Shell launches sale of stakes in Malaysian oil and gas fields -document

July 31, 2021

Dateline 2021-07-22, Reuters:

Royal Dutch Shell (RDSa.L) launched the sale of its stakes in oil and gas fields it does not operate off the coast of Malaysia, according to a document seen by Reuters.

The Anglo-Dutch company announced in March that it was considering selling its stakes in the Baram Delta EOR and the SK307 production-sharing contracts which are operated by Petronas Carigali Sdn Bhd, a unit of state energy firm Petronas.

The sale process for the two stakes, launched this month, is being run by investment bank J.P. Morgan, according to the sales document.

…

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

Jadestone gets approval for acquisition of Malaysia assets

July 30, 2021

Dateline 2021-07-16, ShareCast:

Asia-Pacific-focused oil and gas production company Jadestone Energy announced on Friday the satisfaction of all conditions required to complete its proposed acquisition of the peninsular Malaysia assets of SapuraOMV Upstream, including the approval of Malaysia’s national oil company Petronas.

…

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

Hibiscus Petroleum receives waiver of pre-emption rights on Repsol assets, comes closer to concluding US$212.5m acquisition

July 29, 2021

Dateline 2021-07-14, The Edge:

One of the conditions precedent in Hibiscus Petroleum Bhd’s acquisition of upstream oil and gas assets from Spanish oil major Repsol has been fulfilled, which brings the oil explorer one step closer to concluding its acquisition of the latter’s upstream assets in Malaysia and Vietnam.

In a statement, Hibiscus said that it has been informed by Repsol Exploración S.A that the waiver and/or expiry of pre-exemption rights held by Petronas Carigali Sdn Bhd and PetroVietnam Exploration Production Corp under each of the relevant joint operation agreement for the assets had been satisfied.

…

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

Malaysia picks new chairman for state-run Petronas

July 28, 2021

Dateline 2021-07-12, Reuters:

Malaysia has appointed Mohd Bakke Salleh as the chairman of state energy firm Petroliam Nasional Berhad (Petronas), the prime minister’s office said on Monday.

The change comes as Petronas is recovering from a demand slump caused by the COVID-19 pandemic.

Mohd Bakke will replace Ahmad Nizam Salleh, who had served as chairman since 2018, effective Aug. 1.

…

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

Call for Malaysia to liberalise solar power industry

July 27, 2021

Dateline XXX, The Star:

THE atmosphere in Malaysia’s once-boring solar power industry has completely changed in recent years.

Between 2014 and 2019, solar is the only renewable energy (RE) source that has grown by a whopping 432% in installed capacity.

The soaring appetite for solar power was thanks to conducive government policies such as tax incentives, apart from cheaper photovoltaic systems, that encouraged solar energy adoption across the commercial and residential sectors.

The growth is further strengthened by the entry of non-power producers into the industry and the growing need for companies to boost their environmental, social and governance (ESG) profiles.

…

Leave a Comment » | renewables | Permalink
Posted by Wata

US Think-Tank: China Coast Guard Harasses Malaysian Oil, Gas Operation Off Sarawak

July 26, 2021

Dateline 2021-07-08, Radio Free Asia (Is this like the Voice of America, Or Hanoi Hannah?)

Chinese coast guard ships since early June have been putting pressure on and harassing new Malaysian oil and gas projects in the South China Sea off Sarawak state on Borneo Island, a U.S.-based think-tank said in a report released this week.

Malaysian state-run oil company Petronas, which runs such off-shore operations, meanwhile announced on Wednesday that it signed a 10-year, U.S. $7 billion deal to provide liquid natural gas to a subsidiary of the China National Offshore Oil Corp.

That same day, the Asia Maritime Transparency Initiative issued a report alleging that ships from the China Coast Guard (CCG) have been “contesting” new Malaysian oil and gas development in waters off the coast of Sarawak.

…

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

Malaysia bourse wants independent review of oil firm’s deals after auditor’s red flags

July 25, 2021

Dateline 2021-06-23, Reuters:

Malaysian oil and gas service provider Serba Dinamik Holdings Bhd (SERB.KL) must appoint an independent reviewer to address issues raised by the company’s external auditor, the national stock exchange said on Wednesday.

In May, Serba said auditor KPMG had not been able to verify contracts and transactions worth 3.5 billion ringgit ($840.74 million) with 11 customers.

Serba rejected the concerns and has said it saw no issues with the existence or legitimacy of the contracts.

…

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

Malaysia’s Sarawak awards key onshore acreage

July 24, 2021

Dateline 2021-06-21, Energy Voice:

The eastern Malaysian state of Sarawak, home to the country’s liquefied natural gas (LNG) export complex, has awarded its first onshore block to Petra Energy and Uzma, as it hopes to revitalise its onshore oil and gas industry after taking regulatory control from the federal government.

Malaysia’s Petra Energy will operate Block SK433 on behalf of joint venture partner Uzma following the award by state-energy company Petroleum Sarawak (PETROS). Block SK433 covers the Miri-Marudi area in Northern Sarawak. It also holds a discovery, Adong Kecil.

In a statement Friday, the Sarawak Chief Minister’s Office (CMO) said the award was the result of a competitive bidding exercise that was managed by PETROS since January this year.

The CMO said this marks a significant milestone for Sarawak as it looks forward to the resumption of active exploration and production activities onshore.

…

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

How a bumi equity issue between two oil firms escalated into a ‘judicial fixing’ saga

July 23, 2021

I wait for the BEM to weigh in on Bumi onwership and PEPC directors

Dateline 2021-06-21, MalaysiaKini:

What began as an issue over the bumiputera equity requirement for a Petronas licence involving a Malaysian unit of Aker Solutions ASA, Norway’s largest oil services firm, has escalated into claims of judicial fixing that have rocked the legal fraternity.

The last two weeks saw a flurry of developments – the charging of an Aker Solutions manager, the Malaysian Bar expressing concern over alleged misconduct by one of its members – and most intriguing was a police report by the Office of the Chief Justice against a senior lawyer for allegedly bringing the judiciary into disrepute.

…

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

Petronas and Pertamina face removal from US banking giant’s ESG index

July 22, 2021

Dateline 2021-06-18, Upstream Online:

Asian national oil companies Petronas of Malaysia and Indonesia counterpart Pertamina are on a watchlist for removal from JP Morgan’s Environmental, Social & Governance (ESG) Emerging Market Bond Index at the end of June.

The US bank said both state-owned players “are expected to exit the ESG suite at the June month-end rebalance” as their scores fell below the required threshold for inclusion.

The bank uses third party companies to assess the ESG score required for inclusion in the index. Sustainalytics, one of these companies, said some of Petronas’ or its affiliates’ activities in “high-risk regions” could be viewed as a violation of a United Nations arms embargo, reported Reuters, citing the bank’s statement.

…

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

« Previous Entries
Next Entries »