Looking on the Internet, others take better pictures, but these are mine. Hah. And I have the obligatory Photosynths here and here.
UTP – Sights around the campus
January 15, 2015
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engineering | Tagged: Petronas, Tronoh, UTP | 
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Posted by Wata
Reduced tax collection from Petronas possible after oil price drop, says Ahmad Maslan
January 14, 2015Dateline 2014-11-03, The Malay Mail:
The government does not deny the possibility that tax collection from Petronas may be reduced following the drop in global crude oil prices, says Deputy Finance Minister Ahmad Maslan.
“When global prices drop, the government will accrue less revenue from petroleum sources.
“The government derives revenue from direct taxes collected by the Inland Revenue Board, indirect taxes collected by the Royal Malaysian Customs Department and petroleum tax,” he told a press conference after launching the IRD’s Innovation Day here today.
Ahmad also said lower petroleum prices may come as a relief to consumers but it would reduce the government’s revenue.
He added that the government was still studying the quantum of dividend Petronas would contribute after the implementation of the Goods and Services Tax.
He said meetings must be held between the Ministry of Domestic Trade, Co-operatives and Consumerism, Economic Planning Unit and the Prime Minister’s Department to study this further.
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Buying opportunity in M’sian O&G sector
January 13, 2015Anyone have USD3M they would loan to me riba-free?
Dateline 2014-11-03, The Malaysian Reserve:
Crude oil prices have fallen by about 25% since mid-June to a four-year low. Brent crude futures, which is the leading global price benchmark for oil, dropped below $86 per barrel whereas US West Texas Intermediate (WTI) futures dropped as low as $79.44, the lowest since June 2012.
The negative spillover implications of a sustained period of lower oil prices are detrimental to the whole industry, and could lead to lower corporate earnings, reduced production and loss of jobs.
With oil prices hitting multi-year lows, the oil and gas sector seems to be looking bleaker by the day.
In Malaysia, national oil company Petroliam Nasional Bhd (PETRONAS) is the sole rights owner of all oil revenues.
If Petronas reduces production, it will affect supporting industries such as services provider Sapura Kencana Petroleum Bhd and marine engineering firms like Coastal Contracts Bhd.
Analysts have started to factor in the lower oil prices and have cut earnings forecasts for Malaysian oil and gas related companies.
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Petronas to drop unfeasible contracts as oil prices drop, warns CEO
January 11, 2015The Malaysian Insider, dateline 2014-11-02:
Petroliam Nasional Berhad (PETRONAS) has warned that it will not hesitate to drop contracts that are not economically feasible as oil prices remain under pressure.
Petronas president and chief executive officer Tan Sri Shamsul Azhar Abbas said in such market conditions, the company will be monitoring its cost closely.
“Petronas regularly conducts portfolio reviews to assess project feasibility,” Shamsul told the Edge Weekly in an email.
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Low prices won’t hurt M’sian O&G companies
January 4, 2015Track the liquid gold here.
Dateline 2014-10-31, The Star:
Malaysia’s oil and gas (O&G) sector could very well remain immune to falling oil prices as it continues to be bolstered by monies flowing from Petroliam Nasional Bhd (Petronas).
CIMB Research said it expected Petronas’ spending to continue flowing to refiners as well as O&G service companies.
It also said the shale gas revolution, which was one of the contributing factors for the decline in the oil price, was positive for liquefied natural gas (LNG), liquefied petroleum gas and ethane shipping products.
This would translate into stronger order prospects for gas carriers and product and chemical tankers, CIMB Research said.
Brent crude, the global benchmark, declined to US$82.60 a barrel on Oct 16, the lowest in almost four years.
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Malaysia’s O&G sector faces muted short-term outlook
December 14, 2014Dateline 2014-10-06, Borneo Post Online:
Malaysia’s oil and gas (O&G) outlook remains uninspiring in the short-run as timing of contract news flows remains uncertain.
In addition, Petroliam Nasional Bhd’s (Petronas) cautionary statement has sent negative vibes to the sector and crude oil price remain uninspiring, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) said in a recent sector analysis.
“Given our cautious outlook, we believe investors should stay stock-selective and focus on companies that either has significant order-book to support forward earnings visibility, and/or companies that have an exposure to the brownfield/rejuvenation segments (which are marginal fields, brownfield alliances, mantainance; well intervention), since Petronas might look to existing oil and gas fields to meet crude oil production goals and capital expenditure (capex) classified projects might see sluggish times ahead,” it added.
The research house explained, thus far, the upstream segment saw a slowdown in contract flows (RM1.4 billion domestic wins versus RM3.1 billion in the second quarter of 2014, or 2Q14).
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PT Pertamina to acquire Malaysian assets for $2 billion
December 9, 2014Date 2014-09-30, Oil & Gas Journal:
PT Pertamina Malaysia Eksplorasi Produksi has agreed to acquire 30% of the Malaysian oil and gas assets belonging to Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil, both wholly owned subsidiaries of Murphy Oil Corp., for $2 billion in cash.
The two companies will work jointly in a long-term partnership in which Murphy will remain operator. Murphy says it will continue to execute its development plans and expand through future exploration in both deepwater and shallow-water Malaysia.
Roger W. Jenkins, Murphy president and chief executive officer, commented, “We are excited to strengthen our partnership with Pertamina and look forward to working with them and our other partners in Malaysia.
“We will continue to evaluate all aspects of our portfolio,” Jenkins added. “This transaction allows us to redeploy the proceeds through an individual or combination of strategic and financial initiatives such as increased drilling capital in the Eagle Ford shale, acquisition opportunities, debt reduction and share repurchases.”
The deal, subject to approval from Malaysia’s state owned Petronas, is effective Jan. 1. The first and second phases are expected to close in fourth-quarter 2014 and first-quarter 2015, respectively.
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This Is Only The 3rd Oil Project Of Its Kind, Ever
December 5, 2014Dateline 2014-09-25, Oilprice.com:
The petroleum world witnessed a historic event this week. With a new type of oil production project becoming operational for just the third time in history.
That’s a type of operation known as a “risk service contract” or RSC. Which is becoming a go-to vehicle in Malaysia, for the development of that country’s offshore regime.
This month Malaysia’s state oil firm Petronas said that the Banang offshore oil field has gone to production under a risk service contract. Part of a larger field development known simply as the “KBM” cluster. A project that was being advanced by U.S. outfit Coastal Energy, which was purchased last year by the government of Abu Dhabi.
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RM430 million from Petronas to safeguard Sabah
November 29, 2014Anyone remember OCP? We await ED-209 at Esszone.
Dateline 2014-09-22, FMT:
Petronas, the national oil corporation, will spend an estimated RM430 million on two forward operation bases in Sabah to help beef up security along the eastern seaboard, the Eastern Sabah Security Zone (Esszone) protected by the Eastern Sabah Security Command (Esscom).
One security base, costing RM230 million, would be located at a disused oil rig.
The other, costing RM200 million, would be located at the Bunga Mas Lima ship.
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Malaysia plans exports of new crude oil grade in November
November 25, 2014Goodbye, Tapis Crude. Hello, Kimanis.
Dateline 2014-09-10, Reuters:
Malaysian state oil firm Petronas plans to ramp up production at an offshore field this month, with first exports of the new crude grade planned for November, two sources with knowledge of the matter said Wednesday.
Ramp-up of output at the Gumusut-Kakap field is key to Malaysia’s efforts to boost production and exports from several deepwater developments in the eastern part of the country.
Production of the new Kimanis crude grade may reach 80,000-90,000 barrels per day (bpd) next year, with potential to raise production further in the future, said one of the sources.
“If everything goes right, a cargo will load in November,” the source said.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Gemusut-Kakap, Kimanis, Petronas | Permalink
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Wata - Malaysian Oil and Gas Engineer 