TALISMAN TO CONTINUE INVESTMENTS IN SABAH

Talisman Malaysia will continue to pump investments into Kinabalu oilfield operations despite lower global oil prices.

In May, Spanish oil firm Repsol acquired Talisman Energy for US$8.3 billion, but the lower oil prices dented Repsol's second-quarter profits.

But despite this, its Kinabalu Assets Manager Duncan Smart on Thursday said the transfer of ownership has not impacted its daily operations in Malaysia.

KEDAH TELITI CADANGAN BANGUNKAN INDUSTRI MINYAK DAN GAS DI KERPAN

Kerajaan Kedah sedang meneliti cadangan pelabur yang berhasrat membangunkan industri minyak dan gas di kawasan Kerpan, kata Menteri Besar, Datuk Seri Mukhriz Mahathir.

Beliau bagaimanapun menegaskan kerajaan negeri tidak mahu bertindak meluluskan cadangan itu secara melulu sebelum melihat impaknya daripada pelbagai aspek.

"Kita sedang tengok (menelitinya) secara mendalam...boleh atau tidak, sesuai atau tidak di kawasan itu, kesannya kepada alam sekitar dan peluang pekerjaan yang tentu ada impaknya," katanya ketika berucap merasmikan Mesyuarat Perwakilan Pemuda UMNO Bahagian Jerlun di sini, Sabtu.

PETRONAS TAKES OVER MLNG DUA FROM SHELL

Petroliam Nasional Bhd (Petronas) has fully taken over Malaysia LNG Dua Sdn Bhd (MLNG Dua) from Sarawak Shell Bhd (Shell), who had a 50% equity stake in the firm.

In a statement, Petronas said hand-over of Shell’s equity stake was officiated in a ceremony yesterday, and thus its unit Petronas Carigali Sdn Bhd (PCSB) now owns 90% stake in MLNG Dua, while the remaining 10% is held by PCSB’s subsidiary, E&P Malaysian Ventures Sdn Bhd (EPMV).

Consequently, PCSB and EPMV are now the operators of MLNG Dua.

Previously, MLNG Dua was operated by Shell via a production sharing contract (PSC) signed with Petronas in 1993. The PSC expired yesterday.

PETRONAS TIDAK BUANG PEKERJA UNTUK TANGANI PENURUNAN HARGA MINYAK

Petronas merancang untuk terus mengekalkan langkah-langkah penjimatan kosnya dan tidak memilih memberhentikan pekerja serta menjual aset bagi mengharungi senario suram dalam sektor minyak dan gas sekarang.

Naib Presiden Kanan Strategi Korporat dan Risikonya Adif Zulkifly berkata sehingga kini Petronas  berjaya berjimat sebanyak RM640 juta dengan mengoptimumkan logistik.

"Ini sangat memberangsangkan... ada beberapa inisiatif penjimatan kos lagi yang akan dilaksanakan," katanya semasa sesi ucap tama pada Sidang Kemuncak Asia Tenggara 2015 yang dipengantarakan oleh Kevin Plumberg, Editor Kanan The Economist, penerbitan yang berpangkalan di Britain.

DON'T KILL 'CASH COW' PETRONAS, PUTRAJAYA TOLD

Bayan Baru MP Sim Tze Tzin has urged Putrajaya not to choke Petronas, which is seen as the country's cash cow, in a bid to maintain its lavish spending in difficult economic times.

This is amid reports that Petronas was forced to dip into its reserves to pay dividend to the federal government, as falling oil prices had seriously dented its profits.

"Petronas has been Malaysia’s cash cow and sovereign oil fund. We urge the federal government of Malaysia to take a long-term view in milking Petronas.

"Some even regard Petronas as the government’s banker of last resort, providing ready funds in the event of a crisis.

WAH SEONG BAGS RM188.96M SUB-CONTRACT TO SUPPLY PIPE PILES FOR PENGERANG PROJECT

Wah Seong Corp Bhd ( Financial Dashboard) has bagged a RM188.96 million sub-contract from Penta-Ocean Construction Co Ltd for the supply and delivery of coated steel pipe piles for the Pengerang Deepwater Petroleum Terminal Project in Johor.

In a filing with Bursa Malaysia today, Wah Seong said its subsidiaries namely, PPI Industries Sdn Bhd and Petro-Pipe (Sabah) Sdn Bhd were awarded the sub-contract involves the manufacture and delivery of coated steel pipe piles.

PETRONAS SLASHES OIL RIG COUNT

Petroliam Nasional Bhd (Petronas) president and group CEO Datuk Wan Zulkiflee Wan Ariffin has announced that there will only be 14 oil rig counts by the end of the year, down from 39 last year.

The slash reflects the challenges gripping the oil and gas industry, which includes falling crude oil price.

Globally, the rig count, considered a proxy for industry activity, has fallen sharply since last June.

Malaysia and Brunei to enter into joint exploration for oil and gas

Malaysia and Brunei will soon enter into joint exploration for oil and gas in potentially lucrative deposits in the South China Sea along the joint maritime boundaries shared by Sarawak and the sultanate.

Prime Minister Datuk Seri Mohd Najib Tun Razak and his Brunei counterpart Sultan Hassanal Bolkiah on Tuesday held a four-eyed meeting at the palace here and both agreed that the pace of commercial exploitation for oil and gas along the shared boundaries should be hastened.

PETRONAS REMAINS RESILIENT, BRACES FOR TOUGHER TIMES AHEAD

PETRONAS reported a commendable performance over the last quarter despite a difficult period, due to better operational efficiencies despite lower production entitlement and LNG volumes.

Speaking at the national oil company’s second Quarter Financial Result Media Briefing, PETRONAS President and Group CEO Datuk Wan Zulkiflee Wan Ariffin said that its past prudent cash management practices had provided sufficient financial reserves to weather the effects of the low oil price. However, PETRONAS is bracing itself for more challenges ahead as low oil prices persist.

Untung Petronas susut RM11 bilion

Keuntungan Petroliam Nasional Bhd. (Petronas) menyusut sebanyak tiga peratus kepada RM11.1 bilion pada suku kedua tahun kewangan berakhir 30 Jun 2015 berbanding tempoh sama suku lalu.

Syarikat petroleum negara itu merekodkan perolehan sebanyak RM61 bilion pada suku dalam kajian, jatuh tujuh peratus berbanding suku pertama 2015.

Ketua Pegawai Eksekutif Kumpulan, Datuk Wan Zulkiflee Wan Ariffin berkata, penyusutan perolehan dan keuntungan itu disebabkan terutamanya oleh kejatuhan volum dan harga gas asli cecair (LNG).

Barakah Offshore bags RM30m contract from Petronas

Barakah Offshore Petroleum Bhd has bagged a contract worth up to RM30 million from Petronas Carigali Sdn Bhd to provide cleaning pig and associated services in Sabah and Sarawak.

In a filing with Bursa Malaysia today, Barakah said its wholly-owned subsidiary PBJV Group Sdn Bhd has received a letter of award from Petronas Carigali for the proposed job.

"The total value of the contract will depend on the actual work orders to be issued by Petronas Carigali from time to time during the contract period.

Malaysian Hibiscus And Partner In RM398m O&G Deal in North Sea

Malaysia-based companies Hibiscus Petroleum Bhd and Ping Petroleum Ltd have agreed to acquire the Anasuria cluster of oil and gas (O&G) fields in the North Sea from Shell and Esso in a deal valued at about RM398.2 million.

The move is significant for Hibiscus, Malaysia’s first special-purpose acquisition company listed in August 2011, to achieve its balance portfolio aim of owning a combination of upstream exploration, development and production assets after some false starts.

“This acquisition will complete our company’s strategy of acquiring a balanced portfolio of assets within five years of listing.

Petronas rig squeeze

National oil company Petronas is still reeling from the effects of the oil-price slump. As part of measures to cut costs and remain profitable, it is learnt Petronas has abruptly ended or plans to end the contracts of 14 of its 18 oil rigs within a year. This could save the company billions of ringgit a year as it recuperates and plans its rebound.