Sabah won’t back down in talks over oil rights, says minister

April 27, 2022

He will bang tables? Okay….. if that floats your boat.

Dateline 2022-03-21, FMT:

Sabah local government and housing minister Masidi Manjun has said he would not back down on the issue of the state’s rights, including on oil and gas, in its negotiations with the federal government and Petronas.

Masidi, who is the head of the state’s negotiation team, said the terms in the talks were in line with the aspirations of the people.

“I’ll walk out of the negotiation room and bang tables if I am not satisfied,” he said in reply to a supplementary question from Shafie Apdal (Warisan-Senallang) at the state assembly today.

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OTC Asia: Rising Oil Prices Prompt Words of Caution and Calls for a Sustainable Comeback

April 26, 2022

Dateline 2022-03-22, JPT:

Today’s high oil prices have not removed the memories of some top upstream executives about how swiftly boom-and-bust cycles can move, nor have they eroded their mission to lower carbon footprints.

Some of Southeast Asia’s top oil and gas executives spoke at OTC Asia on Tuesday about the dual challenge of achieving production growth while meeting the low-carbon demands of the energy transition amid a backdrop of rising energy prices and a world economy that is trying to get back on its feet.

The OTC Asia technical conference kicked off in Kuala Lumpur little more than a week before Malaysia is set to fully open its borders 2 years since the start of the COVID-19 pandemic and during a week when oil prices have bounced back above $110/bbl. Both circumstances served as a reminder that as one source of volatility is fading, another has arrived with the Russian invasion of Ukraine.

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AG’s Report 2020: Good management of renewable energy development programme

April 25, 2022

Dateline 2022-04-17, The Edge:

The management of the renewable energy (RE) development programme is good in terms of achieving the installed capacity of RE as set out in the Green Technology Master Plan 2017-2030.

In addition, according to the Auditor-General’s Report (LKAN) 2020 Series 1, the contribution of RE in the national energy generation mix is good based on achievements of generation against the targets set out in the National Renewable Energy Policy and Action Plan.

However, there are weaknesses in aspects of programme management that need attention, including in the aspects of the notification system for RE producers, the feed-in tariff (FiT) programme performance and a significant shortage of feedstock supply of wood chips.

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Mubadala Petroleum starts gas production from Malaysia’s Pegaga field

April 24, 2022

2022-03-21, Gulf Business:

Abu Dhabi-headquartered Mubadala Petroleum has successfully started gas production from the Pegaga gas field in Block SK 320, offshore Malaysia. In 2014, the company reported that it had found substantial gas resources in the gas field.

The Pegaga gas field is designed for gas throughput of 550 million standard cubic feet of gas per day plus condensate. The produced gas will be evacuated through a new 4km, 38-inch subsea pipeline tying into an existing offshore gas network and subsequently to the onshore Petronas LNG Complex in Bintulu.

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More fuel subsidies will defeat green goal, say economists 

April 23, 2022

Dateline 2022-04-17, The Malaysian Insight:

RISING fuel prices is tempting Putrajaya to increase fuel subsidies, but this is counterproductive to Malaysia’s goal of having net zero carbon emissions by 2050, economists say.

The best way is to give the subsidies in a targeted manner, with focus on the B40 lower income group and the M40 group.

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Petronas’ stellar 2021 yet to lift local contractors

April 22, 2022

Why would PETRONAS care about the welfare of local contractors? They’ve gone beyond their responsibilities in the Petroleum Act to squeeze renewable energy entrepreneurs.

Dateline 2022-03-14, The Edge:

LIKE other oil majors, Petroliam Nasional Bhd (Petronas) achieved an annual performance that exceeded pre-pandemic levels, with soaring oil and gas prices in 2021 the main fuel for earnings growth.

In the financial year ended Dec 31, 2021 (FY2021), Petronas’ profit after tax (PAT) came in at RM48.6 billion on revenue of RM247.96 billion, as the Brent crude oil price averaged US$70.91 per barrel and even exceeded US$86/bbl in the fourth quarter.

It was Petronas’ best performance since FY2018, when it booked RM55.31 billion PAT on RM250.98 billion in revenue, when Brent was averaging US$71.04/bbl.

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Local O&G players in limbo despite high oil prices

April 21, 2022

Watch for the follow-up.

Dateline 2022-03-14, The Edge:

BRENT crude tested the US$120 band last Thursday before tapering off to the US$110 level at press time on Friday.

Since early last December, the benchmark has strengthened by 61.6%. Thursday’s highs were last seen in 2008, when Brent crude hit US$145 per barrel in mid-July that year.

But there is little reason for local oil and gas firms to celebrate, at least for now, simply because they are still struggling to survive, let alone make handsome profits.

Petroleum Nasional Bhd (Petronas), however, chalked up a profit after tax of RM48.6 billion on the back of RM247.96 billion in revenue for the financial year ended Dec 31, 2021 (FY2021).

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Anniversary – Deepwater Horizon

April 20, 2022

Safety engineers never forget.

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Apparently Malaysia Can’t Afford Fuel Subsidies Anymore

April 19, 2022

Expansion and maximizing use of public transport will help delay the climate crisis. And making non-burp durians, important research work, that.

Dateline 2022-03-14, Carlist.my (yup):

Last week, Finance Minister Tengku Zafrul Abdul Aziz expressed his intention to review the fuel subsidies currently in place due to the sharply rising global price of crude oil, which recently has exceeded US$120 per barrel (RM503.16), stimulated by the ongoing Russian-Ukrainian conflict.

A recurring concern of many lately has been the price of fuel, or more specifically how much the price of crude oil has to rise until the Malaysian government is seemingly no longer willing to offer the Rakyat the heavily subsidised RON95 at RM2.05/litre that has been the norm for the past year.

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Malaysia’s Kimanis oil exports to fall in May on field maintenance

April 18, 2022

Dateline 2022-03-11, Reuters:

Exports of Malaysia’s flagship Kimanis crude oil are set to fall to six cargoes in May, down two from April, due to maintenance at oilfields offshore Sabah, a preliminary loading schedule showed on Friday.

Shell , operator of the oilfields that produce Kimanis, declined to comment. Oilfields equity owner Petronas (PETR.UL) did not immediately respond to a request for comment.

The Sabah Oil and Gas Terminal (SOGT), which processes oil and gas produced from the region’s offshore fields, will be shut in mid-May for brief maintenance, a source with knowledge of the matter said.

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