Indonesia, Malaysia commit to biodiesel mandates despite higher prices

April 30, 2022

Dateline 2022-03-24, Reuters:

Top palm oil producers Indonesia and Malaysia remain committed to their mandatory biodiesel programmes despite higher prices of the feedstock to reach green energy goals, senior officials said on Thursday.

Indonesia and Malaysia use palm oil as blending for biodiesel, with Indonesia since early 2020 using a mandatory B30 – a biodiesel containing 30% of palm-based fuel – the highest mandatory mix in the world, to slash imports of diesel fuel.

Indonesia’s palm-based fuel programme “will not stop at B30”, Coordinating Minister for Economic Affair Airlangga Hartarto, told a virtual industry conference.

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PETRONAS SIGNS PSCS FOR FIVE OFFSHORE BLOCKS

April 29, 2022

Dateline 2022-03-24, Natural Gas World:

Petronas has signed production sharing contracts (PSCs) for five offshore exploration blocks, namely SB412, 2W and X located off the coast of Sabah, and SK439/SK440 located off the coast of Sarawak, the company said on March 23. The contracts were awarded in the Malaysia Bid Round (MBR) 2021.

Block SB412 in Sabah was signed between Petronas, PTTEP HK Offshore and SapuraOMV Upstream, while the PSCs for ultra-deepwater Blocks 2W and X were signed between Petronas, Sabah Shell Petroleum Company, Shell Sabah Selatan and Petronas Carigali.

The PSC for Sarawak’s Block SK439/SK440 was signed between Petronas, Sarawak Shell and Petroleum Sarawak Exploration & Production.

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Better to spend billions on rakyat than bail out Sapura, says Rafizi

April 28, 2022

And here’s what’s going to distract the masses for the next GE. And Sapura is a GLC? CLC, maybe.

Dateline 2022-03-22, FMT:

PKR vice-president Rafizi Ramli says that money used to bail out ailing oil and gas company Sapura Energy Bhd could be put to better use to serve the rakyat.

Rafizi was responding to a call by former prime minister Najib Razak to save Sapura from going bankrupt.

The government-linked company (GLC) announced a loss of RM8.9 billion last year, which Najib said was the largest for any Malaysian GLC in history.

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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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