaw Hin, the oil giant’s executive vice-president of exploration and production, this is exactly what Petronas has been planning for.

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Extract from “The Will to Compete”

April 26, 2014

Describing first forays into aviation fuel requirements:

“The opportunity came when Senai Airport was constructed to handle international flights for cargo traffic. Dagangan was given the first choice to build, commission and operate the Aviation Depot there.”

Visit here and buy books so I have some spending money.

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Malaysia’s SapuraKencana signs $5 bln refinancing to help fund acquisitions

April 26, 2014

I was wondering where they got their money from. If you are short, I have a mate introduced by Lat at Batu Road if you want a tenner quick.

Dateline 2014-03-20, Reuters:

Malaysian oilfield service provider SapuraKencana Petroleum Bhd said on Thursday it has signed a $5 billion refinancing deal with 13 banks to partly fund two of its most recent acquisitions.

The company bought Seadrill Ltd’s tender rig business in 2012 and the entire equity stake of Newfield Exploration Co’s Malaysian oil and gas assets last year.

The refinancing was also done to replace and streamline its existing borrowing facilities, SapuraKencana said in a statement.

The deal, of which 70 percent is in U.S. dollars, constitutes a senior multi-currency term and revolving facilities with short and long-term tenures of up to seven years, according to the company.

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Overweight on O&G sector: Maybank

April 25, 2014

Here’s me stirring up the market.

Dateline 2014-04-19, Business Times:

Maybank Research maintains OVERWEIGHT rating on oil & gas (O&G) sector with top buys including Bumi Armada, Dialog, SapuraKencana Petroleum (SAKP), Perisai and Perdana.

It noted that interest is wide ranging but most funds tend to be bottom-up driven and stock-selective, seeing strong thematics such as rig building, drilling, OSV upcycles, Petronas capex driving the sector this year.

‘We met up with UK, Hong Kong and US funds during our marketing roadshows in February and March. The interest was across the board ranging from big-caps to small-caps depending on the fund mandate. Funds that have been less Malaysia centric continue to find it challenging to invest in the Malaysian Oil & Gas (O&G) stocks due to their premium valuations relative to the region.

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