The US$4 billion merger of two of Malaysia’s larger oil and gas firms, Kencana and SapuraCrest, sent a clear message to their local rivals: size matters.
Small oil and gas services companies dot the Malaysian market and analysts think it makes strategic sense if firms join hands to add value to their portfolio.
“Everyone these days wants to be a one-stop solution provider,” OSK analyst Jason Yap Wah Ming said. As state-owned oil giant Petronas starts calling for bids to develop its oil assets, there will be more M&A deals in one to three years, analysts say.
Likely beneficiaries will be those companies that offer under one roof a myriad of services such as maintenance, fabrication operations, and marine vessel charter.
In the case of Kencana and SapuraCrest’s merger, a natural “fit” was found with Kencana’s vessel fabrication expertise and Sapuracrest’s installation capabilities.
Given the current landscape of the industry, likely buyers include Petronas’ engineering arm Malaysia Marine, which has cash and cash equivalents of RM2 billion.
Already, Malaysia Marine has shown its hand and bought conglomerate Sime Darby’s deepwater fabrication yard in Ramunia for RM695 million.
But as Petronas’ main engineering arm, Malaysia Marine wants to further bulk up in anticipation of more contracts under the new Petronas spending plan, analysts say.
Another possible buyer is integrated service provider Dayang, which is valued at RM1 billion.
It already has diverse set of services and could benefit from scaling up to take on bigger projects. It could also become a target itself for the same reason, according to an oil and gas analyst at TA Research.
“Smaller companies may have expertise in certain segments but do not have capital, so the bigger ones may not mind absorbing them,” OSK’s Yap said.
There may also be mergers among companies in the same subsector to kill competition.
Offshore support vessel firms such as MISC, Alam Maritim and Perdana Petroleum have been cannibalising each other’s charter rates in an overly crowded space and analysts have long maintained that they would benefit from consolidation to improve their margins.
There is already increasing market chatter that companies are eyeing each other.
Malaysian financial daily The Edge reported last week that Perdana Petroleum may sell its 30% stake in Petra Energy, a maintenance provider.
A spokesperson for Perdana Petroleum declined to comment on the possible sale of its stake in Petra Energy.
However, he told Reuters that charter rates did need to improve if offshore support vessel operators were to boost their earnings.
Meanwhile, MISC reported a 71% decline in its Q1 net profits last week mainly due to weakness in its liner business, and said it expected the weakness to continue.
M&A status quo
The Malaysian government has already made sector consolidation a key agenda in its 10-year plan of economic rejuvenation and its control of Petronas can help reshape the industry.
The plan has two targets – to boost supplies of local oil and gas, but more importantly, to establish Malaysia as a key oilfield services hub to boost foreign investment and to raise national income levels.
Despite the impetus for change, mergers and acquisitions between smaller Malaysian oil and gas companies may be easier said than done.
A banker involved with the Kencana and SapuraCrest merger said pitching ideas to smaller companies has been difficult because they are wedded to the status quo.
“They’ve been working under the old regime for so long that unless they change their mindset, they aren’t going to be realistic about valuations,” the banker said.
Sofiyan Yahya, president of the Malaysian Oil and Gas Services Council, agrees and says the government and Petronas will have to drive the consolidation process.
“The environment must be there to receive the new way of doing business,” he said.
“If you don’t broaden the road, why would I want to drive a bigger car?”
At present, Malaysian companies still depend on foreign participation when it comes to large awards such as the recent Balai Cluster contract and the Berantai field contract in January.
For its part, state giant Petronas has accelerated its capital expenditures for field development to RM300 billion over the next five years from RM35 billion in 2010/11, which means there will be plenty of work for oil and gas firms in the months to come.
Petronas on Tuesday announced a US$5.1 billion upstream gas project with its production sharing partners, which include Malaysian companies, that would also see the construction of a pipeline.
A TA Research analyst said that with incoming foreign investments, total capex spending in Malaysia could climb to RM500 billion over a five-year period.
Malaysian companies will have to gear up operationally to make the most of these opportunities.
“Even now, when it comes to the big projects, foreigners are taking chunks and subcontracting to smaller Malaysian players,” Sofiyan Yahya, the MOGS council president, added.
“In future, like a shark, Malaysian companies are going to eat chunks of meat” and not “nibbling at bits and pieces.”
The goal is to eventually create regionally competitive firms that are less dependent on Petronas, which tailors contracts specifically for Malaysian companies.
“Consolidation needs to be done,” Sofyan added. “In Malaysia, if they want a cup of coffee… tenders are given out for the spoon, the coffee and the saucer. When you go overseas, they want to know you can just supply a cup of coffee.”
- Reuters
Wednesday, 31 August 2011
Tuesday, 30 August 2011
Salam Aidil Fitri dari Dunia NDT & Inspection
Dunia NDT mengucapkan Salam Aidil Fitri kepada semua pembaca.
Doa kami, anda semua selamat pulang ke kampung halaman masing-masing dan kembali semula dengan selamat selepas bercuti panjang sempena hari lebaran ini.
Semoga sambutan kali ini lebih meriah dan bermakna berbanding tahun-tahun sebelumnya.
Kepada pembaca budiman yang dihormati, sekiranya ada tersilap dan salah, kami menyusun jari sepuluh memohon ampun dan maaf.
Sekali lagi, selamat Hari Raya Aidil Fitri dan Maaf Zahir dan Batin dari kami warga kerja dan sidang pengarang Dunia NDT
Monday, 29 August 2011
Kelantan tuntut hak gas di utara ‘Malay Basin’
Kerajaan negeri Kelantan menegaskan bahawa kerajaan pusat tidak boleh mengenepikan haknya terhadap pembangunan gas yang tersimpan di dasar laut di utara ‘Malay Basin’ yang dianggarkan bernilai RM15 bilion.
Exco kanan Datuk Husam Musa berkata utara ‘Malay Basin’ merangkumi blok PM 301, PM 302 serta telaga Bergading sepenuhnya berada dalam perairan Kelantan dan tidak bertindih dengan mana-mana negeri atau negara lain.
“Jaraknya dengan pantai Kelantan hanya 150 km sahaja dan paling hampir berbanding negeri Terengganu,” katanya dalam satu kenyataan media hari ini.
Naib Presiden PAS itu merujuk kepada laporan media pada 23 Ogos lalu berhubung kenyataan Petronas mengenai pembangunan pengeluaran gas di utara ‘Malay Basin’ yang akan disalurkan dengan paip didasar laut yang baru sejauh 200 km ke Kerteh, Terengganu.
“Adalah tidak wajar Kelantan tidak dirundingi dalam hal ini. Juga adalah tidak wajar sekali lagi Kelantan dipinggirkan dari mendapat faedah secara langsung daripada pembangunan hasil mahsul yang dianugerahkan Allah SWT yang tersimpan di perut bumiNya.
“Dalam hal ini, lebih elok jika Petronas meneliti semula dokumen cadangan kerajaan negeri Kelantan supaya gas ini didaratkan di Bachok, Kelantan,” katanya.
Beliau berkata, kerajaan negeri bersedia memberikan segala kemudahan bagi tujuan itu termasuk teknologi terkini yang mampu memproses gas dengan kandungan karbon yang tinggi dengan kos lebih murah dan dengan itu loji pemprosesan dapat ditempatkan di sini.
Kerajaan negeri menurutnya, akan berbuat apa sahaja supaya hasil mahsul Kelantan ini tidak sekali lagi diangkut keluar tanpa memberikan apa-apa faedah kepada rakyat dan negeri Kelantan.
Exco kanan Datuk Husam Musa berkata utara ‘Malay Basin’ merangkumi blok PM 301, PM 302 serta telaga Bergading sepenuhnya berada dalam perairan Kelantan dan tidak bertindih dengan mana-mana negeri atau negara lain.
“Jaraknya dengan pantai Kelantan hanya 150 km sahaja dan paling hampir berbanding negeri Terengganu,” katanya dalam satu kenyataan media hari ini.
Naib Presiden PAS itu merujuk kepada laporan media pada 23 Ogos lalu berhubung kenyataan Petronas mengenai pembangunan pengeluaran gas di utara ‘Malay Basin’ yang akan disalurkan dengan paip didasar laut yang baru sejauh 200 km ke Kerteh, Terengganu.
“Adalah tidak wajar Kelantan tidak dirundingi dalam hal ini. Juga adalah tidak wajar sekali lagi Kelantan dipinggirkan dari mendapat faedah secara langsung daripada pembangunan hasil mahsul yang dianugerahkan Allah SWT yang tersimpan di perut bumiNya.
“Dalam hal ini, lebih elok jika Petronas meneliti semula dokumen cadangan kerajaan negeri Kelantan supaya gas ini didaratkan di Bachok, Kelantan,” katanya.
Beliau berkata, kerajaan negeri bersedia memberikan segala kemudahan bagi tujuan itu termasuk teknologi terkini yang mampu memproses gas dengan kandungan karbon yang tinggi dengan kos lebih murah dan dengan itu loji pemprosesan dapat ditempatkan di sini.
Kerajaan negeri menurutnya, akan berbuat apa sahaja supaya hasil mahsul Kelantan ini tidak sekali lagi diangkut keluar tanpa memberikan apa-apa faedah kepada rakyat dan negeri Kelantan.
Sunday, 28 August 2011
Jual Esso kepada firma Filipina bukti kerajaan terus gagal
PAS memandang serius cadangan penjualan Esso Malaysia Berhad dan syarikat berkaitannya kepada San Miguel Corporation — sebuah syarikat Filipina — dan mendakwa ia satu lagi kegagalan kerajaan Barisan Nasional (BN) mempertahankan kepentingan negara dalam industri strategik.
Presidennya Datuk Seri Abdul Hadi Awang (gambar) berkata urusan jualan itu jika diteruskan akan memberi kesan negatif jangka panjang kepada industri minyak dalam negara.
Baru-baru ini, San Miguel mencadangkan kepada ExxonMobil International Holdings Inc, untuk mengambil alih 65 peratus kepentingan ekuiti dalam Esso Malaysia melibatkan dana RM614.25 juta. Esso Malaysia ialah anak syarikat ExxonMobil International.
San Miguel berkata syarikat itu juga merancang membuat penawaran pengambilalihan mandatori untuk memperoleh baki saham yang tidak dimiliki oleh syarikat selepas cadangan pengambilalihan itu.
Serentak dengan tawaran pengambilalihan Esso Malaysia, San Miguel juga mencadangkan kepada Mobil International Petroleum Corp dan ExxonMobil International untuk mengambil alih ExxonMobil Malaysia dan ExxonMobil Borneo pada paras AS$403.979 (RM1.2 billion) juta.
Cadangan pengambilan alihan itu akan menyediakan San Miguel dengan peluang unik untuk meluaskan portfolio peniagaan penapisan dan pemasaran minyak di luar Filipina.
Awal minggu ini, Ketua Pembangkang Datuk Seri Anwar Ibrahim juga meminta Putrajaya memberi penjelasan mengenai isu tersebut.
“Perlu diingat bahawa urusan niaga itu juga termasuk loji penapisan minyak milik Esso di Port Dickson, yang merupakan aset penting negara.
“Pihak kerajaan melalui pihak berkuasa kementerian yang berkenaan wajib untuk tidak meluluskan urus niaga tersebut dan Esso mestilah menawarkan penjualan asetnya kepada syarikat dalam negara, sebagaimana yang ditawarkan oleh beberapa pihak yang menunjukkan minatnya seperti Lembaga Tabung Angkatan Tentera (LTAT),” kata Hadi lagi.
Hadi menambah, perlu diingatkan bahawa Kongres Amerika Syarikat pernah menghalang penjualan Union Oil of California kepada syarikat minyak milik negara China atas kepentingan strategik.
“Sepatutnya kerajaan yang ada ini, bersama dengan Petronas melalui Petronas Dagangan Berhad bertindak untuk menentukan keselamatan bekalan bahan petroleum dan harga bahan petroleum kekal pada paras yang munasabah.
“Sekali gus Petronas Dagangan juga tidak boleh melupakan peranannya untuk membina dan mempertahankan usahawan-usahawan Bumiputera yang turut menyumbang kepada kerancakan perkembangan ekonomi negara,” katanya.
Kata Hadi, walaupun Petronas Dagangan menduduki tempat pertama dalam pasaran bahan petroleum dan negara, penguasaannya dalam syer peruncitan iaitu pasaran stesen minyak hanyalah sekitar 30 peratus walhal sektor ini dipercayai menyumbangkan lebih 60 peratus dari keuntungan Petronas Dagangan.
“Sektor inilah yang paling banyak menerima subsidi kerajaan di mana hampir 70 peratus jumlah subsidi yang dibayar dengan menggunakan wang rakyat mengalir kepada syarikat-syarikat luar negara seperti ExxonMobil, Shell dan Caltex.
“Sepatutnya kerajaan yang menguasai Petronas Dagangan mempunyai pandangan strategik dengan menjadi syarikat pertama untuk mengambil alih Esso sekali gus menguasai sektor ini dari 30 peratus kepada hampir 50 peratus,” katanya.
Beliau menambah PAS percaya bahawa masih belum terlambat bagi Petronas Dagangan atau LTAT untuk memulakan perundingan bagi mengambil alih Esso.
“PAS juga mendesak kerajaan supaya menyemak semula penstrukturan subsidi minyak supaya syarikat-syarikat luar negara tidak membolot sebahagian besar jumlah subsidi kerajaan yang berjumlah berbilion-bilion ringgit.
“Kerajaan dan Petronas mestilah bertindak pantas secara strategik supaya kestabilan bekalan bahan petroleum domestik pada paras harga munasabah terus dibina dan dilindungi dan kepentingan negara tidak terhakis,” katanya lagi.
Malah kata beliau, PAS tidak akan bertolak ansur dalam isu strategik dan mempunyai impak jangka panjang kepada keselamatan negara, perkembangan ekonomi dan kepentingan rakyat Malaysia seperti penjualan Esso kepada kepentingan luar.
Presidennya Datuk Seri Abdul Hadi Awang (gambar) berkata urusan jualan itu jika diteruskan akan memberi kesan negatif jangka panjang kepada industri minyak dalam negara.
Baru-baru ini, San Miguel mencadangkan kepada ExxonMobil International Holdings Inc, untuk mengambil alih 65 peratus kepentingan ekuiti dalam Esso Malaysia melibatkan dana RM614.25 juta. Esso Malaysia ialah anak syarikat ExxonMobil International.
San Miguel berkata syarikat itu juga merancang membuat penawaran pengambilalihan mandatori untuk memperoleh baki saham yang tidak dimiliki oleh syarikat selepas cadangan pengambilalihan itu.
Serentak dengan tawaran pengambilalihan Esso Malaysia, San Miguel juga mencadangkan kepada Mobil International Petroleum Corp dan ExxonMobil International untuk mengambil alih ExxonMobil Malaysia dan ExxonMobil Borneo pada paras AS$403.979 (RM1.2 billion) juta.
Cadangan pengambilan alihan itu akan menyediakan San Miguel dengan peluang unik untuk meluaskan portfolio peniagaan penapisan dan pemasaran minyak di luar Filipina.
Awal minggu ini, Ketua Pembangkang Datuk Seri Anwar Ibrahim juga meminta Putrajaya memberi penjelasan mengenai isu tersebut.
“Perlu diingat bahawa urusan niaga itu juga termasuk loji penapisan minyak milik Esso di Port Dickson, yang merupakan aset penting negara.
“Pihak kerajaan melalui pihak berkuasa kementerian yang berkenaan wajib untuk tidak meluluskan urus niaga tersebut dan Esso mestilah menawarkan penjualan asetnya kepada syarikat dalam negara, sebagaimana yang ditawarkan oleh beberapa pihak yang menunjukkan minatnya seperti Lembaga Tabung Angkatan Tentera (LTAT),” kata Hadi lagi.
Hadi menambah, perlu diingatkan bahawa Kongres Amerika Syarikat pernah menghalang penjualan Union Oil of California kepada syarikat minyak milik negara China atas kepentingan strategik.
“Sepatutnya kerajaan yang ada ini, bersama dengan Petronas melalui Petronas Dagangan Berhad bertindak untuk menentukan keselamatan bekalan bahan petroleum dan harga bahan petroleum kekal pada paras yang munasabah.
“Sekali gus Petronas Dagangan juga tidak boleh melupakan peranannya untuk membina dan mempertahankan usahawan-usahawan Bumiputera yang turut menyumbang kepada kerancakan perkembangan ekonomi negara,” katanya.
Kata Hadi, walaupun Petronas Dagangan menduduki tempat pertama dalam pasaran bahan petroleum dan negara, penguasaannya dalam syer peruncitan iaitu pasaran stesen minyak hanyalah sekitar 30 peratus walhal sektor ini dipercayai menyumbangkan lebih 60 peratus dari keuntungan Petronas Dagangan.
“Sektor inilah yang paling banyak menerima subsidi kerajaan di mana hampir 70 peratus jumlah subsidi yang dibayar dengan menggunakan wang rakyat mengalir kepada syarikat-syarikat luar negara seperti ExxonMobil, Shell dan Caltex.
“Sepatutnya kerajaan yang menguasai Petronas Dagangan mempunyai pandangan strategik dengan menjadi syarikat pertama untuk mengambil alih Esso sekali gus menguasai sektor ini dari 30 peratus kepada hampir 50 peratus,” katanya.
Beliau menambah PAS percaya bahawa masih belum terlambat bagi Petronas Dagangan atau LTAT untuk memulakan perundingan bagi mengambil alih Esso.
“PAS juga mendesak kerajaan supaya menyemak semula penstrukturan subsidi minyak supaya syarikat-syarikat luar negara tidak membolot sebahagian besar jumlah subsidi kerajaan yang berjumlah berbilion-bilion ringgit.
“Kerajaan dan Petronas mestilah bertindak pantas secara strategik supaya kestabilan bekalan bahan petroleum domestik pada paras harga munasabah terus dibina dan dilindungi dan kepentingan negara tidak terhakis,” katanya lagi.
Malah kata beliau, PAS tidak akan bertolak ansur dalam isu strategik dan mempunyai impak jangka panjang kepada keselamatan negara, perkembangan ekonomi dan kepentingan rakyat Malaysia seperti penjualan Esso kepada kepentingan luar.
Saturday, 27 August 2011
Government says worst over for North Sea oil spill
The man charged with overseeing the clean-up of the worst oil spill in UK waters for a decade has backed.
The spill happened earlier this month on a Shell pipeline, more than 100 miles off the coast of Aberdeen in Scotland.
Hugh Shaw, who has been appointed by the government to oversee Shell's work has backed claims by oil giant shell that the worst of the spill is behind us.
So far Shell has placed 72 concrete mats on pipeline to secure it to the seabed this work has now secured all of the buoyant sections of pipe, but more mats will be laid over the coming days.
Work has also begun to evaluate the various options for getting rid of the remaining mixture of gas, oil and water in the pipe.
This process will take a number of weeks and will require the approval of the government, through Mr Shaw.
Mr Shaw who is serving as the secretary of state's representative for maritime salvage and intervention, said: "The risk of further oil release has considerably reduced following a successful operation to return raised sections of the pipeline to the seabed with concrete mattresses.
"The latest survey shows a few sections are lying just above the sea floor but operations continue to add additional mats to reduce the risk further.
"A slight sheen was reported in the area yesterday morning and I believe it is inevitable that further sheens will be seen as we move to the dredging and inspection phase of the operation and oil is released from sediment on the sea floor."
Mr Shaw added he will continue to monitor Shell's response and if he deems necessary has powers to order the company to do more.
A spokesman for Shell added: "No oil has been released from the flowline, or release valve, since that point. Continuous monitoring is being carried out to ensure that no releases have occurred."
The spill happened earlier this month on a Shell pipeline, more than 100 miles off the coast of Aberdeen in Scotland.
Hugh Shaw, who has been appointed by the government to oversee Shell's work has backed claims by oil giant shell that the worst of the spill is behind us.
So far Shell has placed 72 concrete mats on pipeline to secure it to the seabed this work has now secured all of the buoyant sections of pipe, but more mats will be laid over the coming days.
Work has also begun to evaluate the various options for getting rid of the remaining mixture of gas, oil and water in the pipe.
This process will take a number of weeks and will require the approval of the government, through Mr Shaw.
Mr Shaw who is serving as the secretary of state's representative for maritime salvage and intervention, said: "The risk of further oil release has considerably reduced following a successful operation to return raised sections of the pipeline to the seabed with concrete mattresses.
"The latest survey shows a few sections are lying just above the sea floor but operations continue to add additional mats to reduce the risk further.
"A slight sheen was reported in the area yesterday morning and I believe it is inevitable that further sheens will be seen as we move to the dredging and inspection phase of the operation and oil is released from sediment on the sea floor."
Mr Shaw added he will continue to monitor Shell's response and if he deems necessary has powers to order the company to do more.
A spokesman for Shell added: "No oil has been released from the flowline, or release valve, since that point. Continuous monitoring is being carried out to ensure that no releases have occurred."
PETRONAS scores natural gas in two exploration wells off Sabah
PETRONAS Carigali Sdn Bhd reports two natural gas discoveries in shallow water off western Sabah.
The Zuhal East-1 discovery is in the Samarang Asam Paya block about 130 km (81 mi) southwest of Kota Kinabalu in water depth of 38 m (125 ft) and reached a total depth of 2,336 m (7,664 ft). The current estimate of gas-initially-in-place is about 550 bcf. PETRONAS Carigali is the sole equity holder in the block.
The second discovery, the Menggatal-1 well, is in block SB312, about 110 km (68 mi) northeast of Kota Kinabalu. The well is in water depth of 204 m (787 ft) and reached a total depth of 2,100 m (6,890 ft). It was production-tested and flowed gas at a rate of 19 MMcf/d through a 36/64-in choke with no recorded CO2 or H2S content. Gas-initially-in-place is currently estimated to be about 650 bcf.
Block SB312 PSC is a joint-venture between PETRONAS Carigali with 60% equity and KUFPEC Malaysia (SB 312) Ltd, a subsidiary of Kuwait Foreign Petroleum Exploration Co. (KUFPEC).
Further appraisals are being planned in the near future to delineate the extent of these discoveries.
The Zuhal East-1 discovery is in the Samarang Asam Paya block about 130 km (81 mi) southwest of Kota Kinabalu in water depth of 38 m (125 ft) and reached a total depth of 2,336 m (7,664 ft). The current estimate of gas-initially-in-place is about 550 bcf. PETRONAS Carigali is the sole equity holder in the block.
The second discovery, the Menggatal-1 well, is in block SB312, about 110 km (68 mi) northeast of Kota Kinabalu. The well is in water depth of 204 m (787 ft) and reached a total depth of 2,100 m (6,890 ft). It was production-tested and flowed gas at a rate of 19 MMcf/d through a 36/64-in choke with no recorded CO2 or H2S content. Gas-initially-in-place is currently estimated to be about 650 bcf.
Block SB312 PSC is a joint-venture between PETRONAS Carigali with 60% equity and KUFPEC Malaysia (SB 312) Ltd, a subsidiary of Kuwait Foreign Petroleum Exploration Co. (KUFPEC).
Further appraisals are being planned in the near future to delineate the extent of these discoveries.
Friday, 26 August 2011
MITI yet to get ExxonMobil's application to sell Esso stake
The Ministry of International Trade and Industry (MITI), has yet to receive an official application from ExxonMobil International Holdings, to dispose of its assets in Esso Malaysia Bhd.
"Going by regulations, there is a need to submit an official application(to dispose of an investment interest in this country), as stated in the
manufacturer's licence," its Minister, Datuk Seri Mustapa Mohamed told reporters at the monthly meeting of the ministry here on Thursday, Aug 25.
"However, to date, we have yet to receive any sort of official application from ExxonMobil," he said.
Last week, Philippine conglomerate, San Miguel Corp announced its plan to acquire a 65% interest in Esso Malaysia and all of ExxonMobil Malaysia Sdn Bhd and ExxonMobil Borneo Sdn Bhd.
Bernama also reported on Wednesday that the Armed Forces Fund Board (LTAT) was keen to acquire the interest in Esso Malaysia, an oil refiner and retailer.
On the contention by certain parties who wanted the interest in the oil company to remain with a local entity, Mustapa said he did not wish to comment
as long as there was no official application from ExxonMobil.
"We are following developments on this matter, and will for sure, consider the interest of all concerned," he added. - Bernama
"Going by regulations, there is a need to submit an official application(to dispose of an investment interest in this country), as stated in the
manufacturer's licence," its Minister, Datuk Seri Mustapa Mohamed told reporters at the monthly meeting of the ministry here on Thursday, Aug 25.
"However, to date, we have yet to receive any sort of official application from ExxonMobil," he said.
Last week, Philippine conglomerate, San Miguel Corp announced its plan to acquire a 65% interest in Esso Malaysia and all of ExxonMobil Malaysia Sdn Bhd and ExxonMobil Borneo Sdn Bhd.
Bernama also reported on Wednesday that the Armed Forces Fund Board (LTAT) was keen to acquire the interest in Esso Malaysia, an oil refiner and retailer.
On the contention by certain parties who wanted the interest in the oil company to remain with a local entity, Mustapa said he did not wish to comment
as long as there was no official application from ExxonMobil.
"We are following developments on this matter, and will for sure, consider the interest of all concerned," he added. - Bernama
Thursday, 25 August 2011
RM15bil Gas project to benefit TNB
The RM15bil gas exploration project in the North Malay Basin, to be undertaken by Petroliam Nasional Bhd (Petronas) and its production-sharing contract (PSC) partners, will benefit a number oil and gas companies as well as utility giant Tenaga Nasional Bhd (TNB).
Analysts said the project would provide a boost to the oil and gas industry as contracts would be dished out for the commissioning of the new project as well as the increase in gas volume for Petronas' customers.
A key customer is TNB, which has been facing prolonged gas shortage for months and is currently getting 30% less than it is supposed to. TNB said the gas curtailment exercise by Petronas had severely impacted its bottom line, prompting the company to issue a warning on its profitability and dividend payment.
On average, TNB was getting about 900 million standard cu ft per day (mmscfd), far from the usual rate of 1,250 mmscfd.
“It will be good for the industry. It means there will be more assurance of gas supply in the country. The project will give assurance of supply in the longer term. But this will not solve the immediate gas shortage problem in the country,” said OSK Research head Chris Eng.
A local bank-backed analyst said although the project would not solve the immediate gas shortage problem as the first gas was expected in 2013, the project was nevertheless a boost for Petronas customers.
“It remains to be seen how much gas will TNB get in the future, given the increase in gas capacity when the North Malay Basin project comes on stream,” he said.
Based on TNB's current gas power generation capacity, the volume needed is about 1,700 mmcfd. The power sector is entitled to about 1,350 mmscfd.
CIMB Research said the new project was a “positive development” for Petronas Gas Bhd, which would benefit from additional transport and processing revenues from 2013, when the first gas was expected.
The research house said Wah Seong Corp Bhd could also benefit from pipe-coating works.
OSK Research believes the first to benefit among the oil and gas support services providers would include fabricators (such as Kencana Petroleum Bhd and Malaysia Marine and Heavy Engineering Bhd), pipe layers (SapuraCrest Petroleum Bhd) and centralised tankage facilities operator Dialog Group Bhd.
The research house said there should be flow-through to vessel players like Perdana Petroleum Bhd, Alam Maritim Resources Bhd and Tanjung Offshore Bhd to transport the fabricated structures to the offshore platforms.
Subsequently, the hook-up and commissioning as well as brownfield service providers like Dayang Enterprise Holdings Bhd, Petra Energy Bhd and even Kencana may benefit from the initial set-up and maintenance activities on the platforms. KNM Group Bhd may also get some jobs for its process equipment segment even though the bulk of its sales are from outside Malaysia.
OSK Research analyst Jason Yap said the main objective of the project was to “help sustain the supply of gas” to Petronas customers in Peninsular Malaysia.
“And, in doing so, Petronas would be able to benefit from the recently introduced incentives by the Government, particularly for the development of marginal fields, high carbon dioxide gas fields and fields located in high-pressure, high-temperature conditions.
“Also, with the gradual revision of gas prices to domestic customers by the Government, this helps to make the project more economically feasible for Petronas and its PSC contractors,” Yap said.
On Tuesday, Petronas said it was embarking on the North Malay Basin upstream project to extract gas from fields off Peninsular Malaysia.
Petronas said the project comprised nine discovered gas fields within Blocks PM301 and PM302 and in the Bergading contract area, about 300km off the peninsula's coast.
“It will also involve the development of a new 200km pipeline to transport gas from the fields to Kertih, Terengganu. The project is estimated to cost RM15bil.
“Petronas and its PSC partners are undertaking the project on an accelerated basis. First delivery of 100 million mmscfd is expected by early 2013, ramping up to 250 mmscfd by 2015,” it said.
Analysts said the project would provide a boost to the oil and gas industry as contracts would be dished out for the commissioning of the new project as well as the increase in gas volume for Petronas' customers.
A key customer is TNB, which has been facing prolonged gas shortage for months and is currently getting 30% less than it is supposed to. TNB said the gas curtailment exercise by Petronas had severely impacted its bottom line, prompting the company to issue a warning on its profitability and dividend payment.
On average, TNB was getting about 900 million standard cu ft per day (mmscfd), far from the usual rate of 1,250 mmscfd.
“It will be good for the industry. It means there will be more assurance of gas supply in the country. The project will give assurance of supply in the longer term. But this will not solve the immediate gas shortage problem in the country,” said OSK Research head Chris Eng.
A local bank-backed analyst said although the project would not solve the immediate gas shortage problem as the first gas was expected in 2013, the project was nevertheless a boost for Petronas customers.
“It remains to be seen how much gas will TNB get in the future, given the increase in gas capacity when the North Malay Basin project comes on stream,” he said.
Based on TNB's current gas power generation capacity, the volume needed is about 1,700 mmcfd. The power sector is entitled to about 1,350 mmscfd.
CIMB Research said the new project was a “positive development” for Petronas Gas Bhd, which would benefit from additional transport and processing revenues from 2013, when the first gas was expected.
The research house said Wah Seong Corp Bhd could also benefit from pipe-coating works.
OSK Research believes the first to benefit among the oil and gas support services providers would include fabricators (such as Kencana Petroleum Bhd and Malaysia Marine and Heavy Engineering Bhd), pipe layers (SapuraCrest Petroleum Bhd) and centralised tankage facilities operator Dialog Group Bhd.
The research house said there should be flow-through to vessel players like Perdana Petroleum Bhd, Alam Maritim Resources Bhd and Tanjung Offshore Bhd to transport the fabricated structures to the offshore platforms.
Subsequently, the hook-up and commissioning as well as brownfield service providers like Dayang Enterprise Holdings Bhd, Petra Energy Bhd and even Kencana may benefit from the initial set-up and maintenance activities on the platforms. KNM Group Bhd may also get some jobs for its process equipment segment even though the bulk of its sales are from outside Malaysia.
OSK Research analyst Jason Yap said the main objective of the project was to “help sustain the supply of gas” to Petronas customers in Peninsular Malaysia.
“And, in doing so, Petronas would be able to benefit from the recently introduced incentives by the Government, particularly for the development of marginal fields, high carbon dioxide gas fields and fields located in high-pressure, high-temperature conditions.
“Also, with the gradual revision of gas prices to domestic customers by the Government, this helps to make the project more economically feasible for Petronas and its PSC contractors,” Yap said.
On Tuesday, Petronas said it was embarking on the North Malay Basin upstream project to extract gas from fields off Peninsular Malaysia.
Petronas said the project comprised nine discovered gas fields within Blocks PM301 and PM302 and in the Bergading contract area, about 300km off the peninsula's coast.
“It will also involve the development of a new 200km pipeline to transport gas from the fields to Kertih, Terengganu. The project is estimated to cost RM15bil.
“Petronas and its PSC partners are undertaking the project on an accelerated basis. First delivery of 100 million mmscfd is expected by early 2013, ramping up to 250 mmscfd by 2015,” it said.
Wednesday, 24 August 2011
Petronas, partners in RM15bil gas project
Petronas and its production sharing contract (PSC) partners are embarking on a RM15bil upstream project to extract gas from fields off Peninsular Malaysia, which also includes a new 200km pipeline. The company describes the fields as “marginal and challenging”.
Petronas said the project comprised nine discovered gas fields within Blocks PM301 and PM302 and in the Bergading contract area, about 300km off the coast of the peninsula.
“It will also involve the development of a new 200km pipeline to transport gas from the fields to Kertih, Terengganu. The project is estimated to cost RM15bil,” it said.
“Petronas and its PSC partners are undertaking the project on an accelerated basis. First delivery of 100 million standard cu ft of gas per day (mmscfd) is expected by early 2013, ramping up to 250 mmscfd by 2015,” the national oil company added.
Called the North Malay Basin project, it is one of the new initiatives by Petronas and its partners to extract and evacuate gas with high carbon dioxide content to meet gas demand in Peninsular Malaysia.
Petronas said the development of the project followed the recently introduced incentives by the Government, particularly to develop marginal fields, high carbon dioxide gas fields and fields located in high-pressure, high-temperature conditions.
“The gradual revision of gas prices to domestic customers, as recently announced by the Government, also makes the project more economically feasible for industry players,” it added.
Petronas said it expected the additional volume of gas from the North Malay Basin project to help sustain supply to its customers in Peninsular Malaysia.
“The project, which entails numerous upstream commitments, is expected to encourage more investments by industry players and spur exploration activities that could lead to sizeable discoveries offshore Peninsular Malaysia,” it said.
Petronas said the project comprised nine discovered gas fields within Blocks PM301 and PM302 and in the Bergading contract area, about 300km off the coast of the peninsula.
“It will also involve the development of a new 200km pipeline to transport gas from the fields to Kertih, Terengganu. The project is estimated to cost RM15bil,” it said.
“Petronas and its PSC partners are undertaking the project on an accelerated basis. First delivery of 100 million standard cu ft of gas per day (mmscfd) is expected by early 2013, ramping up to 250 mmscfd by 2015,” the national oil company added.
Called the North Malay Basin project, it is one of the new initiatives by Petronas and its partners to extract and evacuate gas with high carbon dioxide content to meet gas demand in Peninsular Malaysia.
Petronas said the development of the project followed the recently introduced incentives by the Government, particularly to develop marginal fields, high carbon dioxide gas fields and fields located in high-pressure, high-temperature conditions.
“The gradual revision of gas prices to domestic customers, as recently announced by the Government, also makes the project more economically feasible for industry players,” it added.
Petronas said it expected the additional volume of gas from the North Malay Basin project to help sustain supply to its customers in Peninsular Malaysia.
“The project, which entails numerous upstream commitments, is expected to encourage more investments by industry players and spur exploration activities that could lead to sizeable discoveries offshore Peninsular Malaysia,” it said.
Tuesday, 23 August 2011
Ramai menunggu penjelasan penjualan ExxonMobil
PERSETUJUAN ExxonMobil untuk menyerahkan syarikat itu kepada San Miguel Corporation (SMC) terus dikecam oleh banyak pihak yang melahirkan rasa tidak puas hati dengan transaksi itu meskipun keputusan tersebut telah dibuat seminggu lalu.
Ia kerana terlampau banyak persoalan dan pertikaian yang boleh dibangkitkan daripada keputusan penjualan kepentingan ExxonMobil kepada SMC.
ExxonMobil perlu menjawab persoalan mengapa memilih SMC sedangkan harga yang ditawarkan begitu murah jika benar Boustead Holdings Bhd. membuat tawaran keseluruhan sebanyak RM1 bilion.
Di manakah rasionalnya keputusan ExxonMobil itu sekiranya hak pemegang saham minoriti dinafikan?.
Malah, selaku agensi yang terlibat dalam pelaburan langsung asing, mengapakah Kementerian Perdagangan Antarabangsa dan Industri (MITI) dan Suruhanjaya Sekuriti (SC) meluluskan urus niaga tersebut?
Mengapakah syarikat luar didahulukan sedangkan sektor minyak dan gas adalah keutamaan Malaysia?
Sejak isu jual beli ini disiarkan, nampaknya tiada satu pihak pun, baik ExxonMobil mahupun MITI tampil untuk membuat kenyataan, sekali gus menyebabkan isu ini menjadi polemik di kalangan ahli politik, pertubuhan bukan kerajaan (NGO) dan industri.
Justeru, banyak pihak mengesyorkan supaya kerajaan segera campur tangan dalam urus niaga itu kerana tindakan sedemikian adalah dibolehkan.
Biarpun urus niaga itu dilakukan ketika ExxonMobil dan SMC dalam keadaan bersedia untuk menjual dan membeli namun tidak menjadi kesalahan sekiranya campur tangan itu dilaksanakan demi kepentingan hak pemegang saham minoriti dan melindungi kepentingan nasional.
Seorang penganalisis ekonomi yang enggan namanya disebut berkata, tidak menjadi kesalahan untuk kerajaan campur tangan apabila urus niaga itu mengenepikan kepentingan nasional.
''ExxonMobil memang sebuah syarikat asing tetapi kita jangan lupa operasinya di Malaysia menggunakan aset-aset dan kemudahan strategik negara.
''Terlalu banyak persoalan yang boleh menyebabkan ketelusan dalam proses jual beli ini dipertikaikan.
''Penjualan kepada SMC seolah-olah berlaku sabotaj dalam ekonomi dan situasi urus niaga cenderung kepada keadaan mencurigakan,'' katanya kepada Utusan Malaysia di sini.
Malah, beliau turut mempersoalkan adakah MITI dan SC melihat urus niaga tersebut dalam perspektif nasional sebelum membuat sebarang kelulusan.
Sementara itu, Ketua Ekonomi Bank Islam (M) Bhd., Azrul Azwa Ahmad Tajuddin juga bersetuju sekiranya kerajaan menarik balik kelulusan yang telah diberikan kepada SMC.
Tegas beliau, penarikan itu wajar dilakukan kerana harga yang ditawarkan begitu rendah sebanyak 29 peratus daripada harga pasaran.
Justeru, beliau berkata, sewajarnya Badan Pengawas Pemegang Saham Minoriti Bhd. (MSWG) segera meneliti dan membuat kajian terperinci.
Seorang pemerhati ekonomi berkata, kerajaan boleh campur tangan sekiranya ia mahu, apatah lagi isu ini semakin hangat diperkatakan.
''Urus niaga ini belum selesai, masih banyak cara untuk menariknya balik,'' katanya.
Bagaimanapun, beliau tidak menafikan sekiranya campur tangan itu berlaku, ia akan menimbulkan perkara lain termasuk isu pampasan.
Mendengar hujah-hujah yang dilemparkan, isu penjualan Exxonmobil kepada SMC akan terus menjadi hangat kerana terlalu banyak pertikaian yang perlu dijawab.
Sektor minyak dan gas adalah nadi dan tonggak kepada ekonomi Malaysia.
Lebih utama, sanggupkah kakitangan Exxonmobil yang sedia ada bekerja di bawah syarikat minuman keras?
Sama ada kerajaan mahu atau tidak campur tangan dalam isu ini, itu adalah pilihannya tetapi seperti kata banyak pihak tidak ada salahnya untuk berbuat demikian atas alasan mendahulukan kepentingan nasional, melindungi hak pemegang saham minoriti yang terdiri di kalangan rakyat Malaysia dan kelangsungan kakitangan Exxonmobil.
Ia kerana terlampau banyak persoalan dan pertikaian yang boleh dibangkitkan daripada keputusan penjualan kepentingan ExxonMobil kepada SMC.
ExxonMobil perlu menjawab persoalan mengapa memilih SMC sedangkan harga yang ditawarkan begitu murah jika benar Boustead Holdings Bhd. membuat tawaran keseluruhan sebanyak RM1 bilion.
Di manakah rasionalnya keputusan ExxonMobil itu sekiranya hak pemegang saham minoriti dinafikan?.
Malah, selaku agensi yang terlibat dalam pelaburan langsung asing, mengapakah Kementerian Perdagangan Antarabangsa dan Industri (MITI) dan Suruhanjaya Sekuriti (SC) meluluskan urus niaga tersebut?
Mengapakah syarikat luar didahulukan sedangkan sektor minyak dan gas adalah keutamaan Malaysia?
Sejak isu jual beli ini disiarkan, nampaknya tiada satu pihak pun, baik ExxonMobil mahupun MITI tampil untuk membuat kenyataan, sekali gus menyebabkan isu ini menjadi polemik di kalangan ahli politik, pertubuhan bukan kerajaan (NGO) dan industri.
Justeru, banyak pihak mengesyorkan supaya kerajaan segera campur tangan dalam urus niaga itu kerana tindakan sedemikian adalah dibolehkan.
Biarpun urus niaga itu dilakukan ketika ExxonMobil dan SMC dalam keadaan bersedia untuk menjual dan membeli namun tidak menjadi kesalahan sekiranya campur tangan itu dilaksanakan demi kepentingan hak pemegang saham minoriti dan melindungi kepentingan nasional.
Seorang penganalisis ekonomi yang enggan namanya disebut berkata, tidak menjadi kesalahan untuk kerajaan campur tangan apabila urus niaga itu mengenepikan kepentingan nasional.
''ExxonMobil memang sebuah syarikat asing tetapi kita jangan lupa operasinya di Malaysia menggunakan aset-aset dan kemudahan strategik negara.
''Terlalu banyak persoalan yang boleh menyebabkan ketelusan dalam proses jual beli ini dipertikaikan.
''Penjualan kepada SMC seolah-olah berlaku sabotaj dalam ekonomi dan situasi urus niaga cenderung kepada keadaan mencurigakan,'' katanya kepada Utusan Malaysia di sini.
Malah, beliau turut mempersoalkan adakah MITI dan SC melihat urus niaga tersebut dalam perspektif nasional sebelum membuat sebarang kelulusan.
Sementara itu, Ketua Ekonomi Bank Islam (M) Bhd., Azrul Azwa Ahmad Tajuddin juga bersetuju sekiranya kerajaan menarik balik kelulusan yang telah diberikan kepada SMC.
Tegas beliau, penarikan itu wajar dilakukan kerana harga yang ditawarkan begitu rendah sebanyak 29 peratus daripada harga pasaran.
Justeru, beliau berkata, sewajarnya Badan Pengawas Pemegang Saham Minoriti Bhd. (MSWG) segera meneliti dan membuat kajian terperinci.
Seorang pemerhati ekonomi berkata, kerajaan boleh campur tangan sekiranya ia mahu, apatah lagi isu ini semakin hangat diperkatakan.
''Urus niaga ini belum selesai, masih banyak cara untuk menariknya balik,'' katanya.
Bagaimanapun, beliau tidak menafikan sekiranya campur tangan itu berlaku, ia akan menimbulkan perkara lain termasuk isu pampasan.
Mendengar hujah-hujah yang dilemparkan, isu penjualan Exxonmobil kepada SMC akan terus menjadi hangat kerana terlalu banyak pertikaian yang perlu dijawab.
Sektor minyak dan gas adalah nadi dan tonggak kepada ekonomi Malaysia.
Lebih utama, sanggupkah kakitangan Exxonmobil yang sedia ada bekerja di bawah syarikat minuman keras?
Sama ada kerajaan mahu atau tidak campur tangan dalam isu ini, itu adalah pilihannya tetapi seperti kata banyak pihak tidak ada salahnya untuk berbuat demikian atas alasan mendahulukan kepentingan nasional, melindungi hak pemegang saham minoriti yang terdiri di kalangan rakyat Malaysia dan kelangsungan kakitangan Exxonmobil.
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