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May 15, 2022
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Posted by Wata
Petronas signs PSC with SK Earthon
May 15, 2022Who now?
Dateline 2022-04-23, Malaysian Reserve:
PETRONAS has signed a Production Sharing Contract (PSC) with SK earthon Co., Ltd. (SK earthon) and Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP) for Block SK427 off the coast of Sarawak.
SK earthon, a wholly owned subsidiary of South Korea’s SK Innovation Co., Ltd is the operator of Block SK427 with 85 percent participating interest while PSEP, the Sarawak-owned oil and gas company, holds the remaining 15 percent.
Signing on behalf of PETRONAS was Senior Vice President of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan, while SK earthon was represented by its Director and Head of Exploration & New Venture Office, Suntaek Bang, and PSEP by its Director and Chief Operating Officer, Dr James Foo.
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Leave a Comment » | oil and gas | Tagged: James Foo, Mohamad Firouz Asnan, MPM, Petronas, PSEP, SK earthon, SK427, Suntaek Bang | Permalink
Posted by Wata
How Sapura slipped on falling oil prices and Covid-19
May 14, 2022Dateline 2022-04-20, FMT:
Sapura Energy Bhd (SEB) is likely to remain the biggest corporate story in Malaysia for some time to come.
Tumbling oil prices and a global pandemic led to its fall, but the failure of a major stakeholder to act decisively to save the company may just bury it.
For the financial year ended Jan 31, 2022, the company reported an RM8.9 billion loss, one of the largest in Malaysian corporate history.
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Posted by Wata
Double cover: Petronas seeks to clear the air over allegations it faces; SC’s baffling move to compound Serba Dinamik’s top execs
May 13, 2022Dateline 2022-004-16, The Edge:
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However, it has come to light that the Malaysia Oil & Gas Services Council (MOGSC) and the Malaysia OSV Association have written to Petronas to air their grouses, chiefly to suggest that Petronas was raking in billions at the expense of the O&G players’ margins. According to MOGSC, Petronas had in 2015 sought their assistance and renegotiated contracts, which is eating into their members’ profits.
There was also a claim that Petronas had been slow in disbursing Covid-19 claims that ran into the hundreds of millions to industry players, leaving them without adequate cash flow.
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Leave a Comment » | oil and gas | Tagged: MOA, MOGSC, Petronas | Permalink
Posted by Wata
The best is yet to come: Firouz champions Malaysia’s opportunities
May 12, 2022Dateline 2022-04-14, Upstream Online:
Into its second century, Malaysia might be perceived as a mature hydrocarbon province, but the nation still has little trouble attracting fresh upstream investment, which Petronas senior vice president of Malaysia Petroleum Management (MPM), Mohamed Firouz Asnan, attributes to the continuous commercial innovation to develop production sharing contract (PSC) models for the various asset types or opportunities.
“This incentivises investors to come to invest in Malaysia to participate in the continued development of hydrocarbon resources in the country ever since the first production in the town of Miri in 1910,” Firouz says.
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Posted by Wata
Petronas confirms arrest of employee by MACC
May 11, 2022A junior level executive? Really? And will see people jumping out of MACC headquarters to protect any higher ups?
Dateline 2022-04-09, The Edge:
Petroliam Nasional Bhd (Petronas) has confirmed that one of its junior level executives has been arrested by the Malaysian Anti-Corruption Commission (MACC) for suspected graft.
In a statement on Saturday, the national oil company said it is committed to fully cooperate with the MACC in its investigations, and it staunchly condemns all forms of misconduct among its employees.
“To this end, Petronas has been working closely with the MACC since 2012 and will continue this collaboration to stamp out corruption within the group.
“The group has zero tolerance against corruption and will continue to leverage its internal mechanisms to prevent corrupt behaviour,” it added.
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Leave a Comment » | oil and gas | Tagged: MACC, Petronas | Permalink
Posted by Wata
23 Tcf of gas resources require CCS in Malaysia
May 11, 2022Dateline 2022-04-14, Upstream Online:
National oil company Petronas has identified more than 46 trillion cubic feet of potential storage in depleted gas reservoirs offshore Peninsular Malaysia and Sarawak that could be used to sequester carbon dioxide produced from about 23 trillion cubic feet of Malaysian gas resources that have yet to be developed.
Petronas’ upstream activities are forecast to require some 60% of the carbon capture and would be available as early as 2028,” says Wan Atikahsari Wan Zakaria, senior manager, Sarawak resource development and management at Petronas.
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Leave a Comment » | oil and gas, Renewable Energy | Permalink
Posted by Wata
I disagreed with Dr M’s Sapura bailout during PH rule, Rafizi tells Najib
May 10, 2022Yes, Mr Incoming PM.
Dateline 2022-04-06, FMT:
KR vice-president Rafizi Ramli says he had disagreed with the Pakatan Harapan government’s decision to bail out Sapura Energy Bhd through the injection of funds from Permodalan Nasional Bhd (PNB) in 2019.
The former Pandan MP said he had no influence or position in the PH government but had spoken out against several decisions made by then prime minister Dr Mahathir Mohamad.
“I had disagreed with the decision by the Dr Mahathir Mohamad-led PH government to inject PNB funds to save Sapura,” he said in a statement today.
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Leave a Comment » | Malaysian election, oil and gas | Tagged: Mahathir, PNB, Rafizi Ramli, Sapura Energy | Permalink
Posted by Wata
Keep Sapura’s huge oil reserves out of foreign hands, says Najib
May 9, 2022Yeah, gomen, listen to your Glorious Leader. Maybe MOGEC or MOGSC should take over ownership. Or MTEM.
Dateline 2021-04-02, FMT:
Former prime minister Najib Razak insists that the government offer a loan guarantee to Sapura Energy Bhd in order to save its oil reserves from falling into foreign hands before its full potential can be realised.
He said the company’s subsidiary, Sapura OMV, owned oil and gas reserves of 264 million barrels with a gross value of RM110.8 billion.
If the subsidiary is put up for sale, as is being speculated, Sapura’s joint venture partner OMV of Austria, would likely be the first choice buyer as it already holds a 50% stake in Sapura OMV with the remaining 50% held by Sapura Energy.
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Leave a Comment » | Malaysian election, oil and gas | Tagged: mogec, MOGSC, MTEM, Sapura | Permalink
Posted by Wata
Malaysia Targets 40 Percent Renewable Energy By 2035
May 8, 2022Guess this will be after the next 4 pandemics. Probably need more energy storage solutions.
Dateline 2022-04-1, Lowyat.net:
Renewable energy is all the rage these days, and for good reason. The good news is, it looks like Malaysia is taking steps to rely more on them. The government is looking to increase green energy generation to 40% of the country’s energy supply by 2035.
Energy and Natural Resources minister Takiyuddin Hassan said that the ministry has set targets for renewable energy contribution for the country in its energy transition plan. The first is the aforementioned 40% green energy supply by 2035. He says that the “installed capacity for renewable energy in Malaysia so far is 8700MW, while y 2035 the capacity is projected to double to 18000MW”.
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Leave a Comment » | Renewable Energy | Tagged: Takiyuddin Hassan | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 