Dateline 2021-04-26, Offshore:
Petronas has awarded Vestigo Petroleum a production sharing contract (PSC) for the shallow-water South East Collins Cluster, under Malaysia’s new Small Field Asset terms.
The cluster, in water depths of 42-45 m (138-147 ft), 70 km (43 mi) northeast of Labuan Island, comprises the South East Collins and Lokan fields discovered in the 1980s, with combined recoverable reserves estimated at 10 MMstb.
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Dateline 2021-04-27, Straits Times:
Malaysia is seeking to rescue its ailing oil and gas ecosystem with an ambitious 10-year plan after fuel prices were battered last year by the Covid-19 pandemic.
The National Oil & Gas Services and Equipment (OGSE) Industry Blueprint 2021-2030 comes after nearly two-thirds of over 4,000 vendors fell off the radar, victims of a “double whammy”.
Demand for energy and transportation tanked during the pandemic and this came on top of the rout in oil markets between 2014 and 2016.
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Dateline 2021-04-23, Reuters:
Malaysia’s government on Wednesday enacted a new emergency law allowing it to use funds derived from oil and gas contributions to pay for vaccine procurement, as it looks to ramp up its COVID-19 vaccination programme.
The ordinance will allow the government access to use the 17.4 billion ringgit ($4.23 billion) parked under the national trust fund to secure vaccines “for an epidemic of any infection disease”, according to the law published in the federal gazette.
The trust fund, which takes contributions from state energy company Petronas (PETR.UL) and others involved to petroleum exploitation, was set up to support infrastructure and other development and provide federal loans to Malaysia’s states.
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Dateline 2021-04-21, OE:
Malaysia’s Petronas has awarded the Production Sharing Contract (PSC) for the South East Collins Cluster under the newly introduced Small Field Asset (SFA) PSC terms, to Vestigo Petroleum.
The South East Collins Cluster, located in water depths of 42 to 45 meters 70km northeast of Labuan Island, comprises two fields, South East Collins and Lokan which were discovered in the 1980s. With a combined estimated recoverable of 10MMstb, the South East Collins Cluster is now primed for development under the new SFA PSC terms, Petronas said.
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Dateline 2021-04-15, FMT:
“Renewable energy is the future!”
Permutations of this catchphrase have been pronounced by prophets aplenty but more than a decade into the so-called “renewable energy revolution”, we are yet to see many countries, including Malaysia, switching to a predominantly renewable energy-based economy.
It’s easy to point fingers and say governments are ineffective or large corporations prefer to plunder our natural resources but those arguments very often are straw men that distract us from the real issue at hand – the intermittency problem of renewable energy solutions.
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Dateline 2021-04-11, The Edge:
Solar enthusiasts are jumping on the bandwagon to promote the renewable energy (RE) source, harping that it is freely available and more cost-effective.
But is this true? And is too much solar a good thing? Let’s explore this further.
Solar is available only during the day, thus you still need to cater for energy during the night. This will normally be provided by other conventional plants (i.e. coal, gas, and hydro). This means that conventional plants are still needed even though solar is introduced into the system.
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Dateline 2021-04-11, Malay Mail:
The new oil and gas discovery in the shallow waters of Balingian by Petroleum Nasional Bhd (Petronas) will positively impact not only the sub district but also Mukah Division, said Sarawak Chief Minister Datuk Patinggi Abang Johari Openg.
With the oil and gas belt stretching from Balingian to Miri, he said a new base for operations may need to be set up in Mukah and when it happens, it will spur development in the division.
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Dateline 2020-04-07, The Edge:
Upstream oil and gas services companies have never really recovered from the 2016 downturn, and the trend in energy transition will pose another challenge in their path towards recovery, said Moody’s Investors Service.
On top of that, prospects for the sector remain weak on the back of recent capex cuts, said Moody’s Investors Service corporate finance group associate managing director Vikas Halan.
“The pain that started back in 2016 for oilfield services companies, when oil prices started declining, has somewhat continued,” Vikas said during Moody’s Inside ASEAN Series’ Media Roundtable today.
“And the oilfield services companies never really recovered from 2016. This round of [capex] cuts is adding further [to that pain],” Vikas said.
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Dateline 2021-04-06, NST:
Oil and gas companies operating in Malaysia are seeking more clarity on the country’s future direction in the energy transition in line with the global trend of accelerating to a low or zero-carbon future.
ExxonMobil Exploration and Production Malaysia Inc president Edward Graham said most O&G players were finding ways to be cost-competitive and reducing greenhouse gas (GHG) emission.
This was in tandem with the global energy industry’s transition to renewables and low carbon solutions.
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Dateline 2021-04-06, The Star:
Industry players should not urge Malaysia to set too high a target for renewable energy (RE) without thinking about the cost of electricity supply that consumers have to bear, said Minister of Energy and Natural Resources Datuk Seri Dr Shamsul Anuar Nasarah.
In planning the country’s electricity supply, he said the government had taken the approach to balance the three elements in the energy trilemma – guarantee of energy supply, affordability and sustainability.
He said the government had set a RE target of 31 per cent of the generation capacity for 2025, hence, the electricity sector is expected to reduce the intensity of carbon emissions by 45 per cent for the period.
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Wata - Malaysian Oil and Gas Engineer 