RAPID Project Pengerang : Penduduk, polis bersemuka di jirat

Beberapa penduduk bergegas ke perkuburan Cina Sungai Kapal, Pengerang selepas mendapat tahu ia sedang dikira untuk persediaan memindahkannya ke tempat lain.

Naib Presiden Gabungan NGO Pengerang Sim Seng San berkata, penduduk mengambil langkah itu apabila mendapat maklumat bahawa lima pekerja sedang mengira jumlah kubur sambil dikawal oleh beberapa pegawai polis pagi ini.

Perkuburan itu akan dipindahkan ke Sungai Rengit, tidak jauh daripada tempat itu, bagi memberi laluan kepada projek Pembangunan Bersepadu Penapisan Minyak dan Petrokimia (Rapid).

Ketika dihubungi Malaysiakini, Sim mendakwa, ketika tiba ke lokasi, penduduk mendapati jalan utama menghala ke perkuburan itu ditutup oleh trak polis.

Icon Offshore ke Bursa Malaysia Mei

Pasaran tawaran awam permulaan (IPO) tempatan dijangka terus rancak apabila Ekuiti Nasional Bhd (EKUINAS) menyasar untuk menyenaraikan aset perniagaan minyak dan gasnya, Icon Offshore Bhd, di Bursa Malaysia pada Mei ini.

Jika semuanya seperti dirancangkan, penyenaraian itu bakal menjadi satu lagi antara tawaran awam permulaan (IPO) utama di Malaysia pada 2014.

Gumusut-Kakap disposal boosts MISC FY13 net profit

MISC saw its full-year net profits for 2013 nearly triple compared to the previous year, driven mainly by a one-off gain on disposal on its Gumusut-Kakap Semi-Floating Production System Limited divestment.

For 4Q13 ended Dec 2013 today, the Petronas subsidiary posted RM1.08 billion in net profits from RM2.14 billion of quarterly revenue.  an improvement over RM721.11 million in net profits from RM2.3 billion revenue in 4Q12.

Overall, MISC’s net profits for FY13 stood at RM2.08 billion from RM8.97 billion in revenue, up 170% year-on-year (yoy) from RM770.24 million in net profits from RM9.05 billion revenue recorded in FY12.

“The increase in profit was mainly due to higher share of profit from joint ventures, especially GKL, from recognition of a once off gain on disposal of Gumusut Kakap FPS through finance lease in the current year,” said the company in a regulatory filing.

According to MISC’s accounts, gains from share of profit on joint ventures amounted to RM1.16 billion for FY13.

GKL refers to Gumusut-Kakap Semi-Floating Production System (L) Limited, which owns the Gumusut-Kakap Semi-Floating Production System (GKSFPS). In turn GKL had purchased GKSFPS from MISC on Oct 4, 2012 for US$2.03 billion (roughly RM6.77 billion) — MISC is owed US$1.42 billion (about RM4.7 billion) while the remainder was satisfied through issuance of 611.4 million new shares in GKL worth USD$1 each.

MISC had then divested 50% equity in GKL to E&P Venture Solutions Co Sdn Bhd a wholly owned subsidiary of Petronas Carigali Sdn Bhd, a deal valued at USD$305.7 million (approximately RM1.01 billion).

Petronas Dan Perwaja Steel Setuju Selesai Hutang Di Luar Mahkamah

Petronas mencapai persetujuan di luar mahkamah bagi menyelesaikan hutang berjumlah RM275.77 juta yang dipinjam oleh Perwaja Steel Sdn Bhd.

Perwaja Steel akan membayar hutang itu secara ansuran bulanan bermula dari Ogos 2015, kata syarikat gas dan minyak itu dalam satu kenyataan Jumaat.

Perwaja Steel ialah anak syarikat milik penuh Perwaja Holdings Bhd.

Dalam kenyataannya, Petronas berkata pada masa yang sama, mereka bersetuju untuk membekalkan gas kering kepada Perwaja Steel secara bayaran pendahuluan.

Petronas awards RM10b contract to TL Offshore, PBJV and GOM Resources

Petroliam Nasional Bhd (Petronas) has recently awarded the RM10bil Pan Malaysia integrated offshore installation contract to TL Offshore Sdn Bhd, PBJV Sdn Bhd and GOM Resources Sdn Bhd.

Petronas said the contract covered the domestic upstream oil & gas offshore transportation and installation activities for a period of three years commencing year 2014.

The contract, which was a competitive tender open to both local and international companies, involves the transportation and installation for offshore facilities and includes all the necessary services required for the execution of the scopes such as marine spread services, required tools, specialized equipment and manpower services.

“The total work value under this contract is estimated to be almost RM 10 billion, spread over four packages, and was awarded to three capable local offshore installation contractors (OICs) namely TL Offshore, PBJV  and GOM Resources,” it said - The Star

THHE set to scoop Kinabalu

TH Heavy Engineering’s Pulau Indah-based yard is poised to land a contract for the fabrication of a compression module to be installed at the Petronas Carigali-operated Kinabalu non-associated gas development off Sabah, East Malaysia.

The Malaysian yard operator emerged as the front-runner for the contract following a tender issued to local players.

The contract involves fabrication of the compression module, modification to the existing processing platform and the final hook-up and commissioning.

The compression module is scheduled for load-out early next year, with offshore work targeted for completion by mid-2015.

Assuming it is confirmed, the Kinabalu award would mark the second contract win for THHE in Malaysia within six months.

Last November, the Pulau Indah-based yard operator unveiled a letter of award from Lundin Petroleum for the fabrication of a wellhead platform targeted to be delivered in late 2014 for the Bertam field development in Block PM 307 off ­Peninsular Malaysia.

The Kinabalu project began production at an initial flow rate of 65 million cubic feet per day in December 2013.

The first phase of the gas development, designed to produce up to 300 MMcfd, includes a central processing platform and two drilling platforms.

Contracts for the production facilities lined up under the first development phase were awarded to Malaysia Marine Heavy Engineering (MMHE), Lumut-based Kencana HL and Sime Darby.

Sime Darby’s contracted workscope was taken over by MMHE, following a merger between the two yard operators.

Gas from Kinabalu is piped to the newly-constructed Sabah Oil & Gas Terminal in Kimanis.

Petronas: Perwaja to repay RM275.77m debt from August 2015

Petroliam Nasional Bhd (Petronas) has allowed Perwaja Holdings Bhd's unit to repay the RM275.77mil debt in monthly instalments from August 2015.

The national oil company said on Friday this was agreed upon under an out-of-court settlement with Perwaja Steel Sdn Bhd

"In addition, Petronas has also agreed to supply dry gas to Perwaja Steel on an advance payment basis.

"Petronas would like to emphasise that the settlement agreement is a business decision to increase its potential of recovering the debt in full," it said. - The Star

US' Camac charters Bumi Armada - FPSO Armada Perdana

The United States' independent Camac Energy Inc has confirmed the US$381 million (RM1.26 billion) long-term charter of a Bumi Armada floating, production, storage and offloading (FPSO) vessel, Armada Perdana, for work off West Africa.

The Houston-based firm said it will hold on to the FPSO Armada Perdana for at least five more years, with an automatic two-year option attached.

"The contract provides for an initial term of five years beginning January 1, with an automatic extension for an additional two years, unless terminated by Camac with prior notice."

Bumi Armada, which also confirmed the deal, said the two-year extension is worth another US$108 million.

Camac Energy said it plans to utilise the FPSO vessel for its multi-year, high-impact development and productions offshore Nigeria.

"FPSO Armada Perdana has a production capacity of 40,000 barrels of oil per day, and storage capacity of 1.1 million barrels," the firm said.

The FPSO currently supports Camac Energy's daily production of about 2,000 barrels of oil and 40 million standard cu ft of natural gas from the Oyo field in OML Block 120 offshore Nigeria.

Camac Energy senior vice-president of exploration and production Segun Omidele said securing this infrastructure for up to seven years is another milestone towards the growth of the company.

Listed on the New York Stock Exchange, Camac Energy is an independent oil and gas exploration and production firm focused on energy resources in Africa. Its asset portfolio consists of eight production and exploration licences in three countries covering an area of 41,000 sq km, including existing production and other major projects offshore Nigeria. - BTimes

MMHE, SapuraKencana, THHE said shortlisted for RM1.5b Baronia gas project tender

Petronas Carigali Sdn Bhd has shortlisted Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE), SapuraKencana Petroleum Bhd and TH Heavy Engineering Bhd for the Baronia gas project tender worth an estimated RM1.5 billion.

The three Malaysian firms were among 11 local and foreign oil & gas (O&G) firms shortlisted for the tender, according to Upstream Online on its web.

The O&G news portal reported that a turnkey contract for the Baronia central processing platform (CPP) is now open for tender.

The contract stipulates the engineering, procurement, construction, installation and commissioning of a new CPP for the existing Baronia gas compression platform.

The outcome of the tender would be announced before June, said the specialist news portal.

Alliance Research, quoting Upstream Online in its research note today, said the local players may have an edge for this project due to their available yard capacity.

“Based on our estimates, SapuraKencana and MMHE are now running at 50%-60% capacity utilisation,” said Alliance’s research analyst Arhnue Tan.

“For THHE, it is roughly at 40% or lower as the company has recently expanded its yard space.”

The Baronia CPP project is tasked to be delivered by early 2017 that include installing about 13,000 metric tonnes of topsides, 6,800 metric tonnes for the jacket and also a connecting bridge, said Upstream Online.

In its report, Upstream Online also reported that two small satellite platforms were up for tender, namely Baronia and Tukau Timur, which would be linked to the central processing platform.

MMHE, SapuraKencana, THHE are also in the running for the satellite platform projects, apart from five other fabricators – Boustead Heavy Industries Corp, Labuan Shipyard & Engineering, Brooke Dockyard, KKB Engineering Bhd’s Ocean Might and Muhibbah Engineering (M) Bhd.

“If the installation of pipelines and facilities are tendered separately, that could see another RM500 million in contracts from this project bringing the total to RM2 billion,” said Tan.

She said new players like KKB Engineering and Muhibbah might be running at extremely low utilisation.

“No major fabrication jobs have been announced by them since their license awards,” she added.

Additionally, Tan said Petronas’ final investment decision would be known in March this year, which would see another slew of jobs for downstream O&G to emerge from the RAPID project.

Maintaining “overweight” on the O&G sector, Tan said SapuraKencana was chosen as the sector’s top pick due to its undemanding forward price earnings ratio valuation of 17.1 times and solid earnings visibility of RM24 billion order book. - The Edge

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Immediate start
Monday to Friday role - 10 hours/day
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Please send all CVs to yohann.doppia@applusvelosi.com