Nga calls for Petronas to be audited by Auditor General

November 26, 2013

Yes, PETRONAS, open the kimono, or baju kurung if you want local flair. And did the Honourable MP just find the Petroleum Act? I would like to see whether PETRONAS has been missing any firearms as well, and how much did their printers cost?

Dateline 2013-10-02, The Star:

Taiping MP, Nga Kor Ming calls for Petronas to be audited by the Auditor General and eventually debated in the Dewan Rakyat.

“Petronas has been around for 38 years now, however it has not been audited even once.

“I also found that section 3 of the Petroleum Act (1974) states that it only allows the office of the Prime Minister to have access to the accounts as it is classified as private and confidential,” he said during a press conference at the parliament on Wednesday.

…

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Posted by Wata

Saturday Star 2013-11-16 – Job Opportunities

November 18, 2013

Buy my recommendations, or through my Amazon store. Where are those corporate sponsors? Or throw donations at me. I need RM360 to get The Star ePaper.

  • I’m looking for a senior process engineer, 7+ years experience. Send your cv here. Also looking for technical safety persons, metering / measurement engineers and other seniors you think will catch my eye.
  • PETRONAS Chemicals Group Bhd has openings. Visit here with your updated resume.
  • Hey, why is the list so short?

Help me (and you) increase my cloud presence. Pleease use some form of cloud storage, so if you lose your laptop with those oh-so-important reports, be assured that (with Internet access) the files are still accessible. Use my referrals for Dropbox, MiMedia,  SpiderOak, MediaFire, Ubuntu One, Sugar Sync.

Break the Low Yat stranglehold! Support Newegg Malaysia, or check Amazon’s International Shipping. Yeah, baby!

Let’s go back to basics, the quanta of it all:

  

Alice in Quantumland: An Allegory of Quantum Physics, The Wizard of Quarks: A Fantasy of Particle Physics, Scrooge’s Cryptic Carol: Visions of Energy, Time, and Quantum Nature

The IEM has a coffee table book out, Engineering Heritage of Malaysia (no, it is not Datuk Seri Samy Vellu’s bio). Visit here for details.

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Posted by Wata

Petronas Sees 14 Fields Under EOR Scheme Producing Up to 1B Barrels of Oil

November 17, 2013

Dateline 2013-09-26, Rigzone:

Malaysia’s state-owned oil company Petroliam Nasional Berhad (Petronas) expected production from 14 oil fields identified under the enhanced oil recovery (EOR) initiative to reach between 750 million and one billion barrels of oil for the duration of the fields’ economic life, subject to the condition of the fields and when these projects start up, local newspaper The Star reported Thursday.

The Tapis field is the first to be selected for the EOR scheme, under which Petronas seeks to reverse dwindling oil reserves in Malaysia. Five of these fields lie offshore Sabah and Sarawak, including Baram in Sarawak and St Joseph in Sabah, while the others are located offshore Peninsular Malaysia, including Tapis and Dulang fields.

Petronas CEO Shamsul Azhar Abbas said recently that production decline at its Malaysian oil fields has been kept to a minimum, at around 2 and 3 percent which helped the firm to maintain crude production at around 480,000 barrels per day, compared to 8 and 9 percent internationally, The Star reported.

…

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Posted by Wata

RPT-Fitch affirms Malaysia’s PETRONAS at ‘A’; outlook negative

November 13, 2013

Reuters, dateline 2013-09-23:

Fitch Ratings has affirmed Malaysia-based Petroliam Nasional Berhad’s (PETRONAS) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘A’, and its Short-Term Foreign-Currency IDR at ‘F1’. The Outlook on the Long-Term IDRs remains Negative.

At the same time, Fitch has affirmed PETRONAS’s foreign currency senior unsecured rating at ‘A’, including debt issued by PETRONAS Capital Limited and guaranteed by PETRONAS. PETRONAS Global Sukuk Ltd’s USD trust certificates have also been affirmed at ‘A’.

…

 

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Posted by Wata

Petrofac wins training contract with Malaysia’s Petronas

November 7, 2013

Dateline 2013-09-16, IFA:

Oil and gas services provider Petrofac is to operate and manage two training facilities for Malaysian oil major Petronas in a contract worth 120m dollars.

The company is currently constructing two upstream plant training facilities and a downstream facility to support Petronas’ workforce capability enhancement programme. The two upstream facilities will be managed by Petrofac for the next five years and will see 500 delegates trained each year. There is the option to extend the agreement for a further two years.

Andy Inglis, the head of Petrofac Integrated Energy Services, said he was ‘delighted’ to build on the existing relationship with long-term customer Petronas.

…

 

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Posted by Wata

Much riding on Petronas’ project

November 1, 2013

Dateline 2013-09-07, Malaysia Chronicle:

 The bulk of that comes from the national oil company, Petronas. Over its lifespan, Petronas has accounted, at times, for up to 50 per cent of the government’s annual revenue.

These exclude the various economic spin-offs from its investments and business activities. It provides, directly or indirectly, tens of thousands of jobs, hundreds of millions of ringgit in business opportunities and other value-added services.

With its huge operations built over the years in Malaysia and around the world, Petronas has emerged as the 25th largest oil and gas company in the world, the 68th largest company in the world, 12th most profitable globally and most profitable in Asia.

Much of the success comes from its investments in various upstream and downstream petroleum activities and prudent management of its financial reserves.

There are not many state oil companies that have been as successful as Petronas.

Petronas needs to step up investments to expand its operations, weather the vagaries of global petroleum prices and boost its earnings to ensure its financial sustainability and that of the country’s economy.

That was the rationale behind Petronas’s plan, announced last year, to turn Pengerang in Johor into a vibrant petroleum hub in Asia, rivalling Singapore.

…

 

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Posted by Wata

Marketing Rounds – Lifts at the Twin Towers

October 31, 2013

You know, I’m not a fan of the lift indicator lights in the Twin Towers.

Plus points:

  • Matches the facade of the buildings

Negative points:

  • When the indicator light is lit, it doesn’t stand out from the surrounding ambiance light.
  • The light is flush and parallel with the wall, so it is hard to see if you are at a distance and looking at the light at an oblique angle.
  • Reminds me of a 70s seedy movie marquee

Here’s a comparison:

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Posted by Wata

PETRONAS disproves notion Malaysia can produce cheaper petroleum

October 24, 2013

Really? Heck, they why do they complain when us Malaysian first class engineering companies don’t charge third-world prices? or when we want to pay our slaves … er, shining technical staff, the same pay grade as them?

The Malay Mail, dateline 2013-09-04:

Petronas today clarified there is a common misconception that Malaysia will be able to produce cheaper petroleum products such as gasoline and diesel if it were to produce and consume its own crude oil.

However, the national oil corporation said that the Tapis blend of crude oil found in Malaysian waters was the most expensive crude feedstock.

As such, by exporting its Tapis blend and importing the lesser quality sour crude for its own domestic consumption, Malaysia has benefitted further by reaping higher for its crude oil natural resource while ensuring energy security for its own domestic consumption.

…

 

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Petronas Gas’ H2 outlook promising: HwangDBS

October 11, 2013

That’s because when gas is bought at market rates, the cost is passed on to the voters.

Dateline 2103-09-23, from Sin Chew Jit Poh:

HwangDBS Vickers Research, which maintained a buy call on Petronas Gas Bhd, expects a stronger second half this year led by the maiden contribution from the Melaka Regas plant and larger gas capital expenditure.

“We expect earnings to recover in the second half and management has guided for 3-5 per cent per annum earnings growth from the Regas plant, thus contributing to a promising outlook as Petronas planned to invest RM15 billion to find new gas to cater for the rising demand in Peninsular Malaysia,” it said in a research note today.

The company was also poised to secure overseas ventures given its strong balance sheet, HwangDBS said.

…

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Posted by Wata

Promising outlook for Petronas Gas in 2HY13, says HwangDBS

October 8, 2013

From the Malay Mail, dateline 2013-09-23:

HwangDBS Vickers Research, which maintained a buy call on Petronas Gas Bhd, expects a stronger second half this year led by the maiden contribution from the Malacca Regas plant and larger gas capital expenditure.

“We expect earnings to recover in the second half and management has guided for 3-5 per cent per annum earnings growth from the Regas plant, thus contributing to a promising outlook as Petronas planned to invest RM15 billion to find new gas to cater for the rising demand in Peninsular Malaysia,” it said in a research note today.

…

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