Petronas Sees 14 Fields Under EOR Scheme Producing Up to 1B Barrels of Oil

November 17, 2013

Dateline 2013-09-26, Rigzone:

Malaysia’s state-owned oil company Petroliam Nasional Berhad (Petronas) expected production from 14 oil fields identified under the enhanced oil recovery (EOR) initiative to reach between 750 million and one billion barrels of oil for the duration of the fields’ economic life, subject to the condition of the fields and when these projects start up, local newspaper The Star reported Thursday.

The Tapis field is the first to be selected for the EOR scheme, under which Petronas seeks to reverse dwindling oil reserves in Malaysia. Five of these fields lie offshore Sabah and Sarawak, including Baram in Sarawak and St Joseph in Sabah, while the others are located offshore Peninsular Malaysia, including Tapis and Dulang fields.

Petronas CEO Shamsul Azhar Abbas said recently that production decline at its Malaysian oil fields has been kept to a minimum, at around 2 and 3 percent which helped the firm to maintain crude production at around 480,000 barrels per day, compared to 8 and 9 percent internationally, The Star reported.

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Mokhzani to take over PetOne?

November 16, 2013

Dateline 2013-09-26:

Tycoon Datuk Mokhzani Mahathir may take over Petrol One Resources Bhd (PetOne), bankers familiar with the matter said on Monday.

PetOne, Malaysia’s first publicly-traded oil and gas storage provider, has seen its shares suspended from trading since May 22. Bursa Malaysia suspended the stock after the company technically defaulted on some loans.

Business Times understands that Mokhzani’s right-hand man, Yeow Kheng Chew, is leading the talks to take over PetOne.

Mokhzani, which according to Forbes magazine is Malaysia’s 15th richest man with a US$980 million (RM3.2 billion) fortune, is said to be interested in PetOne for its listing status.

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Petronas’ EOR project in Tapis to boost oil production

November 15, 2013

Isn’t Tapis ExxonMobil’s field?

Dateline 2013-09-25, The Star:

Petroliam Nasional Bhd expects Malaysia’s first large scale enhanced oil recovery (EOR) project to boost oil production at the Tapis oilfield offshore peninsular Malaysia by up to 35,000 barrels per day from between 3,000 and 4,000 barrels currently.

Head of EOR programme, exploration and production technology division Dr Nasir Darman said using the water-alternating-gas (WAG) injection measure, the depleting Tapis oilfield will be injected with gases from nearby Guntong oilfield to increase pressure and enhance oil production.

Production, he added, is expected to start in the first half of next year. “At peak, the project is expected to produce between 25,000 and 35,000 barrels per day of oil in 2016 and 2017,” he told reporters in a briefing at the Malaysia Marine and Heavy Engineering Bhd (MMHE) fabrication yard here on Tuesday.

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Saturday Star 2013-11-09 – Job Opportunities

November 14, 2013

My apologies. I was out of the country over the weekend (I’ll show you where later) and didn’t have access to The Star. So, for those of you with a bit of spare cash, can you toss it my way?

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Shell invests RM3.2b in Malaysia

November 14, 2013

Dateline 2013-09-25, Malaysian Reserve:

Shell Malaysia has reiterated its confidence to invest US$1 billion (RM3.22 billion) in fixed investments in the Malaysian oil and gas (O&G) industry, providing employment to over 6,500 people, Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed said.

“I just had a discussion with the Shell leadership including Shell’s group CEO and they have expressed confidence in the country and will continue to invest in the country, he told newsmen after delivering a keynote address at the Shell Malaysia Innovation Summit in Kuala Lumpur yesterday.

A key project that Shell is working on is the Gumusut Kakap, a deepwater field which Shell is developing with Petronas Carigali Sdn Bhd, ConocoPhillips and Murphy. When it goes into full production, it is expected to contribute 20% to 25% of Malaysia’s oil production, with design capacity of 150,000 barrels per day.

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RPT-Fitch affirms Malaysia’s PETRONAS at ‘A’; outlook negative

November 13, 2013

Reuters, dateline 2013-09-23:

Fitch Ratings has affirmed Malaysia-based Petroliam Nasional Berhad’s (PETRONAS) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘A’, and its Short-Term Foreign-Currency IDR at ‘F1’. The Outlook on the Long-Term IDRs remains Negative.

At the same time, Fitch has affirmed PETRONAS’s foreign currency senior unsecured rating at ‘A’, including debt issued by PETRONAS Capital Limited and guaranteed by PETRONAS. PETRONAS Global Sukuk Ltd’s USD trust certificates have also been affirmed at ‘A’.

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IEM Shout Out – Visit to Lynas Advanced Materials Plant (Lynas Advanced Materials Plant (LAMP), Gebeng Industrial Estate, Kuantan, Pahang)

November 12, 2013

This is a shout out for the IEM. My technical division will be hosting a trip to Lynas Advanced Materials Plant (Lynas Advanced Materials Plant (LAMP), Gebeng Industrial Estate, Kuantan, Pahang.) on the 23rd November, 2013. You will be anointed with 3.5 CPD / PDP hours.

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Lynas Advanced Materials Plant (LAMP), situated in Kuantan, Pahang is a state-of-the-art Rare Earths processing plant that process Rare Earths sourced from Mount Weld in Western Australia, the richest known deposit of Rare Earths in the world. The visit aims to enlighten participants of the properties of Rare Earths, their use and the daily operational aspects of LAMP.

Tentative schedule:

  • 7.00 am Bus departs from IEM, PJ
  • 10.00 am Arrival at LAMP
  • 10.00 am – 12.00 pm Briefing on LAMP Operation
  • 12.00 pm – 12.30 pm Q&A Session
  • 12.30 pm – 1.30 pm Tour of Plant
  • 1.30 pm – 2.00 pm Catered Lunch at LAMP
  • 2.00 pm End of tour and depart to IEM

Register here, and get the form here.

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Jeffrey claims Majid’s revelations helped to confirm suspicions

November 12, 2013

Daily Express, dateline 2013-09-19:

Sabah State Reform Party (Star) said the revelations by former United National Kadazan Organisation (Unko) Deputy Secretary-General Tan Sri Majid Khan recently regarding Federal Government policy on oil proved that Federal leaders were prepared to concoct lies “to steal Sabah’s oil and gas.”

Its Chief, Datuk Dr Jeffrey Kitingan, said the explanation by Federal leaders in the 1970s that oil found on-shore belongs to Sabah while offshore belonged to the Federal Government showed that it wants Sabah’s oil and gas at all costs.

He was commenting on a talk presented by Tan Sri Majid Khan at the recent forum “The Formation of Malaysia – The Untold Story” organised by the Sabah Society.

Majid, according to Jeffrey, had said that whether it is true or lawful was another matter and it was up to the present Sabahans to take the matter to court to determine its legitimacy.

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After petrol price hike, Maybank research unit expects GAS & ELECTRICITY TO BE NEXT

November 10, 2013

Dateline 2013-09-19, Malaysia Chronicle:

Gas and electricity prices are likely to be next in a round of price hikes following the fuel subsidy cut earlier this month, Maybank Investment Bank (IB) Research predicted today.

In its daily report, Maybank IB has predicted further subsidy rollbacks since the total savings from the Performance Management and Delivery Unit’s Subsidy Rationalisation Roadmap in 2010 has been much less than intended.

“Total savings since 2010, at RM9 billion into 2014, is a pale comparison to what was intended in the 2010 Roadmap.

“Considering its inflationary impact and the need to sustain domestic consumption, we take the view that upcoming subsidy rollbacks will remain gradual. We think gas and electricity prices will be next to be addressed,” said the report here.

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Japan’s JX acquires stake in deepwater Malaysia block

November 9, 2013

From The Sun Daily, 2013-09-19:

Japan’s JX Nippon Oil & Gas Exploration Corp said on Thursday it has acquired a 40% stake in the Deepwater Block 2F off the coast of Sarawak in Malaysia.

JX and Petroliam Nasional Bhd (Petronas) have entered into a production sharing contract for the block, JX’s sixth block in Malaysia and its fourth as an operator, it added.

Petronas also holds a 40% stake, while GDF Suez E&P Malaysia BV has the remaining 20%. The exploration period is four years.

“Deepwater Block 2F is located in the northwest of Sarawak, with 5,500 sq km surface area and 100-1,200m water depth,” JX said.

 

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