Petronas’ responsibility to ensure local company participation, says Malay economic group

February 22, 2014

Dateline 2014-01-09, the Malaysian Insider:

National oil and gas firm Petronas has the responsibility to offer contracts to qualified local companies, the Malay Economic Action Council (MTEM) said.

Tired of Petronas’ repeated explanation that contracts were only handed out to international firms when there are no qualified local corporations, MTEM disputed the firm’s excuse and asked the oil giant to fulfil its duty as per its objective.

“It is Petronas’ responsibility under the Petroleum Development Act 1974 to give help to the local oil and gas industry,” said MTEM chief executive officer Mohd Nizam Mashar today.
Disappointed with Petronas president Tan Sri Dato’ Shamsul Azhar Abbas’ inaction to spur the development of local companies, Mohd Nizam said the firm’s chief had only appointed three firms for the Vendor Development Programme (VDP) during his tenure in office.

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Robust O&G Malaysian sector seen in 2014

February 21, 2014

Really? Can I get an insider from PETRONAS to say the same things?

Dateline 2014-01-09:

Local oil and gas (O&G) service providers continue to be in focus after Petroliam Nasional Bhd (Petronas) started the year with a five-year umbrella contract awarded to four engineering services contractors.

Fabricators like SapuraKencana Petroleum Bhd, TH Heavy Engineering Bhd,Malaysia Marine & Heavy Engineering Holdings Bhd (MMHE) and Boustead Heavy Industries Corp Bhd were among the much-talked-about indirect beneficiaries of the contracts awarded to Technip Consultant (M) Sdn Bhd, Perunding Ranhill Worley Sdn Bhd, RNZ Integrated (M) Sdn Bhd and MMC Oil & Gas Engineering Sdn Bhd.

Petronas is expected to conduct a closed competitive bidding among the four parties to select the technically capable and commercially attractive bidder, with the work scope covering domestic upstream O&G engineering services, including front-end engineering design and detailed design works, of which generally run into multi-billion-dollar contracts.

This is part of the national oil company’s RM300bil capital expenditure budget till 2017 in a bid to reverse declining production.

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Murphy Oil Corporation Updates Production Guidance

February 19, 2014

Dateline 2014-01-07, WSJ:

Murphy Oil Corporation (NYSE:MUR) announced today updated production guidance information related to field development activities offshore Malaysia.

Production guidance in the fourth quarter of 2013 has been increased from 199 thousand barrels of oil equivalent per day (mboepd) to approximately 205 mboepd. This fourth quarter production increase is a result of a further shift of the shut-in work on the Kikeh FPSO for the tie of the new Siakap North-Petai (SNP) field offshore Malaysia until later this month.  The revised tie-in schedule is due to weather and execution delays experienced in the fourth quarter of 2013.  The installation contractor has been in the field executing the tie-in work for some time with work continuing today.

The production at Kikeh will also be impacted in 2014 by a recent isolated fire on a contracted tender supported rig moored to the Kikeh Spar. The fire will necessitate rig repair work resulting in a delay of new wells to be drilled under the Kikeh Field Development Plan. The fire did not impact any Murphy-operated production wells or equipment. There were no injuries or pollution associated with this incident.
This shift in the SNP tie-in work into 2014 along with mechanical repairs to the contracted Kikeh spar tender supported drilling rig is expected to reduce our 2014 production range by approximately 5,000 barrels of oil equivalent per day.  Our full-year 2014 production guidance is now being revised to a range of 235 to 240 mboepd.

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Oil and gas sector propelling into another year of overdrive

February 18, 2014

Really? No slowdown in contracts?

Dateline 2014-01-08, Borneo Post:

On the back of booming 2013, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) believes that the oil and gas sector will continue to be on overdrive in 2014.

The research arm pointed out that the overall sector did spectacularly well in 2013 with stocks under its coverage gaining an average of 75 per cent on a year to date (YTD) basis.

“The significant share price gains are no surprise as around RM30 billion of domestic contracts (inclusive of international wins, the total rise to RM43.3 billion) were dished out in 2013, which is a far cry from the circa RM10 billion contract wins in 2012,” it opined.

Despite significant share price appreciations, Kenanga Research expects further gains as it believes there are still ample project awards in 2014 to act as catalysts.

In addition there will likely be no slowdown in contracts flow this year.

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Saturday Star 2014-02-15 – Job Opportunities

February 17, 2014

Happy Visit Miri day.

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. Send your cv here. Also looking for technical safety persons, metering / measurement engineers and other seniors you think will catch my eye.
  • Murphy is looking for a people with ‘Drive & Talent, a Winning Formula.’ What that has to do with the accompanying dirt bike graphic is beyond me. Send your CV here.
  • Is that it? Industry must be slowing down a lot, or there is a lot of inside transfers going on.

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!

This week, my theme is, you need to be a better all round engineer. Hence, some selections for the process engineer:

A Simple Guide To Understanding Jet Engines, Process Plant Instrumentation: Design and Upgrade, Mechanical Design of Process Systems: Piping and Pressure Vessels

The IEM has a coffee table book out, Engineering Heritage of Malaysia (no, it is not Datuk Seri Samy Vellu’s bio). Visit here for details.

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Petronas Carigali awards 5-yr contract for design, engineering

February 17, 2014

I see that for Ranhill, the game is afoot.

From The Star, dateline 2014-01-07:

Petronas Carigali Sdn Bhd has awarded a five-year umbrella contract to four local engineering services contractors to undertake the design and engineering services for its facilities involved in the oil and gas industry.

Petronas Carigali, which is Petroliam Nasional Bhd’s upstream unit, said on Tuesday the four companies were Technip Consultant (M) Sdn Bhd, Perunding Ranhill Worley Sdn Bhd, RNZ Integrated (M) Sdn Bhd and MMC Oil & Gas Engineering Sdn Bhd.

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Mubadala proves more gas offshore Sarawak

February 16, 2014

Dateline 2014-01-03, Offshore:

Mubadala Petroleum has discovered gas in the Sintok structure offshore Sarawak, according to partner Petronas.

The Sintok-1 well was drilled in block SK320, 240 km (149 mi) northwest of Bintulu, to a TD of 2,775 m (9,104 ft). It encountered gas in the main target reservoir.

Analysis of well data indicates a 292-m (958-ft) gas column. Studies continue to assess the volume of the discovery.

This was the third gas find on the block since it was awarded in February 2010.

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Petronas Confident In Bumiputera Firms’ Ability, Says MOGSC

February 15, 2014

Dateline 2013-12-27, Malaysian Digest.com:

The contracts worth about RM300 billion awarded by Petronas to Bumiputera firms in the last five years show their high level of competitiveness and credibility, said the Malaysian Oil and Gas Services Council (MOGSC).

MOGSC president Sofiyan Yahya said Bumiputera firms’ level of activity in the oil and gas industry can be seen in the council, 90 per cent of whose 450 members are Bumiputera companies.

“MOGSC is willing to support Bumiputera firms who want to venture into this sector,” he told Bernama.

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Malaysia’s Hibiscus finds oil in Oman

February 14, 2014

Dateline 2012-12-25, The Star:

Hibiscus Petroleum Bhd, the first special-purpose acquisition company (SPAC) to be listed on the local bourse, has discovered oil in its Oman assets, but the first well is not commercially viable.

The oil and gas exploration outfit told Bursa Malaysia that Masirah Oil Ltd, a jointly controlled entity of Lime Petroleum Plc, had suspended its first exploration well, Masirah North North 1 (MNN 1) in Block 50 Oman, for further evaluation on safety reasons.

The group noted in a press statement that the well had been drilled to a total depth of about 1,000m below the mean sea level.

“Mud losses in two carbonate sections of the well prevented Masirah Oil from reaching its planned target depth,” it said.

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CUE FOR MORE HIKES? Era of cheap energy has ended – Petronas

February 13, 2014

Dateline 2013-12-21, Malaysia Chronicle:

THE era of cheap energy has ended and Malaysia has to face the fact that it has to move on to an open market regime, targeted to be implemented by 2019, said Petroliam Nasional Bhd (Petronas).

The national oil company, by way of its wholly-owned subsidiary Petronas Gas Bhd (PGB), has recorded revenue foregone due to regulated gas pricing at a cumulative RM199.9 billion since 1997, with 2013’s first three quarters making up RM20.29 billion alone.

“What we want to do is to move our regulated gas market towards an open market so that we can enjoy competitive pricing. In order to achieve this we need to gradually phase out our regulated market module now,” said Petronas general manager for Malaysia gas management Ezhar Yazid Jaafar during a media briefing, here, recently.

He explained that in preparation for an open market module, the government is increasingly decreasing the amount of gas consumption subsidy, which has a significant impact on the increment of the electric tariff from 33.54 sen/kWj to 38.53 sen/kWj.

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