Vestigo Petroleum wins Tembikai contract

The president of Malaysia's Petronas Carigali, Anuar Taib, has confirmed the state player's marginal field-focused subsidiary, Vestigo Petroleum, has been awarded the Tembikai risk service contract.

Vestigo is working towards a final investment decision for the development of Tembikai off Terengganu, with the field now projected to come on stream around mid-2015, Anuar told reporters on the sidelines of the inaugural OTC Asia in Kuala Lumpur.

Malaysia signs off EOR projects

Malaysia's state-owned Petronas is set to sanction two water-alternate-gas enhanced oil recovery projects this year, while it set out to bring the first large-scale in-country WAG project at its flagship Tapis oilfield onstream in the second quarter.

Petronas' vice president of petroleum management, Adif Zulkifli told reporters on the sideline of the inaugural OTC Asia conference in Kuala Lumpur, the state player expects to sanction two WAG projects in the Baram Delta.

IIOGTC jadikan Terengganu pengeluar tenaga mahir industri petroleum dunia

Terengganu bakal menjadi pusat pengeluar tenaga kerja mahir dan profesional bagi keperluan industri petroleum di seluruh dunia dengan kewujudan Pusat Latihan Minyak dan Gas Bersepadu Instep (IIOGTC).

Menteri Besar, Datuk Seri Ahmad Said yang mengalu-alukan langkah Petronas itu berkata, IIOGTC yang terletak di Institut Teknologi Petroleum Petronas (Instep) di Batu Rakit selari dengan hasrat kerajaan menjadikan negeri ini sebagai syurga pelabur.

MATRADE Drives Collaborations in OTC Asia

Malaysia External Trade Development Corporation (MATRADE) drives Malaysian oil & gas companies in forming joint ventures or collaborations with foreign companies during their participation in trade fairs or trade missions. In conjunction with Offshore Technology Conference (OTC) Asia 2014, MATRADE further improved their business platforms by supporting 25 Malaysian oil & gas exhibitors as well as organising the Individual Business Meetings (IBM) on the 25 and 26 March 2014.

MATRADE through its international network has invited 25 oil & gas foreign companies to come and meet with the Malaysian oil & gas companies in Kuala Lumpur.

Did the Offshore Driller Solve the Malaysian Airline Mystery? (Part 2)

We wrote about new information in the missing Malaysian airliner case. Michael McKay, a worker on a midwater semisubmersible drilling rig offshore Vietnam, reported seeing what may have been the missing airliner burning at a high altitude.

The case remains unsolved despite intensifying global search efforts. But we have learned several new details in the offshore driller narrative that warrant a mention.

Petronas Technology Ventures signs licensing pact with Clariant

Petronas Technology Ventures Sdn Bhd (PTVSB), a technology commercialisation arm of Petroliam Nasional Bhd (Petronas), has signed a licensing term sheet agreement with Clariant, a world leader in specialty chemicals.

The agreement will see Swiss-based Clariant marketing Petronas’ HycaPure Hg, a solid-supported ionic liquid mercury removal technology, to the global market.

Big Players Likely To Shift To Development Of Marginal Oil Fields

The development of marginal oil fields is expected to gain attention from industry players soon as the number of bigger fields available begin to decline.

An oil and gas (O&G) expert said the prospects were there and Petronas has set up a special unit to focus on marginal fields.

Customised manufacture for Petronas offshore platform

The value-adding capability of Australian manufacturer ReCoila has been a key element of its successful expansion into the growing Asian energy market, in this case to Malaysian powerhouse, Petronas.

Specifically, ReCoila’s ability to refine engineering and build to high specifications landed it a contract to design and manufacture a twin-reeling station to manage hoses for diesel refuelling responsibilities and potable water distribution on offshore platforms in the Malacca Straits.

Petronas Sees EOR Projects As Substantial Contributors To Domestic Production

Petroliam Nasional Bhd (Petronas), expects enhanced oil recovery (EOR) projects to become substantial contributors to domestic oil production in the next 10-15 years.

Executive Vice President, Exploration and Production Business Datuk Wee Yiaw Hin said EOR projects had the potential to produce up to 90,000 barrels daily from maturing oilfields.

Ranhill propose MBO of Symphony's existing business

Symphony House Bhd has entered into a heads of agreement with Ranhill Energy and Resources Bhd to facilitate the listing of the latter in a reverse takeover exercise (RTO).

According to the announcement yesterday, which confirmed a report by StarBiz on the transaction, Symphony would acquire all the equity interest in Ranhill Group Sdn Bhd including its subsidiaries from Ranhill in return for new Symphony shares.

Petronas' targets to grow hydrocarbons output by 3%, profit by 10% a year

Petroliam Nasional Bhd (Petronas), now the world’s sixth most-profitable Fortune 500 company in the oil and gas space, is targeting to grow its production of hydrocarbons by between 3% and 3.5% a year until 2017-2018, according to executive vice-president of exploration and production Datuk Wee Yiaw Hin.

Petronas’ exploration and production arm also aimed to maintain a reserve replenishment ratio (RRR) of one at all times and grow net operating profit after tax by 10% each year, he said.

Shahril: Berantai is a model project

The successful development of the Berantai marginal oil field, located off Terengganu, can be a good model that be replicated in other similar projects, according to its developer.

SapuraKencana Petroleum Bhd and London Stock Exchange-listed Petrofac were awarded the first risk service contract (RSC) by Petronas to develop the Berantai cluster in early 2011. It was reported that the first RSC has been producing since October 2012.

SapuraKencana Petroleum Bhd president and group chief executive officer Tan Sri Shahril Shamsuddin (pic) said the Berantai project was an example of how integrated services worked.

“We believe that being a single point of contact for customers, is a very strong proposition for the company,” he said at the luncheon talk of the Offshore Technology Conference Asia 2014.

He said by using the integrated services approach in handling projects, those that typically took five years could be executed in 18 months and became fully functional within 24 months.

“In the case of Berantai, we are able to deliver results safely, on time and almost under budget,” he said.

While he acknowledged the importance of technology in enabling projects to be executed in a more efficient, faster and safer manner, he also emphasised on the importance of talents, who enabled the execution of projects.

At the executive panel discussion, Shahril raised the question of whether industry practice became safer as more layers of precautionary steps were introduced and whether industry players understood the problems that they tried to solve.

Missing Malaysian Jet Mystery Solved by an Offshore Driller?

When I heard about the Malaysian jet going missing over the weekend, the first thought that crossed my mind was that if it went down over the ocean, perhaps someone working in oil and gas offshore was witness to the disaster.

If you think about it, there are literally thousands of offshore "outposts" in the form of manned production platforms and drilling rigs stationed across the earth's oceans. Southeast Asia is pretty densely populated with offshore activity, and surely a Boeing 777 crash into the ocean or in-air explosion might attract some eyeballs from folks working offshore.

Capex sektor huluan O&G cecah RM198b

Perbelanjaan modal (Capex) untuk sektor huluan minyak dan gas (O&G) Malaysia dijangka mencecah hampir AS$60 bilion (RM198 bilion) dalam tempoh lima tahun akan datang, kata Datuk Seri Najib Tun Razak.

Perdana Menteri berkata, era inovasi pada ketika ini menjadi pendorong kepada pertumbuhan perbelanjaan sektor huluan O&G di rantau Asia.

Petronas to announce LNG deal with Chinese party soon

Petroliam Nasional Bhd (Petronas) will make a formal announcement on a deal with a Chinese party on the latter’s possible 15% stake purchase in the Canadian-based Pacific Northwest Liquified Natural Gas (LNG) project.

The national oil company’s gas and power business vice-president Adnan Zainal Abidin confirmed earlier news reports that talks were presently ongoing and would only announce the party involved “in the next couple of weeks”.

SapKen sees no bumps ahead, has no plans to raise funds

SapuraKencana Petroleum Bhd, which recently announced a profit of more than RM1bil for the financial year ended Jan 31, 2014 (FY14), believes there are no bumps in its future earnings growth and has no plans to raise fresh funds or spin off its assets at the moment.

President and group chief executive officer Tan Sri Shahril Shamsuddin (pic) said in a briefing yesterday that SapuraKencana would continue to look for greenfield projects.

Ranhill heads to Bursa

After aborting its controversial initial public offering (IPO), Ranhill Energy and Resources Bhd is heading to a listing on Bursa Malaysia via a reverse takeover (RTO) of Symphony House Bhd.

The proposed takeover of the business process outsourcing (BPO) company will first see current controlling shareholder Tan Sri Azman Yahya buying over the businesses of Symphony, leaving a listed shell for Ranhill to buy over, sources said.

SapuraKencana Acquisitions Bear Fruition

SapuraKencana Petroleum Bhd's future earnings are expected to grow from its past acquisitions, says Group Chief Executive Officer Tan Sri Shahril Shamsuddin.

"For example, the group's recent acquisition of the Seadrill tender-rig business for US$3 billion has significantly increased our profit for financial year 2014 (FY14).

Keuntungan Sebelum Cukai Tahun Kewangan 2014 SapuraKencana Petroleums Naik Kepada RM1.2 Bilion

SapuraKencana Petroleum Bhd mencatatkan keuntungan sebelum cukai sebanyak RM1.2 bilion bagi tahun kewangan yang berakhir pada 31 Jan, 2014, naik daripada RM829.8 juta pada tahun sebelumnya.

Pendapatan meningkat kepada RM8.4 bilion daripada RM6.9 bilion pada tahun sebelumnya, kata syarikat itu dalam kenyataan kepada Bursa Malaysia hari ini.

"Pendapatan dijangka berkembang di masa depan mencerminkan sumbangan tahun penuh perniagaan pelantar sokongan, pendapatan tambahan daripada aset Newfield Malaysia yang diambil alih, arus pendapatan daripada kedua-dua aset yang dikontrak ketika ini serta aset yang akan digunakan dalam pasaran baharu," kata syarikat itu.

Berikutan sokongan nilai perolehan kontrak yang kukuh sebanyak RM25.4 bilion dan pendapatan yang baik, SapuraKencana berkata ia berkedudukan baik untuk meraih faedah daripada perbelanjaan yang dijanjikan dalam sektor huluan. -- BERNAMA

Oil and gas deals to be sealed at OTC Asia

A number of oil and gas deals are expected to be inked at the sidelines of this week’s Offshore Technology Conference Asia 2014 (OTC Asia) conference, industry sources say.

OTC Asia is a key trade event for the industry being held for the first time in Kuala Lumpur.

SapuraKencana Petroleum's FY14 Pre-tax Profit Rises To RM1.2 Billion

SapuraKencana Petroleum Bhd posted a pre-tax profit of RM1.2 billion for the financial year ended Jan 31, 2014, up from RM829.8 million in the preceding year.

Revenue rose to RM8.4 billion from RM6.9 billion a year ago, it said in a filing to Bursa Malaysia today.

"Earnings are expected to grow going forward to reflect the full-year contribution of the tender rigs business, additional earnings from the acquired assets of Newfield Malaysia, revenue streams from both currently contracted assets, as well as assets which will be deployed in new markets," it added.

On the back of a healthy order book of RM25.4 billion and good earnings visibility, SapuraKencana said it remained well-positioned to benefit from committed outlay in the upstream sector. -- BERNAMA

Petronas exceeds targets, production grows at 5.8%

Petronas production of oil and gas last year grew an unprecedented 5.8%, double its target of 3% per annum and beating some of the world’s biggest names in the industry.

Despite lower currency exchange rates, naturally reducing domestic reserves and geopolitical tensions in the Middle East and South Sudan, the group’s total production edged up 5.8% to 2.21 million barrels of oil equivalent per day (boepd) from 2.08 million boepd the year before.

Petronas a global success

With its international operations delivering almost 20% production growth last year, success abroad has not come easy for Petroliam Nasional Bhd (Petronas).

The national oil company has had to manage its portfolio delicately – especially in geo-politically charged countries, allowing it to come out ahead of many international oil companies in some of these challenging frontiers.

Petronas sets aggressive targets for overseas ops as local production dwindles

PETROLIAM Nasional Bhd (Petronas), facing dwindling production at home, is in a race against time to scour for new oilfields beyond Malaysia’s shores.

But with depleting hydrocarbons on the homefront, where oil has been extracted for well over a century, and stiff competition abroad, how will Petronas fare in the new age of energy?

M’sia O&G sector poised for massive growth

Deloitte's O&G (oil and gas) experts say Malaysia’s O&G sector will see between RM26bil and RM30bil in mergers and acquisitions, as well as RM22bil in capital spending on projects, this year.

Deloitte Malaysia corporate finance executive director, Nizar Najib, pointed out that Petronas’s planned capital expenditure of RM300bil between 2011 and 2016, as well as investments in Enhanced Oil Recovery (EOR), marginal fields and deepwater exploration, would likely give a massive boost to the O&G sector in the next few years.

SapuraKencana Petroleum Meterai Janji Niaga Pembiayaan Semula RM16.5 Bilion Dengan 13 Bank

SapuraKencana Petroleum Bhd memeterai janji niaga pembiayaan semula RM16.5 bilion dengan 13 bank tempatan, serantau dan antarabangsa untuk menggantikan dan memperkemaskan kemudahan serta membiayai dua pembelian baru-baru ini.

Pembelian itu termasuk perniagaan pelantar sokongan Seadrill yang telah dinamakan sebagai SapuraKencana Drilling dan pembelian keseluruhan pegangan ekuiti dalam Newfield Malaysia Holding Inc.

Barakah Offshore Sasar Projek Bernilai RM3 Bilion

Barakah Offshore Petroleum Bhd, penyedia perkhidmatan talian paip luar pesisir, sedang membida kontrak bernilai RM3 bilion.

Timbalan Pengerusi Eksekutif Nik Hamdan Daud berkata syarikat itu membida kontrak jangka panjang dan jangka pendek di Arab Saudi, Indonesia, Brunei, Vietnam serta dalam negara.

"Bagi kontrak Arab Saudi, syarikat itu sedang dalam proses re-tendering dan keputusannya akan diketahui pada bulan depan," katanya pada taklimat media selepas mesyuarat agung tahunan syarikat di sini Rabu.

Januari lepas, Barakah dilaporkan merupakan satu daripada tiga pembida bagi kerja pemasangan dan pengangkutan Arab Saudi.

Tugas itu akan menjadi rangsangan utama kepada sentimen, pendapatan dan nilai francais Barakah, berpotensi meningkat RM50 juta kepada RM70 juta setahun kepada keuntungan bersihnya, menurut satu laporan.

Nik Hamdan berkata keseluruhan projek yang ditender, sebahagian besarnya daripada salah satu teras perniagaannya, pengangkutan dan pemasangan.

Mengenai rancangan peluasan, Nik Hamdan berkata syarikat itu akan mengembangkan aktiviti perniagaan kepada kejuruteraan, perolehan, pembinaan, pemasangan dan sektor pengoperasian.

"Terdapat banyak peluang di peringkat tempatan berikutan permintaan yang tinggi dalam pasaran dan kami bekerjasama dengan syarikat antarabangsa yang mempunyai aset di sini.

Recovery of South Sudan oil output to take time; Petronas among producers

JUBA: South Sudan's oil production is steady at about 160,000 barrels per day and will take time to recover to previous levels, an oil ministry official said, after oil facilities in Unity state were burned in fighting between political factions.

Oil firms in South Sudan, a country roughly the size of France, include China National Petroleum Corp, India's ONGC Videsh and Malaysia's Petronas .

Barakah eyes RM3bil in projects

Barakah Offshore Petroleum Bhd, an offshore pipeline service provider, is in the midst of bidding for contracts worth RM3bil.

Its Deputy Executive Chairman, Nik Hamdan Daud, said the company was bidding for long- and short-term contracts in Saudi Arabia, Indonesia, Brunei, Vietnam as well as at home.

"For the Saudia Arabia contract, the company is in the process of re-tendering it and the result will be out next month," he told a media briefing after the company's annual general meeting on Wednesday.

It was reported in January this year Barakah was one of three bidders for a Saudi Arabia transportation and installation job.

The job would be a major boost to sentiment, earnings and franchise value of Barakah, potentially adding RM50mil to RM70mil per annum to its net profit, said the report.

Nik Hamdan said the overall projects tendered came mainly from one of its core businesses, transportation and installation.

On expansion plan, Nik Hamdan said the company would diversify into engineering, procurement, construction, installation and commissioning sectors.

"There are a lot of opportunities locally due to huge demand in the market and we are working together with international companies that have assets here.

Brent near six-week low, Ukraine worries ease

Brent crude sat near a six-week trough below $106 a barrel on Wednesday as concerns eased about an escalation of the crisis in Ukraine and investors looked to an increase in U.S. oil stocks.

Comments by Russian President Vladimir Putin that he did not want to split Ukraine after approving plans to make Crimea part of Russia helped ease concerns, while attention shifted to the U.S. Federal Reserve's policy decision later Wednesday.

"Investors appear to be moving beyond the crisis in Ukraine, but they do still have an eye on potential sanctions against Russia," said Ben Le Brun, a market analyst at OptionsXpress in Sydney.

Brent for May delivery was down 1 cent at $106.78 per barrel by 0305 GMT, after settling 55 cents higher.

U.S. crude for April delivery traded 25 cents lower at $99.45 per barrel. The contract had closed $1.62 higher on Tuesday.

"There's a lot of second guessing going on about the situation in Ukraine. I think there is still an element of risk premium, especially in Brent," said Le Brun.

Uzma rights issue at big discount

Oil and gas contractor Uzma Bhd has priced its renounceable rights issue at 75 sen each, a steep discount of 76.7% to the stock’s adjusted share price to raise as much as RM99mil for expansion.

Its controlling shareholders, Datuk Kamarul Redzuan Muhamed (pic) and Datin Rozita Mat Shah, who collectively hold 67.15 million shares or a 50.87% stake in the company, have given their undertaking to fully subscribe to their alloted portions.

“The board is of the view that the price will provide shareholders an attractive opportunity to further increase their equity participation in the company at a discount to the prevailing market price of Uzma shares,” the company said in a statement to Bursa Malaysia yesterday.

At 75 sen each, the rights shares are priced at 76.7% lower than the theoretical ex-rights price of Uzma shares of RM3.22, based on the five-day volume weighted average price of the shares up to and including the last practical date of RM5.69.

The company said the discount would entice shareholders to take up their allotment.

The proposed renounceable rights issue exercise entails the issuance of up to 132 million units on a basis of one rights share for every one existing share held at date to be determined later.

Penyelesaian BASF Percepat Proses Pembinaan Jambatan Kedua Pulau Pinang

BASF, syarikat bahan kimia utama, memainkan peranan penting dalam pembangunan Jambatan Sultan Abdul Halim Mu'adzam Shah (Jambatan Kedua Pulau Pinang), jambatan terpanjang di Asia Tenggara.

Pelbagai penyelesaian BASF digunakan dalam pembinaan jambatan itu yang mempercepatkan proses pembinaannya, selain mengukuhkan kecekapan pembinaan dan ketahanan konkrit.

"Penyelesaian BASF memastikan projek pembinaan utama di Malaysia dan dunia dibina dengan kualiti dan produktiviti yang ditingkatkan dalam tempoh jangka masa pengeluaran yang ketat," kata Pengarah Urusan BASF Malaysia Sdn Bhd Daniel Loh dalam kenyataan Selasa.

MasterGlenium ACE, campuran konkrit dalam penyelesaian pembinaan memain peranan dalam memastikan ikon baharu Pulau Pinang itu disiapkan mengikut jadual.

Terdapat 11 penyelesaian BASF lain digunakan dalam pembinaan jambatan bernilai RM4.5 bilion itu, termasuk kalis air dan 'mortar'.

Selain jambatan tersebut, penyelesaian BASF turut digunakan dalam kebanyakan projek mega yang lain, iaitu Menara Kembar Petronas, Empangan Bakun, Loji Kuasa Manjung dan Jambatan Pulau Bunting.

Boustead gets RM108 million Murphy Sarawak topside contract

Boustead Penang Shipyard Sdn Bhd has secured an RM108 million contract from Murphy Sarawak Oil Co Ltd for the fabrication of offshore Belum topsides.

The company, a subsidiary of Boustead Heavy Industries (BHIC) Corp Bhd, announced that the project was for the provision of engineering, procurement, construction and commissioning of offshore topsides for Block SK309 Belum Satellite-A Platform, in phase two of the Sarawak Gas Development Project.

McDermott wins Petronas Safe Contractor of the Year award

McDermott International, Inc. was recently awarded 'Best Contractor HSE Performer, 2013' by Malaysian oil company Petronas Carigali for work performed on its Kepodang Gas Development Project.

'Industry recognition is the best way to demonstrate the success of McDermott's Health, Safety, Environment and Security ('HSES') culture,' said David Dickson, President and Chief Executive Officer.

'McDermott has an exemplary safety record within the offshore industry and strives for continual improvement and this recognition demonstrates the commitment we have to safety and our clients' acknowledgment of the importance of safety during project execution.'

Be Ready To Face Another Financial Crisis, Malaysia Told

Malaysia needs to be ready to face another world financial crisis which was expected in the face of escalating prices and reduced purchasing power.

Former Prime Minister, Tun Dr Mahathir Mohamed, the country should formulate strategies based on past experiences and find the causes of the crisis.

"With current and past financial crises we should dissect them and in turn get ideas on how to prepare ourselves to overcome them," he told a media briefing after the Perdana Leadership Foundation International Roundtable on 'Surviving the Next Global Financial Crisis', here today.

He said the first stage would involve understanding the mechanics and once it was achieved, the crisis could be be dealt with.

"I am a former doctor and the way we should approach it, should be like a doctor," he said.

Meanwhile, the roundtable discussed ways to overcome a financial crisis and the findings will be forwarded to the government.

The roundtable is organised by the Perdana Leadership Foundation and sponsored By YTL Corp Bhd, Malaysia Airlines, Buna Puri, Westports, AmBank, UEM and Bank Rakyat.

Petronas And Shell Announce Limbayong Oil Discovery In Offshore Sabah

Petronas and Shell Malaysia on Monday announced oil discovery in offshore Sabah.

The discovery was made by Shell via the Limbayong-2 well during the appraisal of the Limbayong gas field.

"The appraisal well encountered 136 metres of oil bearing sands and there are plans to conduct more appraisal work on the discovery to determine its recoverable volume.

"Petronas is indeed pleased with the discovery which affirms the hydrocarbon prospects of Malaysia's deep water areas.

"This discovery attests to the significant potential in this area and is a positive development for exploration activities in Sabah and Sarawak," said Petronas in a statement.

The drilling of the Limbayong-2 appraisal well was carried out by the consortium of Shell Malaysia (35 per cent), Conoco Phillips (35 per cent) and Petronas Carigali Sdn Bhd (30 per cent).-- BERNAMA

Petronas Wins JEC Europe 2014 Innovation Award For Technology

Petronas has emerged the winner in the oil and gas category of the JEC Europe 2014 Innovation Awards for its breakthrough technology, the PROASSURETM, a composite clamp for pipeline repair.

The composite clamp is jointly developed by Petronas Research Sdn Bhd, the research arm of Petronas, and the Cooperative Research Centre for Advanced Composite Structures of Australia.

"It is the world's first composite solution designed for in-situ repair system for pipelines with through-wall defects.

Petronas, CPC tandatangani kontrak

Petroliam Nasional Berhad (Petronas) menerusi anak syarikatnya, Malaysia LNG Sdn. Bhd. (MNLG) dan Petronas LNG Ltd. (PLL) telah menandatangani dua kontrak bagi membekalkan 2.6 juta tan gas asli cecair (LNG) setahun kepada CPC Corp. Taiwan (CPC).

Petronas dalam kenyataan berkata, kontrak tersebut bagi tempoh enam tahun dan penghantaran dijangka bermula dari suku kedua tahun ini dan 2015.

Murphy Oil engages investment bank for sale of M’sian assets

A Houston-based energy investment bank is in Kuala Lumpur “on a project” for Murphy Oil Corp, further fuelling speculation the US company which pioneered Malaysia’s first deepwater development, is mulling selling its assets in the country.

Murphy Oil referred questions from FocusM to Tudor, Pickering, Holt & Co (TPH & Co), an integrated energy investment and merchant bank providing high quality advice and services to institutional and corporate clients.

Petronas inks five-year Taiwan LNG contract

Malaysian energy giant Petronas will supply 2.6m tonnes of LNG to Taiwan’s CPC Corporation for a period of six years.

"The volume, which will ship from the Petronas LNG Complex in Bintulu, Sarawak and other supply sources, is to meet the demand and requirements of CPC's customers in Taiwan, primarily the country's power sector," Petronas said.

Petronas began its LNG supply to CPC in 1995 through a 20-year contract for an annual supply of 2.25m tonnes of LNG.

Petronas given Canadian gas green light

Petronas has been given the green light by Canada’s Federal Industry Minister James Moore to acquire Talisman Energy’s Montney natural gas assets in British Columbia through its subsidiary Progress Energy Canada for $1.5bn.

The properties are located in the Farrell Creek and Cypress areas of British Columbia.

Petronas has said it intends to invest up to $11bn in a LNG export terminal near Prince Rupert, British Columbia.

Sabah Shell advances Malikai oil field work offshore Malaysia

Sabah Shell Petroleum Co. Ltd. (SSPC) let a contract to Flowserve Corp. for supply of custom designed water injection and liquid transfer pumps for the Malikai oil field project, which lies 68 miles offshore Sabah, Malaysia.

Flowserve also will supply pumps for seawater lift, firewater, drain caisson, flare knockout drum, circulation, and sump services.

UMW-OG unit gets RM148mil Petronas Carigali contract

UMW Oil & Gas Corp Bhd's unit, UMW Petrodril Sdn Bhd (UPD), has won a RM148mil contract from Petronas Carigali Sdn Bhd.

In a filing to Bursa Malaysia today, UMW-OG said the contract was for the provision of a hydraulic workover unit (HWU) rig for Petronas Carigali's workover programme together with the provision of an accommodation work barge and a portable crane.

UMW-OG said the contract was for an initial period of two years with the option of an extension of one year.

"The provision of the HWU is expected to contribute positively to the earnings and net assets of the group for the financial year ending Dec 31, 2014," it said.

UPD is principally involved in the provision of workover operations for the oil and gas industry.

It is a wholly-owned unit of UMW Malaysian Ventures Sdn Bhd, which in turn is a wholly-owned subsidiary of UMW-OG. – Bernama

Petronas untung RM65.58 bilion pada 2013

Petroliam Nasional Bhd. (Petronas) mencatatkan keuntungan selepas cukai RM65.58 bilion pada tahun kewangan yang berakhir pada 31 Disember 2013, meningkat RM6.06 bilion, berbanding keuntungan 2012 sebanyak RM59.52 bilion.

Dalam tempoh itu, hasil naik sembilan peratus kepada RM317.31 bilion berbanding RM291.23 bilion pada tahun sebelumnya, kata Naib Presiden Eksekutif (Kewangan) kumpulan, Datuk George Ratilal pada taklimat media di sini