JP Morgan upbeat on Malaysian marginal oil fields

July 27, 2012

Dateline 2012-07-10:

JP Morgan Asia Pacific Equity Research is upbeat on Malaysia’s marginal oil field risk service contracts (RSC) due to the favourable risk reward, and local skillsets upgrade.

In a report issued on Monday, it said the first contract, valued at RM2.4bil saw Petroliam Nasional Bhd (Petronas) awarding it to a consortium comprising Petrofac, Kencana and SapuraCrest. The second (RM3bil) went to the Dialog-Roc Oil-Petronas consortium.

The most recent was Coastal Energy Co, listed on the Toronto and London Stock Exchange, for the development of the Kapal, Banang and Meranti cluster of small fields offshore Peninsular Malaysia. This was the third marginal oil field contract awarded out of 27 upcoming.


Kencana Petroleum secures EPCC contract from Murphy Sarawak

May 20, 2012

Dateline 2012-05-10:

Kencana HL Sdn Bhd, a wholly owned subsidiary of Kencana Petroleum Bhd (Kencana) has won a RM460 million to RM474 million engineering, procurement, construction and commissioning (EPCC) contract from Murphy Sarawak Oil Co Ltd (Murphy Sarawak) for the fabrication of offshore topsides.

According to OSK Research Sdn Bhd (OSK Research) the EPCC contract was for Serendah Production topsides facilities of the SK309/311 SPSA development project, which was part of Murphy Sarawak’s SK309/SK311 oil fields development located offshore Bintulu, Sarawak.


Malaysia’s ambitious plan to transform its economy

May 1, 2012

Dateline 2012-04-28, and I’m being paid too low…

The government of Malaysian Prime Minister Najib Razak launched the Economic Transformation Programme (ETP) in September 2010 with the ambitious goal of doubling income per person to $15,000 to reach developed-nation status by 2020.

The ETP aims to consolidate Malaysia’s oil and gas (O&G) offshore fabricators to become more competitive regionally. OSK said this could benefit Kencana Petroleum Bhd (>> Kencana Petroleum Berhad) and Malaysia Marine of Heavy Engineering Bhd (>> Malaysia Marine & Heavy Engnrg Sdn Bhd), the remaining two listed larger fabricators. Offshore services firms such as Bumi Armada (>> Bumi Armada Bhd) are seen gaining from investments in the energy sector.


Saturday Star 2012-03-24 – Job Opportunities

March 26, 2012

Support me by purchasing my recommendations, or buying through my Amazon store. I need the money to pay for running this site. Corporate level sponsors are encouraged.

If you need my help to submit your CVs, donate to the blog, and I’ll review your CV to see if it is worthy of my (and my associates’) expectations. If you can’t figure out how to donate, no need to ask.

  • I’m looking for a senior process engineer, 7+ years experience. Send your cv here . Also looking for process safety persons, lead piping designer, lead instrument engineer, and other seniors you think will catch my eye.
  • Petrofac is looking for an offshore installation manager, production superviosr, maintenance supervisor, production technician, e&i technician, mech technician, turbo machinery technician, deck foreman, deck crew. Contact them here.
  • I see that Qatar Petroleum is looking for lots of heads / kepala / rais. That would be for EOR, Operations, Surveillance, snr geologist, geophysicist, petroleum engineer, petrophysicist, res engineer, petroleum engineer, geologist. Apply here or visit the website.
  • Kencana Petroleum is looking for project managers, engineering manager, procurement manager, HU&C manager, QA/QC manager, planning/scheduling manager, project HSE manager.  Send an email here.

May I suggest that readers install the Waze app on their phones? And use it as much as possible? It says its a “a social mobile application providing free turn-by-turn navigation based on the live conditions of the road. 100% powered by users, the more you drive, the better it gets. Join the community of drivers in your area today!” It’s definitely getting better for the Klang Valley area, though we need more users from East Malaysia.

Support your local bookshop! Visit Bookalicious at The Summit Subang, good selection of imported books. I think they focus on trilogies, quadrilogies, and otherologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Maybe I should say that next time I visit them. Those of you who have dropped my name, thanks!

BTW, did I tell you that I am the Secretary of MOGEC?

For those of you who have a healthy skepticism to my industry, these books are for you:

  

Why We Hate the Oil Companies: Straight Talk from an Energy InsiderThe Party’s Over: Oil, War and the Fate of Industrial SocietiesBarbarians of Oil: How the World’s Oil Addiction Threatens Global Prosperity and Four Investments to Protect Your Wealth (Agora Series)

This week’s food promotion is … masak asam pedas. If you find nice places around PJ, let me know. I’ve tried the one across from the PJ State Police Station, and the shop next to Dewan MPSJ in PJ State.


SapCrest, Kencana to see boost from shared FSPO contract

March 8, 2012

Dateline 2012-02-17:

SapuraCrest Petroleum Bhd (SapCrest) and Kencana Petroleum Bhd (Kencana) are forecasted to see boosted earnings from a shared floating, production, storage and offloading (FSPO) contract, possibly in the near term.

The two oil and gas players separately announced agreements with their Berantai marginal field partner Petrofac Energy Developments Sdn Bhd (Petrofac) to each acquire 24.5 per cent interest in Berantai Floating Production Ltd (BFPL) for US$85.7 million cash.

BFPL would invest in an FPSO that would be used for the project. Petrofac would retain 51 per cent of BFPL and each equity partner would also provide a shareholders’ loan to BFPL to finance the FPSO investment and conversion although BFPL would also likely secure external financing.

RHB Research Sdn Bhd (RHB Research) stated in a research note, “While we still like the prospects of the merger (SapCrest-Kencana) which will create a large and formidable competitor for regional oilfield services (and especially for projects in Malaysia), we believe there could be some profit taking in the near term.

 


Bernama – Petrofac Achieves First Oil At Sepat Offshore Early Production System

January 26, 2012

Dateline 2012-01-17:

Petrofac, the international oil and gas services provider, and its partners, Kencana HL and Bumi Armada, confirmed today first oil has been achieved at the SEPAT offshore early production system in the east coast of Peninsular Malaysia for Petronas Carigali Sdn Bhd.

The project, worth about US$280 million, involves engineering, procurement, construction, installation and commissioning for the full scope of the early production system in a 65-metre water depth.

The project comprises a mobile offshore production unit, a floating storage and offloading facility for the early production of about 20,000 barrels of oil per day, together with all interconnecting subsea pipelines, Petrofac said in a statement to Bernama.


From The Star – Kencana starts to recoup investment in Berantai oil field in 2 years

March 4, 2011

Dateline 2011-02-21:

 Kencana Petroleum Bhd hopes to start recouping its portion of investment, estimated at US$200mil, in the Berantai marginal oil field development within two years, says chief executive officer Datuk Mokhzani Mahathir.

Kencana is part of a consortium, which includes SapuraCrest Petroleum Bhd and Petrofac Energy Developments Sdn Bhd to develop and operate an oil and gas field in Berantai, Terengganu estimated to cost a total of US$800mil.

You can subscribe to an online version of the paper at the e-browse site.