My gut feeling says the same thing too.

Next resistance is at 55.02. If market don't break it, it may not move higher in the meantime.

This post has been edited by Binyamin: Feb 14 2015, 12:06 AM

Fresh graduate from UTP . Degree in Petroleum Engineering ( majoring in Drilling ) . Looking for job opportunities . Any info on vacancy or recruitment is very much appreciated.

Thank you

Hi, can someone suggested oil and gas company in Malaysia that take students for internship programme.

Thank You

I believe most of O&G workers here are speed junkie - I am looking for a modded car to be lenjan kaw kaw & driven daily to work & occasionally KTN-KL route commute on weekend (I will not shipped over my beloved car from Bintulu to Peninsular). Currently renting a Myvi for temporary measure (I rely on public transport and my scooter when I was working at KL for two years)

My requirement as follow :
- A fair & mint condition of Satria GTi and Putra converted to any 4G engine series, evo or mivec convert will do just fine, GSR 1.8 pun boleh
- Honda EG & EK convert B16 or B18, K20A convert would be lovely if any
- Toyota SEG convert to blacktop AE111

I am a cash buyer and willing to buy immediately if I can close the deal to any prospective seller. Any exorbitant selling price will be immediately rejected - I am looking a fair transaction and win-win condition to both parties. Do PM me if your friends are selling their monster four-wheelers.

P/s - maaf dipinta from TS for unsolicited advertisement hehe

Kemp: Mass Layoffs Complicate Oil Industry's Long-Term Plans

The challenge is recruiting, training and retaining workers and maintaining an appropriate long-term labor force in an industry stuck with a profound boom-bust cycle, analyst John Kemp says.
Reuters

John Kemp is a Reuters market analyst. The views expressed are his own

LONDON, Feb 13 (Reuters) - "This is the really crappy part of the job, and this is what I hate about this industry frankly," the chief executive of oilfield services company Baker Hughes complained as he announced it would lay off 7,000 employees.

Baker Hughes is cutting jobs in response to slumping prices and a downturn in drilling activity.

But the company's obviously frustrated chief acknowledged that "this is the industry, and it's throwing us another one of these downturns, and we're going to be good stewards of our business and do the right thing."

So the company will cuts costs, he told investors in a conference call on January 20 to discuss the firm's fourth-quarter earnings and outlook for 2015.

More than 100,000 layoffs have been announced across the industry worldwide since prices began to slide last summer, according to a tally kept by Bloomberg.

In recent weeks other major service companies have announced job reductions. Halliburton announced it will cut 6,400 jobs (8 percent of its global workforce) while Schlumberger will eliminate 9,000 positions (around 7 percent of its workforce).


Precision Drilling, one of the largest rig contractors in North America, has idled more than 50 of the 250 rigs it had working this time last year, leaving more than 1,000 skilled operators out of work, the company said on Thursday.

"Industry downturns are difficult for all, but they affect our rig crews more than anybody else," the company's chief executive said in a statement.

"Precision recruited, trained and developed many excellent crews to support the demands of our customers over the past several years, and unfortunately we now don't have work for many of these dedicated workers."

Human Capital
Tens of thousands more jobs have been cut, through layoffs or retirements, across every part of the industry, ranging from self-employed drilling contractors and well-completion crews to full-service companies, seismic surveyors and of course the oil and gas producers themselves.

Oil and gas production is an exceptionally capital-intensive industry. But the sector's most important and scarce resource is its workforce.

The oil industry's popular image may be a roughneck in soiled overalls drinking in a strip joint, but it has an enormous demand for highly skilled and, during a boom, very well compensated workers.

Modern oil and gas production is technically complicated and dangerous work. The days of drilling wildcat wells more or less at random and allowing the well to blow out in a massive gusher are long over.


The industry still provides employment for unskilled casual labour. In boom times some of the jobs for truck drivers and other support staff can be exceptionally well paid.

But at its core are tens of thousands of petroleum engineers and petroleum geoscientists, as well as tool pushers, drillers, derrickmen and roughnecks on the rigs themselves, who perform specialised functions which demand years of formal education and, most importantly, experience in the field.

The challenge is recruiting, training and retaining these workers and maintaining an appropriate long-term labour force profile in an industry stuck with a profound boom-bust cycle and beset by periodic mass layoffs.

The Great Crew Change
Until recently, the oil industry was preoccupied by a looming shortage of skilled workers -- especially mid-career professionals ready to step into supervisory and senior leadership roles.

Schlumberger's consulting arm, which offers human resources planning advice to third parties, has warned repeatedly about "the looming talent shortage" as a result of what it termed "the great crew change".

Oil and gas companies have lots of experienced workers in their late 40s and 50s, and have recently succeeded in attracting more young graduates. But there is an acute shortage of mid-career professionals aged 35-45, with 10-20 years training and experience.

The large number of professionals in their 50s poses a major problem as they reach the age for retirement, while recent graduates are still 10-15 years away from being ready to assume supervisory positions.


The industry's uneven age profile is the legacy of the last downturn during the late 1980s and through the 1990s, when low oil prices and the squeeze on profits resulted in enormous job losses and a virtual freeze on hiring.

As a result, the cohort of workers recruited in the mid and late 1990s, who should be moving into supervisory and eventually leadership positions, is unusually small.

Back in 2013, Schlumberger predicted the oil and gas industry would have a shortage of around 15,000 experienced petroleum engineers and geoscientists by 2016.

The predicted shortfall of experienced petro-technical professionals (PTPs) would approach 20 percent of the total required number.

The looming shortage was seen by many as the biggest single threat to increasing oil and gas supplies in the second half of the current decade and into the 2020s.

Graduate Recruits
Schlumberger forecast the industry would need to hire 10,000 new petro-technical professionals every year through 2020 to offset retirements and meet the need for expansion.

The oil industry spent years working to encourage more college students to specialise in petroleum engineering and related disciplines.


Petroleum engineering departments hired extra instructors and increased enrolments. According to the U.S. Department of Education, the number of students enrolled in petroleum engineering programmes at U.S. universities increased from a recent low of just 561 in 1997 to 1,301 in 2011 (http://link.reuters.com/tux93w).


Now, of course, the downturn has thrown thousands of oil and gas professionals out of work, and led to pay freezes and cuts in contracting rates.

Amid all the headlines about layoffs, falling salaries and a potentially prolonged downturn in oil prices, the industry somehow has to avoid losing current graduates to other sectors and continue encouraging high school students that oil and gas engineering and science is an attractive long-term career.

Because if the oil industry cannot maintain an adequate skill base, with the right age structure, skill shortages will re-emerge and set the stage for the next brutal boom-bust cycle.

In practice, the industry has never succeeded in balancing long-term personnel planning with the short-term financial imperative to control the wage bill.

It may not be any more successful this time around, if the slump in oil prices and drilling continues long enough.

And that's why the chief executive of Baker Hughes could say truthfully mass lay-offs are what he and everyone else "hates" most about the oil and gas industry.

(Editing by Andrew Heavens)

- See more at: http://www.rigzone.com/news/oil_gas/a/1372...h.gMLkNlOh.dpuf

hi guys,i'm currently in DCS,mostly dealing with LNG plant and chemical plant.

I would like to know what other field of work that i can work with my experience in dcs?any ideas?

Slower growth anticipated for M’sia this year

by Ronnie Teo, ronnieteo@theborneopost.com. Posted on February 14, 2015, Saturday





KUCHING: Analysts across the board upheld their opinions that Malaysia will see slower growth in 2015 following Thursday’s announcement of Malaysia’s gross domestic product (GDP) for 2014.

Economist Manokaran Mottain from AllianceDBS Research Sdn Bhd (AllianceDBS Research) said the stronger growth in 4Q14 came as a pleasant surprise as it came above expectations of its projection of 5.2 per cent.

“Nevertheless, we observe various downside risks to the domestic economy that have unfolded since early of the second half of 2014 (2H14), particularly the impact from falling crude oil prices; challenges to the fiscal and current account balances and subdued growth prospects in major advanced economies besides the US,” he detailled in a note to investors yesterday.

He added that the government’s fiscal consolidation efforts were reflected in the slowdown in public sector economic growth.

However, private sector consumption growth – which makes up around 53 per cent of total GDP – increased more than expected, thereby contributing to the bulk of the growth in 2H14.

“We take note of the weak consumer sentiments index that has fallen below the 100-point threshold since 3Q14, signalling poor confidence outlook among consumers. We think that the expected slowdown in consumer spending growth might only be reflected in the quarters ahead.”

Manokaran maintained his anticipation of a slowdown in private sector consumption growth in 2015 to around 5.7 per cent on the back of higher price pressures from Goods and Services Tax implementation in April onwards.

“Although short-term lower pump prices and electricity tariffs might mitigate some short-run inflation, we expect full-year inflation in 2015 to be around four per cent,” he added.

AmResearch Sdn Bhd economist Patricia Oh similarly anticipated lower growth for 2015 as domestic demand is expected to soften, adding the firm’s full-year GDP projection at 5.2 per cent for 2015.

“As for 1Q15, forward-looking indicators for the consumer segment suggest that the economy will be supported by private consumption spending ahead of the implementation of GST,” she said in a separate report.

“Also, net trades will continue to register healthy surplus in 1Q15 as the weak Ringgit could potentially be a drag on import orders during the quarter.”

Manokaran from AllianceDBS Research said as expected, trade performance is on a downward trend as net exports of goods and services growth contracted 9.8 per cent in 4Q14, down from an expansion of 11.4 per cent recorded in 3Q14.

“While the weaker ringgit exchange rate may be able to support trade competitiveness, we still see this development to be inadequate to mitigate the expected weaknesses in exports performance.

“We maintain our projection that the current account surplus to GDP ratio would narrow to around two per cent in 2015, down from 4.6 per cent in 2014 on the back of weaker commodity exports growth.

“Overall, we think that the current economic outlook is still stable. A slowdown in economic activities is not an outright contraction. For now, we maintain our full-year 2015 GDP growth projection at five per cent.”


Read more: http://www.theborneopost.com/2015/02/14/sl.../#ixzz3RfcPJAd8

I have a friend as QAQC Inspector under this Turkish Stream pipeline project, a very interesting story he shared with me last time...

Even with Turkish Stream, Russia can’t avoid sending gas via Ukraine

Posted on February 14, 2015, Saturday





BRUSSELS/ESSEN/MOSCOW: Russia’s plan to cut out Ukraine as a gas transit route is unrealistic because the EU will seek non-Russian gas rather than build the links it would need to Moscow’s proposed new pipeline to Turkey, industry sources and analysts say.

Last year, as violence flared in eastern Ukraine and Moscow faced new sanctions, President Vladimir Putin announced that Russia had axed the South Stream gas pipeline across the Black Sea to Bulgaria, designed to bypass Ukraine and ship gas straight to the European Union.

Russia’s Gazprom has also said the EU will not receive any deliveries of gas via Ukraine after a current transit contract expires at the end of 2019.

Instead of the 63 billion cubic metres (bcm) of gas that Europe was to receive via South Stream, Russia has proposed a new undersea pipeline to Turkey with the same capacity. Known informally as Turkish Stream, its first line of 15.75 bcm a year should be operational by 2017 and supply just Turkey.

Gazprom suggested the European Union should build its own link from an as-yet unbuilt gas hub at the Turkish-Greek border to take some 50 bcm from the new route proposed by Putin – an idea greeted with scepticism in Brussels.

“I would be very surprised if companies working with long-term contracts which go well beyond 2019 will just tomorrow swap all their demand to Turkey (from Ukraine) and would be happy to do so,” Oliver Koch, head of unit in the European Commission’s energy department, told a conference in Essen this week.

He said he doubted the South Stream decision was ‘the last word’ from Russia, given previous changes in stance.

Last year, the EU received about 147 bcm of Russian gas, or around a third of its needs, and of that 60 bcm was pumped via Ukraine.

The rest was shipped via Belarus, as well as through an existing pipeline to Turkey named Blue Stream and the Nord Stream link beneath the Baltic Sea to Germany.

While the EU is intent on diversifying its gas routes, it may well jib at the cost of investing in extra gas pipelines, especially as it has pledged to help Ukraine modernise its transit infrastructure.

Both Europe and Ukraine are trying to cut their reliance on Gazprom. Brussels supports the rival Southern Gas Corridor to carry gas from Azerbaijan, as well as other sources, to Europe.

Russia in turn is shifting its focus away from the West towards China. But it is years away from tapping the resources and developing the infrastructure to deliver what China needs – so the relationship with Europe remains crucial.

Analysts say falling gas prices, dragged down by a world surplus and cheaper oil, will force Gazprom to adapt as other companies such as Norway’s Statoil have. The current standoff with Europe is likely “to move Gazprom to a more commercial view of what they need to do in the market place,” said Howard Chase, director of government affairs at Dow Chemical Europe, which is a major user of gas as a feedstock.

Russia’s national finances are also critically dependent on its energy exports. Gazprom, a major contributor to the Russian budget, gets two-thirds of its revenues in hard currency, mainly from gas sales to Europe.

Gazprom had previously estimated the costs for the undersea part of South Stream at 17 billion euros (US$19 billion). It also needed 738.5 billion roubles (US$11 billion) to upgrade Russia’s domestic gas system.

Gazprom declined to comment, saying it was “at an early stage of the project’s planning”.

VTB Capital analysts put offshore costs alone at US$10 billion- 12 billion.

In a note in late January, Eurasia Group consultancy predicted that it was most likely that “Europe will allocate still greater financial resources … to diversify its import options away from Russia.” — Reuters


Read more: http://www.theborneopost.com/2015/02/14/ev.../#ixzz3RfpgmwGv

Nam Cheong’s revenue up 53 pct to RM1.9 bln in FY2014

Posted on February 13, 2015, Friday





SINGAPORE: Nam Cheong Ltd, a leading global offshore marine player, yesterday announced that it had achieved revenue of RM1.9 billion for the financial year ended Dec 31, 2014.

This is an increase of 53 per cent compared to the RM1.3 billion in the previous corresponding year (FY2013), it said in a statement.

It said the increase in revenue was driven mainly by its shipbuilding business segment which saw an increase in the total number of vessels delivered from 20 in FY2013 to 24 in FY2014.

In line with the growth in revenue, the Group registered a 47 per cent rise in net profit in FY2014 to reach RM302.2 million.

Nam Cheong, listed on the Main Board of the Singapore Exchange Securities Trading Ltd (SGX-ST), is also Malaysia’s largest Offshore Support Vessel (OSV)builder.

Commenting on the results yesterday, Datuk Tiong Su Kouk, executive chairman of Nam Cheong said: “Repeat customers form a strong pillar of Nam Cheong’s business.

“The FY2014 results reflect the robust demand for our vessels by customers and continued confidence in Nam Cheong as a reputable OSV builder.

“Most recently in December 2014 and despite an uncertain macro environment, we secured two vessel orders collectively worth US$45 million from our Netherlands-based and West Africa-based repeat customers.

“Being a specialist in the resilient shallow water segment, we are also less affected by the current low oil prices compared to our deepwater counterparts.” Nam Cheong’s group chief executive officer Leong Seng Keat said even with the company’s strong financial performance in FY2014, the focus remained on prudently deploying capital and further building operational capabilities.

“As of December 31, 2014, our order book stood at a healthy RM1.7 billion, comprising a mix of OSVs that are due for deliveries up to 2016.

“Nam Cheong’s access to the Medium Term Notes market continues to be excellent, ensuring our working capital requirements are met in light of the higher order levels in FY2014,” he added.

For the three months ended Dec 31, 2014 (4Q 2014), the Group recorded a 29 per cent rise in revenue to RM523.9 million from RM406.1 million in the previous corresponding period (4Q 2013).

This was due to the progressive recognition of revenue derived from the Platform Supply Vessels (PSV) sold in 4Q 2014 which contributed 40 per cent of the quarter’s total shipbuilding revenue.

Nam Cheong’s balance sheet in FY2014 remained robust with shareholders’ equity growing by RM280.7 million to reach RM1.2 billion.

Net gearing ratio as at Dec 31, 2014 stood at 0.42 time, an improvement from 0.52 time as of Dec 31, 2013.

The board has recommended a first and final dividend of 1.5 Singapore cents amounting to total dividends payable of S$31.4 million. — Bernama


Read more: http://www.theborneopost.com/2015/02/13/na.../#ixzz3RfqvIuQp

Dialog to register better financial results in 2HFY15

Posted on February 12, 2015, Thursday





KUCHING: Dialog Group Bhd (Dialog) is poised to register better financial performance in the second half of financial year 2015 (2HFY15).

AllianceDBS Research Sdn Bhd (AllianceDBS Research) in a report said it expects Dialog to post stronger earnings in 2HFY15 due to higher contribution from Pengerang Deepwater Terminals Phase 1A and 1B as both phases are fully operational while Phase 1C starts operation recently.

The research firm noted that the company could register additional earnings from its 20 per cent farm in the production sharing contract for three fields namely D35, D21 and J4 upstream fields as well as Jubail Supply Base operations over the next few quarters.

Apart from that, the research arm of Maybank Investment Bank Bhd (Maybank IB Research) in a report said the RM2.5 billion engineering, procurement, construction and commissioning (EPCC) works for the Johor regasification project of which Dialog is a partner with a 25 per cent stake will also start contributing to its financial performance in the fourth quarter financial year 2015 (4QFY15).

Furthermore, AmResearch Sdn Bhd (AmResearch) in another report said the RM5.5 billion EPCC contract for the construction of Pengerang Phase 2 will further support Dialog Group’s earnings over the next three years.

In the meantime, the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) said Dialog remains bullish on its prospects in Pengerang Deepwater Terminal.

The research firm added the company’s oil production in Bayan field continues to be enhanced.

Meanwhile, Dialog told Bursa Malaysia on Feb 9 that its earnings in the second quarter of financial year 2015 (2QFY15) increased 20 per cent year-on-year (y-o-y) to RM79.75 million.

For the first half of financial year 2015 (1HFY15), Dialog said its net profit grew 14 per cent y-o-y to RM129.65 million.

However, Dialog noted that its revenue for 2QFY15 and 1HFY15 both declined.

Dialog revealed that its revenue for 2QFY15 dropped 18 per cent y-o-y to RM570.29 million while turnover for 1HFY15 declined 12.4 per cent y-o-y to RM1.11 billion.

Analysts noted that the company’s lower revenue in 2QFY15 was attributed to the absence of contribution from construction services due to the completion of Pengerang Deepwater Terminals Phase 1A and 1B as well as lower activity levels for the company’s international operations from the engineering and construction segments.

Going forward, analysts remain upbeat about the company’s outlook as demand for storage facilities for the oil and gas industry are expected to increase.

They are also bullish about Dialog’s potential long term recurring income from the storage terminal business in Pengerang Deepwater Terminals.


Read more: http://www.theborneopost.com/2015/02/12/di.../#ixzz3RfuJoowV

Sorry.. I skema abis.. Naik LRT jer

wow ... u mean her ex company is hiring replacement for your ex gf ? ur ex work IT too?

hi, i'm the opposite of you. i'm really interested to join dcs side. how's the market for dcs? a lot of vacancy? can pm me for more tips? thanks bro.

Haloo guys n otai2,

Need advice from seniors, I have experience in design engineering of offshore structures for 2 years (topside and substructure) then now as a field engineer for CPF in oman which is onshore job. However my interest is to do fabrication of offsore structure or installation of offshore structure.

With my mixed experience may i able to apply for any offshore job in the future?

Yes you can. As a T&I Engineer. Join Co. like TLO, Sigur Ros, PBJV, Saipem, McDermott, Herema Marine, Daya Offshore Construction, or any related T&I Co.

ni kata2 keramat kena post kat 1st page

crude has risen up a bit. positive signs, albeit small. here's to a better economy as the year progresses.

abg yakup try rummage in mudah might be some direct sellers there staying anywhere from kuantan to kelantan.

This post has been edited by mhyug: Feb 15 2015, 12:33 PM

aku rasa this year ok lg...sbb all project yg tender last year punya buat tahun ni...
but, tahun ni kurang tender awarded, so effect dia tahun depan kurang la job..

Well said. There is about (jumlah dirahsiakan) upstream fabrication project has been put on hold by PCSB (via PMU) not to mention other PSC's project had to be put on brake too awaiting direction from PMU. Tough time ahead.

Whenever you are free at East Coast drop me a call. I am staying at Sg. Karang Balok exactly in front of the new Swiss Garden Residencies Resort.