May 18, 2022
Dateline 2022-04-25, The Star:
Petronas Dagangan Bhd (PDB) is in close communication with the Ministry of Finance on the increase of fuel subsidy bills amid the rising global crude oil prices.
PDB managing director/chief executive officer Azrul Osman Rani said PDB understood the current predicament with the higher crude oil prices impacting Malaysia and other nations.
“If we look at Thailand today, we are looking at RON95 equivalent to RM5 (per litre). In Singapore, it is close to RM10 (per litre).
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Posted by Wata
May 17, 2022
Dateline 2022-04-23, The Edge:
Sapura Energy Bhd is on the verge of bankruptcy, only three weeks shy of the 10-year anniversary of the mega-merger between SapuraCrest Petroleum Bhd and Kencana Petroleum Bhd, which created SapuraKencana Petroleum Bhd back in mid-May 2012.
Its name was changed to the current one at end-March 2017.
From a merger valuation of RM11.85 billion, Sapura Energy’s market capitalisation swelled to RM28 billion in early 2014, following the acquisition of Seadrill’s rig business and Newfield’s Malaysian assets. At its peak, Sapura Energy was the world’s second largest integrated oil and gas service provider.
Leave a Comment » | investment, Malaysian election | Tagged: Kencana Petroleum, Sapura Energy, SapuraCrest, SapuraKencana | Permalink
Posted by Wata
May 16, 2022
Dateline 2022-04-22, The Edge:
Petroliam Nasional Bhd (Petronas) has signed a production sharing contract (PSC) with its new investor SK earthon Co Ltd and Sarawak-owned oil and gas company Petroleum Sarawak Exploration & Production Sdn Bhd (PSEP) for Block SK247 off the coast of Sarawak.
Block SK427 is located within the prolific area of Balingian and Tatau hydrocarbon provinces covering an area of 3,349 sq km, according to Petronas in a statement on Friday (April 22).
“The block is situated in a proven hydrocarbon system and has promising hydrocarbon potential to be unlocked. Several significant hydrocarbon discoveries were made in 2021 in the Balingian province near the block, namely Sirung-1 and Hadrah-1 wells,” Petronas said.
Leave a Comment » | oil and gas | Tagged: Balingan, Hadrah, Petronas, Sirung, SK earthon, SK247, Tatau | Permalink
Posted by Wata
May 15, 2022
Who 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
May 14, 2022
Dateline 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
May 13, 2022
Dateline 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
May 12, 2022
Dateline 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
May 11, 2022
A 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
May 11, 2022
Dateline 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
Wata - Malaysian Oil and Gas Engineer 