ur from there?

I dunno either. My colleague told me. Was suppose to be out with someone from there for lunch/dinner. Then found out got retrench.

Said that person use to go offshore too.

Tok Bali is still coming up, I was there some time back and still lots to be done, even more time before more tenants actually move in.

Another shale fuel player from US bankrupt, Samson Resources Corp.

It's the biggest bankruptcy case within the industry in US.

Forbes forecast the next to be bankrupt will be SandRidge Energy、Goodrich Petroleum、Swift Energy、Energy XXI and Halcon Resources which market value have shrunk > 90% since 2014.

This post has been edited by InF.anime: Sep 20 2015, 12:35 AM

Lucky Malaysia has no shale oil

Any different? Also greatly affected

Well, at least not go bankrupt

E&P News

Reuters

Sept 17 (Reuters) - OPEC forecasts oil prices will grow by no more than $5 per barrel a year to reach $80 by 2020, with rival non-OPEC production growth slowing but not fast enough to fully clear the current oil glut, according to OPEC sources.

The sources said the figures came from an updated mid-term strategy report discussed this week by the representatives from the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna, which has yet to be fully endorsed by OPEC ministers.

The report forecasts that non-OPEC supply would amount to 58.2 million barrels per day by 2017, some 1 million barrels per day lower than in the previous forecast.

But even if markets begin to rebalance as low oil prices are hurting high-cost non-OPEC producers, prices are unlikely to return above $100 per barrel until 2030-2040, according to one of the sources.

The decade between 2030 and 2040 would be the first period when OPEC will see its global market share rising to 40 percent from the current 33 percent.

wawasan 2020....igt lagikah lagu tersebut ehehe

Hello everyone. I am going to finish my degree in Petrochemical Engineering by the end of September 2015 and would like to apply for any job under oil and gas in any available company. I would be happy to be working under a senior engineer if possible in the upstream line as I am really interested in the offshore oil and gas drilling and production sector. I am very enthusiastic about the oil and gas sector and are willing to learn more to go deeper with my career in this field. Any recommendations or job openings that i can try? Thank you.

Upstream line super slow right now dude.Try Perisai,there is an opening for TDE .G.L

Thanks for the heads up bro.
BTW, if any one knows any vacancies were offered there, please let me know..or share them here. Planning to go back home town, family first.......

yeah.. now the news have filtered through. There were some retrenchments. sad for them

Anyone got interview invite for QP via AP recruitment?

Forget about AP, just submit and forget about it. JVI would be better.

Petroliam Nasional Bhd (Petronas) is expected to further reduce its capital expenditure (capex) this year as it battles falling revenues due to the volatile crude oil market.

The national oil company has a RM300 billion capex programme over a five-year period, beginning 2012.

However, it slashed its capex by 15% to RM70 billion this year due to the uncertain oil prices.

According to sources, Petronas would need to slash as much as RM16 billion from its capital spending as the lower than expected oil price environment continues to derail its revenue projections and dividend commitments to the government.

The additional cut in capex, if it materialises, would mean the national oil company’s capital spending for 2015 will decrease to around RM54 billion this year.

As much as RM6 billion could be slashed from Petronas Carigali Sdn Bhd, Petronas’ exploration and production arm, in order to meet the capex reduction numbers.

“Cuts at Petronas Carigali are expected and would indicate a slowdown in acquisitions and frontier exploration. Within the rest of the company, executive spending will fall,” an analyst said.

From 2009 to 2013, Petronas spent an average of RM45 billion a year on capex, data compiled by RHB Research Institute Sdn Bhd showed. In 2014, it spent RM64.6 billion, at a time when crude was over US$100 (RM440.18) a barrel.

This year, Moody’s Investors Service projected Petronas’ revenues to plummet from RM329.1 billion in 2014 to RM240-RM250 billion.

Earnings before interest, taxes, depreciation and amortisation are expected to drop by more than RM50 billion to RM75.18 billion, the research firm said in August.

“Moody’s expectations for Petronas’ revenues this year are in line with the crude price slump,” an analyst at a Kuala Lumpur-based investment research house told The Malaysian Reserve (TMR).

The state oil company had already projected a muted 2015.

Its net profit plunged 47.45% to RM11.07 billion in the second-quarter ended June 30, 2015, compared to the RM21.06 billion recorded a year ago.

For the six-month period, its net earnings spiralled 43.57% to RM22.47 billion from RM39.82 billion.

Petronas has also committed a dividend payment of RM26 billion to the government this year, down from RM29 billion it paid in 2014.

Petronas CEO Datuk Wan Zulkiflee Wan Ariffin was reported as saying that cash from operations this year would not be able to cover capex or dividends. Petronas had budgeted based on oil price averaging at US$55 a barrel.

Brent crude prices on the ICE Exchange t rade d at US $ 4 8.17 to US$48.43 last Friday, down from a multi-month high of US$54.15 on Aug 31.

Any additional capex cut by Petronas would impact oil and gas (O&G) service providers.

However, its US$37 billion liquefied natural gas (LNG) export terminal in Canada and the refinery and petrochemicals integrated development (Rapid) project in Johor would continue due to their significance and huge initial investments.

Petronas’ reduced spending had already forced service providers to adjust their tender bids to a US$50 to US$55 per barrel scenario, analysts told TMR.

“Petronas has been active negotiating with suppliers to get cheaper prices,” said a researcher at an investment firm.

O&G companies that will be most affected by any new cuts in capex would be the fixed asset owners such as offshore support vessel suppliers and service providers, analysts say.

O&G tickers fell 5%-20% on Dec 1 last year, immediately following Petronas’ initial announcement that capex would be cut from 15% to 20% this year.

“Small-to-mid cap players like Perisai Petroleum Teknologi Bhd and Alam Maritim Resources Bhd will face negative investor sentiment if Petronas makes any announcement on any new cuts,” said the researcher.

Petronas, the only Malaysian company on Fortune’s top 100 global firms, is expected to seek partners for its US$36 billion Canadian LNG project or ask other shareholders to increase their investments, an analyst at a local bank said.

Currently, Petronas’ partners in the Pacific NorthWest consortium include Sinopec Ltd (10%), Indian Oil Corp Ltd (10%), Japan Petroleum Exploration Co Ltd (10%), China Huadian Corp (5%) and Brunei National Petroleum Co Sdn Bhd (3%) .

“That way, Petronas would spend less but retain control of the project. It will also reduce the risks it is undertaking on the project,” the analyst said.

“However, local key projects, especially the Pengerang Integrated Petroleum Complex, are expected to continue.”

“The Rapid project is a priority for Petronas. It is supposed to enhance Malaysia’s refining capabilities as local capacity is still lower than Singapore’s,” the analyst noted.

The dead line for the completion of Rapid had been pushed back three times to mid-2019, and earlier in May Petronas announced that the RM97 billion development cost would be revised downward to RM89 billion.

Mind to elaborate bro? They emailed me for interview session on the 13th. Since this is my first time applying via AP, any expectation that i should aware of?

Is normal practice that headhunter companies will press your salary down, especially local companies. Now I prefer oversea companies, can get higher pay and post.

Shell VSS in the news today..

20% reduction for next two years....not too bad..heard NOC is going to cut more CAPEX...

How can they consistently cut CAPEX without having redundancies?