Petronas, Dialog abort RM3.5bil Sarawak offshore projec

March 29, 2016

Ah, now I know one reason Dialog Offshore Engineering shut down.

Dateline 2016-02-04, The Star:

Petroliam Nasional Bhd (Petronas), Dialog Group Bhd and Australia-based petroleum company Roc Oil Co Ltd have aborted a proposed project estimated to cost more than RM3bil to develop and produce petroleum off Bintulu, Sarawak.

In a filing with Bursa Malaysia, Dialog said the small field risk service contract to develop the Balai cluster fields was terminated due to the difficult business environment and persistently depressed oil price.

The oil and gas-based technical services provider said BC Petroleum Sdn Bhd — which is 32% owned by its unit Dialog D&P Sdn Bhd, 48% by Roc Oil Malaysia (Holdings) Sdn Bhd and 20% by Petronas Carigali Sdn Bhd — had ceased operation and had on Wednesday signed a termination by mutual agreement with Petronas.


Malaysian firm brought suitor to Roc Oil

October 25, 2014

Dialog, again. Dateline 2014-08-12, Business Spectator:

A previously silent player in the Roc Oil takeover saga has emerged as a little known Malaysian company, which may have helped to broker the successful $474 million offer from Chinese conglomerate Fosun.

Dialog Group, a Malaysian company providing technology services to the oil and gas industry, has emerged as a key player in the dialogue between Fosun and Roc Oil, reporting by Data Room has discovered.

It is believed that Dialog secretly accumulated a 4.3 per cent holding in Roc Oil via ANZ earlier this year. An ANZ subsidiary is listed as the second-biggest holder in Roc Oil, after fund manager Allan Gray, according to Bloomberg data.

Malaysia’s CLIQ emerges as potential Roc Oil suitor

September 24, 2014

Dateline 2014-07-09, Business Spectator:

Malaysia’s CLIQ Energy may end the mystery around Australia’s mid-cap oil and gas group Roc Oil, which surprised the market in June by revealing an unidentified third-party suitor during its controversial merger process with peer Horizon Oil.

“CLIQ Energy is interested in Roc Oil as long as they meet our requirements and at the same time we are also pursuing other assets either as our QA (qualified acquisition) or post QA to create a balance portfolio,” CLIQ told Data Room in an email late on Wednesday.

Roc Oil Acquires 50% Interest in a PSC offshore Malaysia

May 15, 2014

Dateline 2014-04-01, Rigzone:

Roc Oil Company Limited, announced Tuesday the farm in to a Production Sharing Contract (PSC) which includes three fields D35, D21 and J4 (Fields), located offshore Malaysia in water depths of approximately 164 feet (50 meters). The Fields are currently 100 percent owned and operated by Petronas Carigali and ROC has farmed into a 50 percent participating interest. The Fields are in production with a combined daily oil rate of approximately 10,000 barrels of oil per day (bopd) and gas sales of approximately 17 million standard cubic feet per day (MMscf/d) gross working interest. ROC’s economic interest (50 percent) of the 2P reserves from the Fields is 8.7 million barrels of oil equivalent (MMboe).

First Oil Commences at Balai Field in Balai Cluster RSC offshore Sarawak

January 4, 2014

Dateline 2013-11-11, Rigzone:

Petroliam Nasional Berhad (Petronas) announced Sunday that oil production from the Balai field in the Balai Cluster Risk Service Contract (RSC) area offshore Sarawak, Malaysia has commenced Nov. 6.

The field’s first oil was achieved utilizing an early production vessel (EPV) as a part of the RSC area’s extended well testing (EWT) program.

The Balai Cluster RSC was awarded in August 2011 to BC Petroleum Sdn Bhd, a partnership between Roc Oil (Malaysia) Pty Ltd, Dialog D & P Sdn Bhd and Petronas Carigali Sdn Bhd. It is the second RSC that has successfully achieved oil production after the Berantai gas field.

ROC Oil begins drilling of West Acis-2 well in Malaysia

April 20, 2013

From the Energy Business Review, dateline 2013-04-02:

Australia-based independent petroleum company ROC Oil announced that the drilling of West Acis-2 well has begun in the Balai Cluster Risk Service Contract (RSC), Malaysia.

The Balai Cluster RSC includes four fields, Balai, Bentara, West Acis and Spaoh.

West Acis-2 located in the West Acis field, offshore East Malaysia, is the fourth well being drilled in the pre-development phase drilling program in the Balai Cluster.

It will be drilled to a planned target total depth of about 2,440m subsea.


Roc Oil confirms eastern extent of Malaysia’s Spaoh field

March 30, 2013

Dateline 2013-03-22, by Proactive Investors:

Roc Oil’s (ASX: ROC) third well at the Balai Cluster Risk Service Contract offshore Malaysia has confirmed the eastern extent of hydrocarbons in the Spaoh field.

Spaoh-2 intersected 30 metres of net hydrocarbon pay across six sandstone reservoir intervals.

It has been cased and completed in preparation for extended well testing with the Early Production Vessel Balai Mutiara.

Roc is now preparing to move the rig 5 kilometres northwest of Spaoh to drill the West Acis-2 well.


JP Morgan upbeat on Malaysian marginal oil fields

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.

Roc Oil secures A$163 million pre-development funding for Malaysian oil and gas project

June 12, 2012

Dateline 2012-05-17:

Roc Oil (ASX: ROC) and its Balai Cluster Risk Service Contract partners in Malaysia have secured US$162 million (A$163 million) in project financing for the pre-development of the project offshore Sarawak.

Sumitomo Mitsui Banking Corporation, Standard Chartered Bank and CIMB Bank Berhad are the lead arrangers of the loan, which matures on 16 December 2014.

Roc has a 48% stake in the project and has thus far directly contributed US$30 million to the project, which is well along its pre-development phase. Total cost of the pre-development phase is estimated to be between US$200 to US$250 million.

From Bernama – BC Petroleum To Invest RM2.55 Billion In Small Field Risk Service Project

November 24, 2011

I’m sorry, 53 jobs?

Dateline 2011-11-10:

BC Petroleum Sdn Bhd will invest up to RM2.55 billion in the small field risk service project of the Balai Cluster Field, offshore Sarawak.

The project, which will be carried out in two phases, is awarded by Petronas.

BC Petroleum is a joint-venture company between Roc Oil Malaysia (Holdings) Sdn Bhd, Dialog D&P Sdn Bhd and Petronas Carigali Sdn Bhd.

The project is projected to contribute RM4.95 billion to the country’s gross national income (GNI) and create 53 jobs by 2020.