Malaysia's Petronas, Petros finalising deal on gas distribution in Sarawak state, PM says
Anwar Ibrahim, the Prime Minister of Malaysia, said that Petroliam Nasional Berhad and Petroleum Sarawak Berhad are working to finalize details for a long-delayed gas distribution agreement in Sarawak. Both companies have been at odds for months over Sarawak's plans to take control of all gas trading within the energy-rich state away from Petronas - whose sole shareholder, the Malaysian Government, is Petros.
VEGOILS-Palm trades lower after Malaysian palm oil data
The price of Malaysian palm futures dropped on Tuesday, after the data released by the industry regulator confirmed that market expectations were correct. This was due to a decline in Malaysian stocks, production and exports. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery had fallen 82 ringgit (1.6%) to 5,038 Ringgit ($1,138.27).
VEGOILS - Palm oil drops as the weather improves in Malaysia. Gains for a second consecutive week
The price of Malaysian palm oils futures fell on Friday as supply concerns eased. However, the contract continued to rise for the second consecutive week, thanks to improved weather conditions in Malaysia, the second largest producer in the world. The benchmark palm-oil contract for February delivery at the Bursa Derivatives Exchange fell 3 ringgit or 0.06% to 5,132 Ringgit ($1,161.87) per metric ton.
Palm oil drops as the weather improves in Malaysia. Set for second week gains
The price of Malaysian palm futures fell on Friday as supply concerns eased. Weather conditions in Malaysia, the second largest producer of palm oil, also improved. However, the contract was still set to increase for a second consecutive week. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery had fallen 20 ringgit or 0.39% to 5,115 Ringgit ($1,157.24).
Malaysian PM: Petronas exploration in South China Sea to continue
Anwar Ibrahim, Malaysia's prime minister, reiterated on Tuesday that the state-owned energy company Petronas would continue to conduct oil exploration in Malaysia's Exclusive Economic Zone (EEZ) of the South China Sea despite China's objections. He told the parliament that this includes exploration activities for Petronas Kasawari Gas Development off Sarawak State on Borneo.
Siemens Equipment for Pertamina's Balikpapan Refinery
Siemens Gas and Power will supply a range of compression and power generation equipment for the Petramina's Balikpapan Refinery located on Borneo Island in East Kalimantan, Indonesia.The equipment will be installed as part of Pertamina’s Refinery Development Master Plan (RDMP). The RDMP involves the construction of a residual fluid catalytic cracker (RFCC) unit with a design capacity of 90…
LNG Tanker Diverted from China in Sign of Weaker Demand
A liquefied natural gas (LNG) tanker that had been heading to China has been diverted, data intelligence firm Kpler and two industry sources said on Tuesday, probably due to lower demand for the fuel as businesses are hit by the coronavirus outbreak.The Tangguh Foja tanker loaded a cargo at the Tangguh LNG plant in Indonesia last month and had been heading to China's Rudong terminal in Jiangsu province…
Malaysian State Open to Buying Petronas Stake
Malaysia's Terengganu state said on Wednesday it was open to buying a stake in national energy giant Petronas, after Prime Minister Mahathir Mohamad said he was considering such a sale to raise funds for his heavily-indebted federal government.Petronas, the world's third-largest exporter of liquefied natural gas, is one of the biggest…
Petronas Quarterly Profit Halves
Malaysia's state energy firm Petroliam Nasional Bhd said on Tuesday its third-quarter profit nearly halved due to lower demand and impairment charges, and warned of further risks to demand.Profit for the July-September period at Petronas, as the company is better known, dropped to 7.4 billion ringgit ($1.77 billion) from 14.3 billion ringgit a year before.Net impairment charges totaled 2.6 billion ringgit…
Southeast Asia Bullish on OFS Market
Offshore project sanctions in Southeast Asia could lift greenfield investments in the oilfield services market by nearly 70 percent in 2020, said Rystad Energy.According to Norwegian energy research firm, the growth will be driven by a handful of new mega-projects across Malaysia, Myanmar and Vietnam, according to the latest tally…
Sir Bob Reid Joins Belltree Board
Sir Bob Reid is to take up a new role as nonexecutive director of Belltree, a specialist oil and gas consultancy based in Edinburgh. The former chair and chief executive of Shell UK will advise and support Belltree with its continued growth into international markets. During his 36-year tenure at Shell, he spent much of his time overseas including posts in Brunei…
LUX Assure Appoints Partner in Malaysia
Oil and gas technology firm, LUX Assure, has strengthened its presence in Malaysia with the appointment of a regional partner, Borneo Seaoffshore Engineering SDN BHD. Borneo Seaoffshore will support LUX in educating the local market on corrosion management best practice, whilst promoting its CoMic technology. CoMic is an on-site deployable corrosion inhibitor monitoring kit…
Pertamina Plans to Develop South China Sea Border Areas
Energy company Pertamina plans to explore for oil and gas in areas close to Indonesia's maritime border in the South China Sea to assert the country's territorial rights, the upstream director of the state-owned company said. "The government needs to have activities around the borders and one of Pertamina's strategies is to support this," Syamsu Alam told Reuters in an interview on Monday.
Aker Bags Rotan Subsea Contract
Aker Solutions has been awarded a contract from Murphy Sabah Oil Co., Ltd. (Murphy) to deliver the subsea production system for the Rotan deepwater natural gas development offshore Malaysia. The delivery includes hardware for four subsea wells, a hub manifold, in-line tees, a connection system and production control system. First deliveries are scheduled for the second quarter of 2016.
Shell Transfers Stake in Malaysia MLNG Plant to Petronas
Royal Dutch Shell unit Sarawak Shell Bhd has transferred its 50 percent stake as operator of the MLNG Dua liquefied natural gas (LNG) plant to Malaysian state oil firm Petroliam Nasional Bhd (Petronas) , Petronas said on Friday. The Petronas statement did not give further details or any value attached to the move. Petronas' subsidiaries…
Chevron Delays Indonesia Deepwater Gas Decision
Chevron Corp said on Friday it has made a final investment decision (FID) on the first stage of a deepwater natural gas project in Indonesia, but delayed a decision on the second phase of the multi-billion dollar project. The Chevron-operated Indonesia Deepwater Development (IDD) project, which includes the Bangka, Gendalo, Gehem, Gandang and Maha fields off eastern Borneo…
Malaysia's Sumatec to buy Borneo Energy
Malaysian upstream oil and gas company Sumatec Resources Bhd has agreed to buy Borneo Energy Oil And Gas in a cash and share deal worth $250 million, Sumatec said on Friday. Sumatec signed a framework agreement with Borneo Energy's owners Abu Talib Abdul Rahman and Murat Safin for the purchase. Borneo Energy owns Kazahk upstream oil and gas firm Buzachi Neft LLP, according to a local stock exchange filing.
Japan's JX to Develop Offshore Malaysia Gas Field
JX Nippon Oil & Gas Exploration Corp said on Monday it had decided to develop Layang gas field off the coast of the Malaysian state of Sarawak on Borneo island for an undisclosed sum, aiming to start production in April-June 2016. Layang field, which is located about 8 km (5 miles) east of Helan gas field, now under production, in the same SK10 block…
