Malaysia’s OIL WEALTH must be controlled by Parliament – Nurul

March 29, 2014

Nah, use minyak as your personal piggy bank.

Dateline 2014-02-20, Malaysia Chronicle:

An opposition MP has proposed setting up a sovereign wealth fund to prevent the government in power from abusing Malaysia’s oil riches as a personal piggy bank.

Compared to oil-rich Norway which today has the richest sovereign wealth fund in the world at RM2.7 trillion, PKR MP Nurul Izzah Anwar lamented the fact that Malaysia’s equivalent oil fund, the Petronas-backed Kumpulan Wang Amanah Negara (Kwan), only has RM5.43 billion.

Nurul asked where did Malaysia’s oil wealth go, considering that Petronas had declared an accumulated profit of more than RM700 billion since its inception some 40 years back.

“Petronas cannot continue to serve as a private fund for the prime minister and the cabinet, with the use of nearly 40 percent of the revenue generated by the petroleum revenue in the government budget, compared with Norway which only allows four percent to be used.

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Petronas can shine at OTC conference

March 23, 2014

Dateline 2014-02-24, Business Times:

PROJECTS in offshore Malaysia are forecast to see the largest capital expenditure rise in the Asia-Pacific region at more than US$59 billion (RM177 billion) over the next five years, according to an oil and gas industry research.

The Regional Perspective Offshore Asia Oil and Gas Market Report to 2015 is forecasting that deepwater developments in Malaysia will continue to gather pace, with 84 fixed platform units and eight floating production units to be installed between 2011 and 2015.

Given such a scenario, Malaysia, in particular Petroliam Nasional Bhd (Petronas), has made the right decision to host the Offshore Technology Conference (OTC) Asia this year to provide a platform for industry professionals to share their technical knowledge and experiences.

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Malaysia’s Petronas awards EPCIC deal for second FLNG project

March 22, 2014

Dateline 2014-02-13, Platts:

Malaysia’s state-owned Petronas said Thursday it has awarded the engineering, procurement, construction, installation and commissioning contract for its second floating LNG project, located offshore Sabah, to a partnership of Japan’s JGC and South Korea’s Samsung Heavy Industries.

Petronas said the EPCIC contract for PFLNG 2 follows the January 23 board approval of the final investment decision taken on the project.

The FLNG facility will be located at the Rotan field in Block H.

Murphy Oil, operator of the upstream block, had announced FID of the project early this month.

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High activity levels for O&G players

March 21, 2014

Dateline 2014-02-13, Borneo Post:

It is with much optimism that oil and gas players enter 2014 in Malaysia with projects progressing to the next stage and massive job awards on the line.

According to analyst Aaron Tan from MIDF Amanah Investment Bank Bhd (MIDF), Petroliam Nasional Bhd (Petronas) will have the final investment decision (FID) on the RM60 billion Refinery and Petrochemicals Integrated Development (Rapid) complex in Pengerang, Johor whithin the first quarter of 2014.

“We view this as a positive sign as it will spur the downstream petrochemical sector. So far, Petronas has signed agreements with Versalis SpA (Italy), Itochu (Japan) and PTT Global Chemicals (Thailand) as joint-venture partners to build specialty chemical plants,” he said in the MIDF Equity Beat report yesterday.

“We do not, however, think that the Rapid initiative will directly benefit most Bursa-listed oil and gas service providers these companies are mainly upstream offshore support service providers.

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Once ‘open’ Petronas now ‘closed’ to Borneo

March 8, 2014

Really? I thought that there was a pretty good clampdown in Sabah and Sarawak, with other Malaysians requiring a work permit to work there. I guess they should increase the cost of coffee to give these permits out to applicants from the Western Eleven?

Dateline 2014-01-28, FMT:

National oil and gas company, Petronas, which was once transparent and receptive to Sabah and Sarawakian employees underwent somekind of a  change in the 1990s, so much so that it reclused itself from Borneo, said opposition PKR.

Party vice-chairman See Chee How  said that in the past Petronas had been transparent about the number of Sarawakian workers it employed.

“But this openess diminished. There has been no disclosures in the last decade.

“Petronas was once conscientious and open with its employment of Sarawakians in the corporation’s operations in the state.

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Report: Petronas invites bids for Besar gas field

March 2, 2014

Dateline 2014-01-20, The Edge:

 

Petronas Carigali Sdn Bhd has invited bids for its Besar gas field (for two wellhead platforms), according to international oil & gas news portal Upstream Online.

Besar gas field is located offshore Peninsular Malaysia.

This piece of news was reported on the official website of Upstream Online. Alliance Research, quoting Upstream Online in its research note today, reported the bids are due at the end of February.

It said the initial contract award is slated for the end of this year, with a separate tender for installation to emerge later on.

“The contract value will be RM100 million to RM150 million for both wellhead platforms. Malaysian players might have advantage for the Besar project,” said Alliance research analyst Arhnue Tan.

She continues to rank the oil & gas (O&G) sector as ‘overweight’ as robust contract flow is expected to come from marginal fields, enhanced oil recovery projects and new gas developments.

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Keel work begins for floating LNG facility

February 27, 2014

Oil & Gas Journal, dateline 2014-01-14:

Petronas said keel work has begun for its first floating LNG facility.

The first block of the keel was laid in the presence of representatives of Petronas, Technip, and Daewoo Shipbuilding & Marine Engineering at the shipyard in Okpo, South Korea.

“The keel laying signifies yet another significant achievement of the project in its construction phase,” said Petronas Vice-Pres. Datuk Abdullah Karim.

The PFLNG 1 facility is slated for completion in fourth-quarter 2015. The 365-m long facility will weigh 125,000 tonnes. Construction began in June 2013 with the cutting of steel for its hull.

The facility will be installed in Malaysia’s Kanowit gas field, 180 km offshore Sarawak. It will produce 1.2 million tonnes/year of LNG. Petronas said it will play a significant role in efforts to unlock gas in Malaysia’s remote and stranded fields currently deemed uneconomical to develop (OGJ Online, June 6, 2012).

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Petronas takes major steps to spur industry

February 26, 2014

Dateline 2014-01-12, Yahoo! (from Business Times):

PETROLIAM Nasional Bhd (Petronas) is undertaking major steps to rejuvenate the oil and gas industry.

The move is in the face of Malaysian oilfields now entering the mature phase, marked by declining oil and gas extraction, after more than 30 years of extensive exploration and production.

As the custodian of the country’s hydrocarbon resources, Petronas has initiated risk- sharing contracts (RSCs) for marginal oilfields over the last few years.

This is to develop resources from smaller oilfields, and at the same time, explore enhanced oil recovery (EOR) technology to improve production from other fields that are maturing.

Petronas executive vice-president (exploration and production business) Datuk Wee Yiaw Hin said it is estimated that 50 per cent of Malaysia’s producing oilfields have EOR potential.

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Petronas’ responsibility to ensure local company participation, says Malay economic group

February 22, 2014

Dateline 2014-01-09, the Malaysian Insider:

National oil and gas firm Petronas has the responsibility to offer contracts to qualified local companies, the Malay Economic Action Council (MTEM) said.

Tired of Petronas’ repeated explanation that contracts were only handed out to international firms when there are no qualified local corporations, MTEM disputed the firm’s excuse and asked the oil giant to fulfil its duty as per its objective.

“It is Petronas’ responsibility under the Petroleum Development Act 1974 to give help to the local oil and gas industry,” said MTEM chief executive officer Mohd Nizam Mashar today.
Disappointed with Petronas president Tan Sri Dato’ Shamsul Azhar Abbas’ inaction to spur the development of local companies, Mohd Nizam said the firm’s chief had only appointed three firms for the Vendor Development Programme (VDP) during his tenure in office.

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Robust O&G Malaysian sector seen in 2014

February 21, 2014

Really? Can I get an insider from PETRONAS to say the same things?

Dateline 2014-01-09:

Local oil and gas (O&G) service providers continue to be in focus after Petroliam Nasional Bhd (Petronas) started the year with a five-year umbrella contract awarded to four engineering services contractors.

Fabricators like SapuraKencana Petroleum Bhd, TH Heavy Engineering Bhd,Malaysia Marine & Heavy Engineering Holdings Bhd (MMHE) and Boustead Heavy Industries Corp Bhd were among the much-talked-about indirect beneficiaries of the contracts awarded to Technip Consultant (M) Sdn Bhd, Perunding Ranhill Worley Sdn Bhd, RNZ Integrated (M) Sdn Bhd and MMC Oil & Gas Engineering Sdn Bhd.

Petronas is expected to conduct a closed competitive bidding among the four parties to select the technically capable and commercially attractive bidder, with the work scope covering domestic upstream O&G engineering services, including front-end engineering design and detailed design works, of which generally run into multi-billion-dollar contracts.

This is part of the national oil company’s RM300bil capital expenditure budget till 2017 in a bid to reverse declining production.

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