Dateline 2020-11-08, The Star:
PETRONAS was victorious in four out of eight categories at the Institution of Chemical Engineers (IChemE) Malaysia Awards 2020.
During the organisation’s first ever virtual Malaysia Awards ceremony, held on Oct 19, the oil and gas giant also secured four highly commended entries.
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Dateline 2020-11-06, Petroleum Intelligence Weekly:
Tengku Muhammad Taufik was appointed CEO of Petronas in July 2020 as the Covid-19 crisis was taking its toll on the global energy industry, forcing oil companies to rethink both short- and long-term planning due to concerns about future demand. He discussed the Malaysian state oil company’s strategy for dealing with the pandemic and the low-carbon energy transition at this year’s Energy Intelligence Forum. Select excerpts follow below.
Q: How is the company tackling the short-term demand uncertainty, the safety issues stemming from the coronavirus, and all these talks of the energy transition?
A: Within the corridors of Petronas we call this the “great reset,” and I do not think it is an understatement as many have described the confluence of events as unprecedented. We believe that the industry’s shape, structure, and behavior will be impacted long into the future by this pandemic. There needs to be both a short-term response as well as a medium to long-term strategy. In the short-term, we must address as an ultimate priority the safety and health of our employees.
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Dateline 2020-11-02, Offshore Engineering:
Malaysia’s Hibiscus Petroleum completed the St Joseph minor sands infill and major sands redevelopment infill drilling campaign in its North Sabah PSC, Malaysia.
The offshore drilling campaign involved the drilling and completion of four infill oil producers on the St Joseph Jacket-F (“SJJT-F”) platform.
Through the infill drilling development campaign, Hibiscus says it has added an instantaneous incremental 2,200 barrels per day of crude oil production and added approximately 4 million stock tank barrels of incremental life of field gross reserves.
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Dateline 2020-11-03, Argus (not Argos):
Malaysian oil and gas producer Petronas has announced an aspiration to achieve net-zero emissions by 2050, making it the first state-owned Asian energy company to set such a goal.
“We are making this commitment to make a positive change — not only to ride the energy transition — but because a fundamental shift is needed and the organisation wants to be part of the solution, for the world that yearns for a path towards a more sustainable future,” Petronas chief executive Tengku Muhammad Taufik said.
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Dateline 2020-11-02, FMT:
With the Deep Producer 1 languishing in Dubai pending a court auction for US$6.2 million in wharfage and related charges, questions are being asked as to the viability of its acquisition.
In March 2011, Ramunia Holdings Berhad (now TH Heavy Engineering Berhad or THHE), entered into a preliminary agreement to secure marketing rights to the vessel to allow it to bid for FPSO projects.
Ramunia went on to acquire the vessel for US$82.5 million, a 36.5% discount on its market value, substantially financed by bank borrowings.
The discount aside, Ramunia’s other justification for the acquisition was less clear. At the time, the company’s own disclosure sheet merely referred to “the prospects of time charter arrangement for any FPSO projects being secured”, but without specific details.
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Dateline 2020-10-30, FMT:
The Sarawak government has issued mining leases to its oil and gas (O&G) company, Petroleum Sarawak Bhd (Petros), to carry out mining of O&G in two fields, in Miri and Marudi.
It marked the beginning of efforts to exercise the state’s constitutional rights to regulate onshore oil mining.
Chief Minister Abang Johari Openg who made the announcement tonight said the leases were for the Adong Kecil West field in Miri district and the Engkabang block in Marudi district.
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Posted by Wata
Was it manslaughter? Accidental death? Act of God (insurance companies’ favourite get out clause)?
Go start a fund for the widow. Better yet, go get the big companies’ HSSE departments to adopt the children.
Dateline 2020-10-29, FMT:
A woman whose husband died on board a ship that collided with an oil rig last Tuesday is demanding an explanation for what she called an act of negligence by the ship’s management.
Nateshwari Dhusan, the widow of Aaron Michael Rajasgara, one of two persons who died in the accident, told The Borneo Post that she felt hopeless and wanted answers about what had happened.
“What were the captain, chief mate and second mate doing? What were the deck crew doing?“ she asked.
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To sound like a broken record, how do I get into this gig?
Dateline 2020-10-30, Malaysian Reserve:
RENEWABLE energy (RE) projects in Malaysia led by oil and gas (O&G) players are expected to decelerate due to high gearing amid low oil price environment.
AmInvestment Bank Bhd (AmInvest) analyst Alex Goh said Yinson Holdings Bhd is the only party — among local service providers — that has taken the plunge by investing US$30 million (RM124.8 million) for a 95% equity stake in Rising Sun Energy Pte Ltd, which has a 160MW solar farm in Bhadla Solar Park Phase II in Rajasthan, India.
“Nevertheless, we envisage a slow adoption of renewable projects by local O&G providers given that a large segment is currently burdened by high gearing amid a low oil price environment,” Goh said in a report yesterday.
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Dateline 2020-10-28, The Star:
The Sarawak and Sabah Shipowners Association is against the implementation of the Malaysia Shipping Notice (MSN) that was enforced in August this year.
Association president Ling Soon King said Wednesday (Oct 28) that the new regulation would impact economic activities that relied on diesel fuel.
The Marine Department of Malaysia had, on Aug 5,2020, issued the MSN, which prohibited existing single hulled, single bottom tankers under the Malaysia Flag from carrying oil irrespective of the age of the ship.
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Dateline 2020-10-28, S&P Global:
Malaysia’s state-run Petronas will be pursuing most of its oil and gas projects, but by using more cost-effective and cleaner processes, as it strongly believes that those fuels will have a major role to play for the next three decades at least, CEO Tengku Muhammad Taufik told the India Energy Forum by CERAWeek Oct. 28.
“Even in the most green of scenarios, oil and gas will still constitute half of the energy basket. We still believe there is life in this business — and not only life, there is promise in it. The only harsh thing is that we need to produce it more cost effectively and cleaner,” he said.
Taufik said that Petronas was carefully looking at its upstream portfolios in about 20 countries to ensure that they delivered value and were cost effective at $40/b — the company’s medium-to-long-term average oil price outlook. In addition, the projects needed to work on containing emissions.
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Wata - Malaysian Oil and Gas Engineer 