March 2, 2023
Dateline 2022-12-XX, The Star:
WITH a growing global commitment towards net-zero emissions of global warming gases and increasing awareness of sustainable finance, Bursa Malaysia recently launched Malaysia’s first voluntary carbon market, the Bursa Carbon Exchange.
While leveraging the private sector’s growing ESG (environment, social, governance) commitments is a great start, more can be done to mobilise private finances in a net-zero transition – particularly in the energy sector, which underpins virtually all economic activities in the country.
The Renewable Energy Certificate (REC) market allows energy users to pay a premium per kWh (kilowatt-hour) of electricity produced through low carbon sources; this is a great mechanism to realise greater private finances in accelerating the deployment of renewables.
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Posted by Wata
March 1, 2023
Dateline 2022-12-23, Offshore:
Petronas and its petroleum arrangement contractors (PACs) achieved 10 hydrocarbon discoveries from 16 wells drilled offshore Malaysia this year.
The tally comprised eight oil and gas finds off Sarawak, and one each offshore Sabah and Peninsular Malaysia. The largest oil discovery was Nahara-1 in Block SK306 in Sarawak’s Balingian province.
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Posted by Wata
February 28, 2023
Dateline 2022-12-23, Upstream:
Petronas and its Petroleum Arrangement Contractors (operators) in Malaysia this year have notched up a combined 10 discoveries on the back of buoyant exploration drilling, with the star of the show being Petronas Carigali’s significant Nahara find.
“The year 2022 has been a good year for exploration in Malaysia. I am very pleased with the increased exploration activities where 16 wells were completed, with two more in progress, doubling 2021’s figure,” said Petronas senior vice president of Malaysia Petroleum Management (MPM), Mohamed Firouz Asnan.
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Posted by Wata
February 27, 2023
Dateline 2022-12-22, The Star:
Industry observers and analysts are of the general opinion that 2023 could be a bright year for the oil and gas (O&G) industry, by and large mirroring the outlook that local integrated O&G titan Petroliam Nasional Bhd (PETRONAS) has cast on the prospects of the sector as well as its own.
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Posted by Wata
February 24, 2023
Dateline 2022-12-22, Energy-pedia:
International Petroleum Corp (IPC) has announced that IPC’s subsidiaries, IPC Malaysia and IPC SEA Holding, have signed a letter of agreement with PETRONAS to extend the Block PM 307 Production Sharing Contract (PM 307 PSC) covering the Bertam Field, offshore Peninsular Malaysia from August 15, 2025 until August 14, 2035.
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Posted by Wata
February 23, 2023
Dateline 2022-12-22, MarketScreener:
PTTEP announces another gas discovery in Malaysia from the exploration well, Paprika-1, in Block SK410B. The discovery provides PTTEP with a further development opportunity in Northern Sarawak and supports the company’s long-term growth.
Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), disclosed that PTTEP’s subsidiary PTTEP HK Offshore Limited (PTTEP HKO) commenced the drilling of Paprika -1 wildcat well in Block SK410B in July 2022. The well was drilled to a total depth of 3,348 meters and encountered gas pay in clastic reservoirs. PTTEP and partners – KUFPEC and PETRONAS Carigali Sdn Bhd, previously made a major gas discovery at Lang Lebah structure within the same block.
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Posted by Wata
February 22, 2023
Dateline 2022-12-22, NST:
Economists believe the government’s decision to transfer full regulatory control of gas supply to the Sabah government signifies a step ahead in efforts to uphold the Malaysia Agreement 1963 (MA63).
This, they said, could also aid Sabah by giving it better knowledge and timely information on the local gas supply and demand conditions, enabling the state to set prices.
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Posted by Wata
February 21, 2023
Dateline 2022-12-13, Offshore Technology:
Sarawak Shell Berhad, a Shell subsidiary, has agreed to sell its stake in two offshore production sharing contracts (PSC) in Malaysia’s Baram Delta to Petroleum Sarawak, an exploration and production firm.
The stakes would sell for $475m, with extra payments of up to $50m between 2023 and 2024, depending on commodities prices. The deals go into effect on 1 January 2023, and the company expects the deals to be finalised in early 2023, subject to the completion of requirements such as Petronas’ regulatory approval and Petronas Carigali Sdn Bhd’s consent.
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Posted by Wata
February 20, 2023
Dateline 2022-12-12, Offshore Energy:
Perunding Ranhill Worley (PRW), a subsidiary of Ranhill, has been awarded a deal for detailed design engineering (DDE) services of a platform, which will be powered by renewable energy and deployed at a Shell-operated gas project offshore Malaysia.
Ranhill disclosed last week that Perunding Ranhill Worley was awarded a contract for detailed design engineering (DDE) services, including follow on engineering (FOE) of a fixed solar-powered offshore platform, for the Sarawak Shell Berhad-operated Rosmari-Marjoram gas project. Situated 220 kilometres off the coast of Bintulu, Sarawak, this project will be powered by renewable energy.
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Posted by Wata
February 17, 2023
Dateline 2022-12-12, The Korea Economic Daily:
POSCO Holdings Inc., the holding company of South Korea’s top steelmaker POSCO, said on Monday it has joined forces with Malaysia’s energy firm Petroleum Sarawak Bhd to push ahead with a carbon capture and storage project in Sarawak, Malaysia.
POSCO International Corp., POSCO Engineering & Construction Co. and Petroleum Sarawak, more commonly known as Petros, have signed a memorandum of understanding on the CCS project, according to the Korean company.
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Posted by Wata
Wata - Malaysian Oil and Gas Engineer 