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.

…

Leave a Comment » | oil and gas | Tagged: , , | Permalink
Posted by Wata

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.

…

Leave a Comment » | oil and gas, Renewable Energy | Permalink
Posted by Wata

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.

…

Leave a Comment » | oil and gas | Permalink
Posted by Wata

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).

…

Leave a Comment » | oil and gas | Tagged: | Permalink
Posted by Wata

Anniversary – Deepwater Horizon

April 20, 2022

Safety engineers never forget.

Leave a Comment » | oil and gas, Safety | Tagged: | Permalink
Posted by Wata

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.

…

Leave a Comment » | oil and gas | Tagged: | Permalink
Posted by Wata

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.

…

Leave a Comment » | oil and gas | Tagged: , , , | Permalink
Posted by Wata

Petronas still driving Malaysia’s upstream

April 17, 2022

Dateline 2022-03-08, Petroleum Economist:

The state-owned firm is doing most of the running, but IOCs are also active as the country seeks to sustain both production and LNG exports in particular
Malaysian state-owned Petronas’ policy of pressing on with offshore development despite the pandemic began to reap dividends around the turn of the year, with reports of several new finds and fresh drilling activity off the coast of Sarawak state.

The firm announced another offshore gas discovery in the area in January, at Hadrah-1in Balingian province. The success of the wildcat followed similar finds at Sirung-1 and Kulintang-1 last year.

…

Leave a Comment » | oil and gas | Tagged: , , , , | Permalink
Posted by Wata

Rising oil prices – fuel subsidy costs Malaysia more than it profits, each US$1 increase is a RM410m deficit

April 16, 2022

Dateline 2022-03-09, Paul Tan:

That the Russian invasion of Ukraine is having a profound impact is undeniable, and it’s not just from aspects of the immediate strife. Oil prices have also spiked as a result of the crisis, having gone past the US$120 per barrel mark, and it is this increase that raises the question – is there a possibility of a readjustment of the fuel subsidy in Malaysia, given the rising pressure the increase is putting on government finances?

As The Star reports, rising oil prices are generally positive for a net oil and gas exporting country like Malaysia. According to a CGS-CIMB Research report, it is estimated that for every US$1 (RM4.18) per barrel average increase in oil prices, the government stands to add some RM370 million in revenue.

However, given that the country has a fuel subsidy mechanism in place, that same US$1 per barrel increase will set the government back by around RM780 million in fuel subsidies, based on the price of RON 95 and diesel remaining unchanged at their ceiling price of RM2.05 per litre and RM2.15 per litre respectively. To give an idea of how much subsidy is in place, RON 97 is currently priced at RM3.45 per litre this week.

…

Leave a Comment » | Malaysian election | Permalink
Posted by Wata

Woman engineer excels in oil and gas industry

April 15, 2022

Dateline 2022-03-07, The Borneo Post:

Having women in a male-dominated industry is an advantage to any organisations.

Senior Operations Support Engineer for Sabah Deepwater Operations (Gumusut Kakap and Malikai fields) of Shell Malaysia, Joyee Cheah said the nature of being a woman helps her contribute back to the largest natural gas producer in the country.

“I am leaning towards benefits of being a woman who tends to be a detailed person, a good listener, giving importance to your thoughts, able to provide a diverse perspective and contributions back to the team,” she said.

…

Leave a Comment » | oil and gas | Tagged: , , | Permalink
Posted by Wata

« Previous Entries
Next Entries »