Malaysia’s Petronas, Total sign HOA on development of offshore sour gas field

April 17, 2012

Dateline 2012-03-28:

Malaysia’s Petronas and Total of France have signed a heads of agreement to jointly study the development and production of a high carbon dioxide gas field offshore Sarawak in eastern Malaysia, the state-owned oil and gas company said Wednesday.
The K5 gas field, discovered in 1970, is a sour gas field with an up to 70% carbon dioxide content. To develop and produce such a field requires extensive study and research, and if it results in the production of gas, K5 would be the first gas field with more than 50% carbon dioxide to be developed in Malaysia, Petronas said.

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Saturday Star 2012-04-07 – Job Opportunities

April 9, 2012

Support me by purchasing my recommendations, or buying through my Amazon store. I need the money to pay for running this site. Corporate level sponsors are encouraged.

If you need my help to submit your CVs, donate to the blog, and I’ll review your CV to see if it is worthy of my (and my associates’) expectations. If you can’t figure out how to donate, no need to ask.

  • I’m looking for a senior process engineer, 7+ years experience. Send your cv here . Also looking for process safety persons, lead piping designer, lead instrument engineer, and other seniors you think will catch my eye.
  • PETRONAS has a one page ad. Send your cv here. State your applied discipline as subject/title of your application.

May I suggest that readers install the Waze app on their phones? And use it as much as possible? It says its a “a social mobile application providing free turn-by-turn navigation based on the live conditions of the road. 100% powered by users, the more you drive, the better it gets. Join the community of drivers in your area today!” It’s definitely getting better for the Klang Valley area, though we need more users from East Malaysia.

Support your local bookshop! Visit Bookalicious at The Summit Subang, good selection of imported books. I think they focus on trilogies, quadrilogies, and otherologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Maybe I should say that next time I visit them. Those of you who have dropped my name, thanks!

BTW, did I tell you that I am the Secretary of MOGEC?

For those of you who have a healthy skepticism to my industry, these books are for you:

  

Why We Hate the Oil Companies: Straight Talk from an Energy Insider, The Party’s Over: Oil, War and the Fate of Industrial Societies, Barbarians of Oil: How the World’s Oil Addiction Threatens Global Prosperity and Four Investments to Protect Your Wealth (Agora Series)

This week’s food promotion is … masak asam pedas. If you find nice places around PJ, let me know. I’ve tried the one across from the PJ State Police Station, and the shop next to Dewan MPSJ in PJ State.

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24 Petronas workers hurt in gas leak

April 8, 2012

Dateline 2012-04-07:

 24 workers at the Petronas gas processing plant in Kertih were admitted to hospital with breathing difficulties caused by a gas leak on Thursday.

Around 300 workers were about to start maintenance work shortly after 8pm when they had to rush out of the plant after smelling the gas, believed to be ammonia.

Eight of the workers were sent to Dungun Hospital while 16 others received treatment at the Paka clinic.

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Petronas To Award Additional Licenses To Develop Marginal Fields

April 8, 2012

Dateline 2012-04-02:

Petroliam Nasional Bhd (Petronas) will be awarding additional licences this year to develop marginal fields to bolster crude oil and gas production to further stimulate growth in the Oil, Gas and Energy sector.

The additional licenses would also support to maintain production at 650,000 barrels per day, the Performance Management & Delivery Unit (Pemandu) said in the Economic Transformation Programme Annual Report 2011 released today.

This move to develop small fields through innovative solutions is part of the entry point projects (EPPs) in the Oil, Gas and Energy (OGE) industry under the National Key Economic Areas (NKEA).

Having passed the Petroleum Income Tax Act last year to introduce new tax incentives for the oil and gas sector to unlock and monetise stranded O&G resources, the Act would be utilised to incentivise new players to enter the marginal field development segment, the report said.

Among licenses awarded in 2011 were risk service contracts to Sapura Kencana Petroleum Bhd and Petrofac Energy Developments Sdn Bhd.

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Petronas Carigali’s gas price hike to raise domestic selling prices

April 4, 2012

Dateline 2012-03-17:

Petronas Carigali Sdn Bhd’s (Petronas Carigali) agreement to buy natural gas from Natuna at a revised price of US$6 per million British thermal units (mmBtu) will expedite the process of raising domestic gas selling prices, which are heavily subsidised at present.

Theoretically, the adjusted Natuna price was 31 per cent higher than the price currently paid by the power segment (US$4.57 per mmBtu) but two per cent lower than industrial segment’s of US$6.12 per mmBtu, said Maybank Investment Bank Bhd (Maybank IB) in its report yesterday.

“While a hike in gas prices is inevitable, policymakers have yet to come out with a concise gas price blueprint,” it highlighted.

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Petronas proposes gas price mechanism

March 30, 2012

Dateline 2012-03-06:

Petroliam Nasional Bhd (Petronas) has proposed a pricing mechanism for natural gas once the regasification terminal in Melaka comes into operation in August.
“We have sat down with three [deputy ministers] a few weeks ago, and we proposed a review of the formula. It is now being brought to the Economic Council. So, we are waiting for that,” said president and CEO Datuk Shamsul Azhar Abbas at the national oil corporation’s financial results announcement yesterday.
The terminal will allow Petronas to import gas to make up for the current shortage. A pricing mechanism is necessary as currently Petronas’ supply of gas is heavily subsidised.
With the additional supply of imported gas, local prices will slowly rise to be on par with international market prices.

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Petronas sees growth slowdown until 2014

March 27, 2012

I think we should focus on tin and electronics again. What say you?

Dateline 2012-03-06:

Petroliam Nasional Bhd (Petronas), which posted one of the highest ever nine-month results ended Dec 31, forecasts that growth will slow down this year and next due to production issues.

The national oil company, whose new financial year starts from Jan 1 this year from April 1 before, posted a 10.8% rise in net profit to RM55.6bil on higher margins for the nine-month period compared with the previous corresponding period while revenue jumped 26.9% to RM222.8bil due to higher realised prices and improved liquefied natural gas sales volume.

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Petronas posts RM53b net profit on efficiency gains

March 25, 2012

Dateline 2012-03-05:

State oil firm PETRONAS Group has posted RM53 billion net profit for the nine months ended December 31, 2011, excluding gains, owing to higher margins from improved plant performance.

Group revenue also improved by 26.9 per cent from the 2010/11 financial year to RM222.8 billion on the back of higher realised prices and improved gas sales volume.

Gross operating profit after tax surged 30 per cent to RM52.4 billion from the previous financial year, with the group’s energy and production division recording the highest incremental contribution on stronger crude prices.

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Petronas posts 34 pct profit decline, warns on outlook

March 22, 2012

Dateline 2012-03-05:

Malaysia’s state oil firm Petroliam Nasional Bhd (Petronas) posted a 34 percent decline in third-quarter profit on Monday, saying the fall was mainly due to a one-off gain in 2010 from the listing of subsidiaries.

Without that gain, Petronas’ Q3 profit was higher than a year ago on the back of higher crude oil prices and improved margins, it said.

The unlisted firm said its net profit for the nine-month period ended Dec 31, 2011 was 10.6 percent higher than a year ago at 55.57 billion ringgit ($18.5 billion) due to higher crude oil prices, sales and gas production volume.

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Malaysia’s PETRONAS resigns from big Indonesia’s East Natuna

March 18, 2012

Dateline 2012-02-27:

Malaysia’s state oil and gas company Petronas has resigned from a consortium exploring Indonesia’s East Natuna gas project, Asia’s biggest untapped gas reserve, Indonesia’s state oil and gas company Pertamina said on Monday.

“We received confirmation from our upstream director Muhammad Husen that Petronas has backed down as our partner in East Natuna,” Pertamina spokeswoman Wianda Pusponegoro said to Reuters on Monday.

Pusponegoro declined to give further details or a reason for the resignation and there was no immediate comment from PETRONAS.

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