Tuesday, April 23, 2019

Malaysia News

Petronas Expands LNG Supply

Image: Petronas

Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) said that it is well-positioned to meet rising LNG demand and expands its flexible and innovative LNG solutions for existing and new markets."With its growing portfolio of LNG supply sources in Malaysia, Australia, Egypt and soon in Canada, Petronas is well-positioned to provide clean energy through its flexible and innovative LNG solutions to existing and new demand markets, as well as to emerging trading hubs," said a press statement…

Malaysia's 2nd FLNG May be Ready by Q1 2020

Wan Zulkiflee speaks at the LNG2019 conference in Shanghai (Photo: Petronas)

State-owned Petroliam Nasional Bhd, or Petronas, expects to have its second floating liquefied natural gas (LNG) facility in Malaysia ready by the first quarter of next year, its chief executive, Wan Zulkiflee, told the LNG2019 conference in Shanghai on Tuesday.Malaysia had said in October last year that the facility would be operational by July 2020.Petronas' first floating LNG (PFLNG) Satu is now moored in the Kebabangan cluster field, some 90 kilometers northwest of the Sabah state capital city of Kota Kinabalu, the company had said last month.(Reporting by Meng Meng and Andrew Galbraith; Writing by Jessica Jaganat

First Condensate Cargo Shipped from Prelude

Prelude FLNG (Photo: Shell)

Royal Dutch Shell on Monday said it had shipped the first condensate cargo from its Prelude floating liquefied natural gas (FLNG) project off northwestern Australia over the weekend."We can confirm that the first shipment of condensate has sailed from the Shell-operated Prelude FLNG facility.

Murphy Oil Sells Malaysian Assets

(Photo: TechnipFMC)

Murphy Oil Corp said on Thursday it is exiting Malaysia with the $2.13 billion sale of its oil and gas assets to a Thai company and will use the deal proceeds to pay down debt, buy back shares and fund potential deals in the United States.The buyer, PTT Exploration and Production Public Co Ltd, will also pay Murphy up to $100 million in bonus if certain exploration projects show results before October 2020, the company said.The deal follows moves by other U.S. oil majors to focus their investment and effort in high-yielding shale fields at home after U.S.

OPITO Names Asian Pacific VP

Hart Victor (Photo: OPITO)

OPITO, a global, not-for-profit skills body for the energy industry, has appointed Hart Victor in the role of vice president of strategy for the Asia Pacific region.Victor had previously spent more than a decade with National Oilwell Varco (NOV) as regional training manager for Asia where he supported the growth of the team from 50 to over 1,000 people, as well as establishing new safety training centers in the region.Victor, who will be based at the company’s office in Kuala Lumpur, Malaysia, will increase support to the region’s oil and gas sector through implementing OPITO standards and global qualifications…

Petronas Q4 Profit Skids 21%

© anekoho / Adobe Stock

Malaysian state oil firm Petronas said on Friday its fourth-quarter profit slid 21 percent as costs piled up, and warned it will have to chart a way through a volatile, challenging 2019 citing market uncertainties and geopolitical risks.Petronas, Malaysia's only Fortune 500 company, said October-December profit slipped to 14.3 billion Malaysian ringgit ($3.50 billion) from 18.2 billion ringgit in the same period a year earlier, hit by higher product costs, depreciation and amortisation of assets.The drop came despite a 13 percent jump in quarterly revenue to 69.9 billion ringgit…

Asia: Pertamina, Petronas Join Forces

Image: Petronas

Indonesian state-owned energy company PT Pertamina and Petroliam Nasional Berhad (Petronas) of Malaysia have signed a Memorandum of Understanding (MoU) to develop oil and gas business – upstream and downstream, not only in Indonesia or Malaysia but also in other countries.As per MoU, Pertamina will swap crude produced in its Malaysian fields of Kikeh, Kimanis and Kidurong with crude from Petronas' Indonesian fields of Jabung and Ketapang, said a Reuters report quoting Pertamina sources.Meanwhile…

Yinson, First E&P in $902 Mln FPSO Deal

Image: Yinson Holdings Berhad

Malaysia’s floating production storage and offloading (FPSO) operator Yinson and Nigerian oil company First Exploration & Petroleum Development Company Ltd (First E&P) have executed a contract for an FPSO to be deployed offshore Nigeria.The contracts worth $901.79 million were entered into via its wholly-owned subsidiary Yinson Nepeta Production Ltd (YNPL) and indirect subsidiary Yinson Operations & Production West Africa Ltd (YOPWAL).The estimated aggregate value of the contract is based on the assumption that the extension options are fully exercised…

Repsol Net Profit Up 7.5%

(Photo: Repsol)

Spanish oil and gas firm Repsol beat forecasts with a 7.5 percent increase in fourth-quarter adjusted net profit on Thursday, boosted by higher oil and gas prices and increased production, and said its strategic plan was on track.Repsol started new projects in Algeria, Trinidad and Tobago, Britain, Peru and Malaysia during 2018, and benefited in October-December from an annual rise in prices and lower exploration costs.The company said it was on track to deliver its 2018-2020 strategic objectives, which include 15 billion euros ($17.1 billion) in spending, cutting debt and investing in renewables.In the fourth quarter

Coal's Uncertain Future and Glencore's Output Cap

File Image: AdobeStock / © Leonid Eremeychuk

It's been weird in the coal world in recent days, with the world's largest shipper saying it's capping output, biggest seaborne buyer China putting restrictions on some imports, and an Australian court saying mines must factor in climate change.Throw in an executive at a major Indian coal-fired power generator saying his company won't build any new plants as coal can't compete with renewables, and it's little surprise that environmental activists may be tempted to pop champagne corks.The common theme at work is that coal is finding it harder to secure a long-term future in the world's energy mix.

Repsol Unveils Big Gas Discovery in Indonesia

Map: Repsol

Spanish energy giant Repsol has made a substantial natural gas discovery in Indonesia along with its partners, Malaysia's Petronas and Japan's Mitsui Oil Exploration (Moeco).The company described the discovery in South Sumatra as "the largest gas find in Indonesia in 18 years" and one of the 10 largest in the world over the past 12 months.The discovery is also among the ten largest finds worldwide in the last 12 months. The KBD-2X well in South Sumatra provides preliminary estimation of at least 2 TCF of recoverable resources.The discovery was made in the Sakakemang block in South Sumatra…

Repsol Makes Huge Find in Indonesia

(Image: Repsol)

A consortium led by Repsol has found new gas resources in Indonesia estimated at at least 2 trillion cubic feet, the Spanish oil and gas firm said on Tuesday, equivalent to around two years' worth of Spanish demand.The discovery at the Sakakemang block in South Sumatra is among the 10 largest finds worldwide in the last 12 months, and the biggest in Indonesia for 18 years, Repsol said.Following its strategy to maximize the use of gas as major economies phase out carbon, Repsol plans to drill another appraisal well in the area in the coming months…

Repsol's Biggest Gas Discovery in Indonesia in 18 years

A consortium led by Repsol has found new gas resources in Indonesia estimated at at least 2 trillion cubic feet, the Spanish oil and gas firm said on Tuesday, equivalent to around two years' worth of Spanish demand.The discovery at the Sakakemang block in South Sumatra is among the 10 largest finds worldwide in the last 12 months, and the biggest in Indonesia for 18 years, Repsol said.Following its strategy to maximize the use of gas as major economies phase out carbon, Repsol plans to drill another appraisal well in the area in the coming months…

McDermott Bags Pan Malaysia Jobs

Photo by McDermott International, Inc.

American multinational McDermott International has announced Malaysian offshore projects contracts for developing pan Malaysia oil fields.One contracts was from Sarawak Shell Berhad and the other from Sapura Exploration and production, a press release from the fully-integrated provider of technology, engineering and construction solutions to the energy industry said.McDermott's scope of work for SSB includes the transportation and installation of jackets, topsides and pipelines for the Gorek gas field.

GasLog: LNG Demand Grew 9% in 2018

Image: GasLog

Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial, commercial and residential sectors.South Korea, Pakistan, Thailand and Mexico also experienced strong growth in LNG imports during 2018.

Yinson Tallies Layang FPSO Contract

(Image: JX Nippon)

Floating production, storage and offloading unit (FPSO) provider Yinson announced Thursday it has received a letter of award from JX Nippon to provide operation and maintenance services for an FPSO due to commence operations at the the Layang field offshore Malaysia by the fourth quarter of 2019.The charter contract is for a firm period of eight years, plus 10 extension period options of one year each.Yinson said the estimated aggregate value of the operation and maintenance contract, assuming the extension options are fully exercised…

Velesto Gets Contract Extension from Hess

Image: Malaysia Petroleum Resources Corporation

Malaysian drilling contactor Velesto Drilling said that the oil company Hess Exploration and Production Malaysia has extended the contract for the Naga 8 jack-up drilling rig in North Malay Basin, Malaysia.Naga 8 jack-up rig is owned by Velesto Drilling (previously known as UMW Offshore Drilling), a subsidiary of Velesto Energy Bhd (formerly known as UMW Oil & Gas Corp Bhd).In a filing with Bursa Malaysia, Velesto said that the contract was for 18 months plus extensions.The value of contract to provide high pressure high temperature jack-up drilling rig and services is estimated to be approximately $38 million…

Sapura Energy, OMV Partner for E&P

Sapura Energy's Tan Sri Shahril and OMV's Johann Pleininger at the November 2019 signing ceremony (Photo: OMV)

Malaysia’s largest oil and gas services company Sapura Energy Berhad and Austria’s OMV Aktiengesellschaft have agreed to form a new strategic partnership that will see the creation of a new joint venture independent oil and gas company.OMV Exploration & Production GmbH, a wholly-owned subsidiary of OMV Aktiengesellschaft, has paid $540 million for a 50% stake of the issued share capital in the newly formed SapuraOMV Upstream Sdn. Bhd.Malaysia based SapuraOMV Upstream Sdn. Bhd is a independent oil…

DOF Subsea Wins Yinson Energy Contract

Skandi Hercules. Image: DOF Subsea

Malaysia's Yinson Holdings Bhd's associate Yinson Energy has awarded DOF Subsea Asia Pacific Region a contract to provide transportation & installation (T&I) services to position and moor the FPSO Helang on the Layang field, Sarawak, Malaysia.DOF,  international subsea operating company, said in a press release that the award includes Project Management, Engineering, Towing and Mooring Services and is expected to be completed by Q3 2019.The project will utilize construction support vessel (CSV) Skandi Hercules…

WSM to Manage FSRU for Pardus Energy

Pardus Energy's FSRU Turquoise will be fully managed by WSM. Image: Wilhelmsen Ship Management

Wilhelmsen Ship Management (WSM) has entered into a management agreement with Ireland-based Pardus Energy for their new building Floating Storage and Regasification Unit (FSRU).WSM, one of the world’s largest third-party ship manager with a portfolio of more than 450 vessels and 9200 active seafarers, will be providing ship management services for the new FSRU named “Turquoise”.The FSRU is a 170,000 CBM gas processing vessel, built at Hyundai Heavy Industry, South Korea. The FSRU will be managed by Wilhelmsen Ship Management Malaysia.“We are extremely excited to be selected as the manager for this FSRU.