August 12, 2012
Dateline 2012-08-03:
Daniel Johnston, in his book International Petroleum Fiscal Systems and Production Sharing Contracts, noted that Malaysia has one of the toughest fiscal systems in Southeast Asia” after an extensive research covering 148 oil- and gas-producing nations and their respective petroleum taxation systems.
In simple language, he means that we have the toughest regulations to ensure we get the most from foreign oil and gas operators harvesting petroleum from Malaysian territories.
If this is the case, why are foreign operators like Shell and Exxon still able to find it profitable and attractive to come and develop oil in Malaysia?
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Malaysia, oil and gas | Tagged: Petronas | 
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Posted by Wata
August 1, 2012
I am standing waaaaay back from this author, next time he is invited to a press meet.
Dateline 2012-07-12:
In early June Petronas hinted publicly at the World Gas Conference that they are tired of being the Malaysian government’s cash cow. They said no to fuel subsidy and last year they said they wanted to pay less dividends! Is Petronas ungrateful? The money belongs to the rakyat anyway and hence the government.
While many have attempted to comment on the sustainability of Petronas’ payouts, this article aims to give some insights into the realities of the local oil & gas industry, and why returning all oil harvests back to Malaysians may not benefit them in the longer run.
In 1974, Petronas, fully owned by the government of Malaysia, was established and given full ownership and control of our Petroleum reserves. Today, it has evolved into a fully integrated oil and gas multinational corporation, ranked among FORTUNE 500’s largest and most profitable oil and gas corporations with a total workforce of more than 30,000.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Petronas, WGC | Permalink
Posted by Wata
July 31, 2012
Can anyone introduce me to Coastal Energy?
Dateline 2012-07-07:
Coastal Energy Co has entered into a small field risk service contract (RSC) with Petroliam Nasional Bhd (Petronas) for the development and production of petroleum from the Kapal, Banang and Meranti cluster of small fields offshore Peninsular Malaysia.
Coastal (with 100% equity interest under the small field RSC) would be the operator of the cluster fields. In accordance with the RSC, the company is also finalising an arrangement for a Malaysian company to participate in the contract for 30% to 40% equity interest.
According to Coastal’s website, the company would provide the upfront development capital, undertaking the development drilling and production of the fields. Petronas will remain the owner of the project.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Costal Energy, Petronas | Permalink
Posted by Wata
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.
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Leave a Comment » | engineering, Malaysia, oil and gas | Tagged: Coastal Energy Co, Dialog, JP Morgan, Kencana, Petronas, Roc Oil, SapuraCrest | Permalink
Posted by Wata
July 22, 2012
Piggy bank is such a Malaysian unfriendly word. Porcine bank? Khindzir bank?
Dateline 2012-07-02:
State-owned oil company Petronas is tired of being Malaysia’s cash trough. Its growing pique at the government flared into public view here in early June at the World Gas Conference.
Chief executive Shamsul Azhar Abbas took to the stage and declared that the government’s policy of subsidizing fuel was plain wrong. A murmur ran through the crowd – his boss, Prime Minister Najib Razak, was sitting in the front row.
Moments later, Najib went to the podium himself to remind everybody that the subsidies – for which Petronas foots the bill – have “social-economic objectives.”
The subtext of that rejoinder: Malaysians pay among the lowest electricity rates and petrol-pump prices in Asia. While the government has vowed to “rationalize” that, it’s highly unlikely to happen before elections expected in a few months.
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Najib Tun Abdul Razak, Petronas, piggy bank, Shamsul Azhar Abbas | Permalink
Posted by Wata
July 20, 2012
Ah… any comment I make is going to upset the left, right, conservatives, radicals and Jabba simultaneously. Who says I can’t create a lose-lose situation?
Dateline 2012-06-24:
Tun Dr Mahathir Mohamad has voiced his support for a proposal to set up a mega Islamic bank with Petronas and pension funds being used to underwrite some of the US$1 billion (RM3.2 billion) in start-up capital.
The influential former prime minister insisted last night there would be nothing wrong should the government decide to go ahead with Bank Negara Malaysia’s (BNM) proposal to use an injection from the cash-rich state oil firm as “Petronas money is government money.”
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Dr M, Dr Mahathir, Petronas, Tun Mahathir | Permalink
Posted by Wata
July 17, 2012
Opportunities abound
Dateline 2012-06-12:
Gas Malaysia Bhd, which made a strong debut on the main market of Bursa Malaysia yesterday, plans to start discussions with Petroliam Nasional Bhd (Petronas) soon for additional supply of gas after 2016, said its managing director Datuk Muhamad Noor Hamid.
“At the moment, we have not discussed with Petronas. Our plan is to have discussion with them soon for additional volume of gas coming from the liquefied natural gas regasification terminal in Pengerang, Johor, which is expected to be operational in 2016,” Muhamad Noor told reporters after the company’s listing.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Gas Malaysia, Petronas | Permalink
Posted by Wata
July 10, 2012
Congratulations, Datuk! Will we be seeing less of you on fb? On another note, did they split up the CEO’s office into sub categories?
Dateline 2012-06-08:
Petronas has appointed Datuk Mohd Anuar Taib as Vice President & Chief Executive Officer of Petronas Development & Production, effective July 1 this year.
The national oil company, in a statement here Friday, said he would head the upstream development and production division of Petronas in Malaysia as well as in 23 countries worldwide.
Mohd Anuar, who is currently the Vice President Malaysia, Upstream International and Chairman of Shell Malaysia, joined Shell in 1990 and will continue to serve Shell until the end of this month. A well engineer by discipline, Mohd Anuar was involved in various technical and business development positions throughout Asia and the United States.
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Leave a Comment » | business opportunity, Malaysia, oil and gas | Tagged: Anuar Taib, Petronas, Shell | Permalink
Posted by Wata
July 7, 2012
Dateline 2012-06-08:
Petroliam Nasional Bhd (Petronas) expects the oil prices to decline on the back of economic uncertainty, said its chief operating officer and executive vice president (downstream business), Datuk Wan Zulkiflee Wan Ariffin.
“We’re not bullish in the coming quarters due to economic uncertainty and China as well as India are also starting to show weak growth,” he told reporters at the launch of its new oil and gas technology solutions here today.
The event was held on the last day of the 25th World Gas Conference.
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Leave a Comment » | Malaysia, Malaysian election, oil and gas | Tagged: Petronas | Permalink
Posted by Wata
July 4, 2012
Dateline 2012-06-05:
Malaysian state oil firm Petronas has awarded the engineering, procurement, construction, installation and commissioning (EPCIC) portion of its first commercial floating liquefied natural gas (LNG) project to a consortium comprising Technip SA and Daewoo Shipbuilding & Marine Engineering Co Ltd.
Petronas said yesterday it has approved plans to build a floating LNG plant offshore in Sarawak state, on Borneo island, and expected the facility to be ready for start-up by the end of 2015.
“It will be moored about 180 kilometres off the coast of Bintulu, Sarawak, and is designed to produce 1.2 million tonnes a year of LNG,” Petronas said in a statement today.
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Leave a Comment » | Malaysia, oil and gas | Tagged: Daewoo, FLNG, Petronas, technip | Permalink
Posted by Wata
Wata - Malaysian Oil and Gas Engineer 