January 16, 2015
Dateline 2014-11-04, Hellenic Shipping News:
Premiums paid for Malaysia’s benchmark light sweet crudes extended their decline to a fresh two-year low Monday as fragile petroleum refining margins and competition from non-regional grades dented end-user demand, while the influx of new Kimanis crude added to concerns over recent oversupply conditions, traders said.
Malaysia’s Labuan crude was assessed at a $4.70/barrel premium to Dated Brent on Monday, its lowest level since touching a premium of $4.49/b on August 21, 2012, while the premium for Tapis crude to Dated Brent fell to $2.30/b on Monday, its lowest level since August 15, 2012, when the crude was assessed at Dated Brent plus $2.30/b.
Kikeh was last assessed at a premium of $4.40/b on Monday, its lowest point since $3.92/b on August 13, 2012.
April 10, 2014
Dateline 2014-0303, TWSJ:
Murphy Oil Corporation MUR -0.03% announced today that first oil production from the Siakap North-Petai (SNP) development offshore Malaysia commenced on February 27, 2014.
The SNP field, operated by Murphy with a 32 percent working interest, is located offshore Malaysia in a water depth of approximately 4,400 feet. The overall field development plan consists of eight producing wells and five water injection wells developed as a subsea tie-back to the Kikeh Floating Production Storage and Offloading (FPSO) vessel. Initial operations commenced with production from four oil wells. Peak gross production from the field is expected to reach 35,000 barrels of oil per day in mid-2014. The unitized field combines the discoveries at Siakap North in Block K with Petai in the adjacent Block G. Murphy’s partners in the development are PETRONAS Carigali, Shell, and ConocoPhillips COP +0.18% with the latter two partners each holding a 21 percent working interest.
March 20, 2014
How come I wasn’t sent a subpoena? And score one for the ‘disgruntled employee’.
Dateline 2014-02-11, MalaysiaKini:
Petronas subsidiary MISC has surfaced in a global bribery and corruption scandal involving US$10 million (RM33.4 million) of more than US$250 million (RM834 million) in bribes and other malpractices spanning six years, which centres around Dutch oil and gas (O&G) services company SBM Offshore.
According to a document listing possible fraud by SBM Offshore in various countries spanning Africa, Equatorial Guinea, Brazil, Iraq, Kazakhstan and Italy in addition to Malaysia, MISC was allegedly involved in payments to Barnado Limited and Delcom Limited totalling US$10 million (RM33.4 million) related to the Kikeh field floating production, storage and offloading (FPSO) platform.
March 14, 2009
This is a shout out for the IEM. My Technical Division will be having a talk on the 19th March as titled above. It’ll be at 5:30 pm (makan-makan at 5:00) at the IEM , Bangunan Ingenieur, PJ.
My friend, Ahmad Sedek will be giving the presentation. The synopsis is:
It is anticipated that there will be less commercially viable oil & gas fields in the Malaysian shallow water. As such, there is an equal push towards developing fields in the deep (200-1000m water depth) and ultra-deep (more than 1000m water depth) water. In line with this shift, PETRONAS has set the tone by stating its ambition to make Malaysia as the regional deepwater hub and, along with its Production Sharing Contractors, has set the ball rolling by the successful oil production from Kikeh Deepwater Development. The presentation intends to share presentor’s general experience in the deepwater projects, which covers background, introduction to technologies, challenges/opportunities, and Kikeh development examples.
Come all, and get your 2 CPD hours.
March 5, 2009
Welcome t0 the new crude grades. They join Tapis as a made in Malaysia product.
Argus Launches Malaysian Crude Assessments
LONDON, March 2 /PRNewswire/ — Argus has launched daily price assessments for Malaysian crude grades Kikeh and Labuan.
Kikeh is a light sweet crude with 36.74 degrees API gravity and 0.06pc sulphur content, which loads at the Kikeh marine terminal. US integrated oil company Murphy has an 80pc working interest in the field and takes about 70pc of output under the production-sharing contract as the operator, with the remaining share held by Malaysian state-owned oil firm Petronas. Production of the grade has climbed from around 40,000 b/d at start-up in August 2007 to around 120,000 b/d in early 2009.
Argus is also adding an assessment for Labuan, a light sweet Malaysian crude with 29.92 degrees API gravity and 0.028pc sulphur content, which loads at the Labuan crude oil terminal. Petronas has an 80pc interest, with Shell holding the remainder. Production of Labuan is around 75,000 b/d.
Both grades will be assessed at a differential to Tapis APPI on a fob Malaysia basis for 600,000 bl cargoes loading 15-45 days ahead.