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Some POTENTIAL good News...

Saudis to Propose Conditional OPEC Cuts in 2016, EI Reports
James Paton JamesPaton14
Ben Sharples BenSharps
December 3, 2015 — 12:36 AM EST Updated on December 3, 2015 — 1:27 AM EST
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• Cut decision not expected at Friday's meeting; possibly 2016
• Reduction would require participation by non-OPEC producers
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Saudi Arabia, the world’s largest crude exporter, may propose an eventual OPEC production cut of 1 million barrels of oil a day that may take affect in 2016, Energy Intelligence reported Thursday, citing a group delegate it didn’t identify.
Saudi Arabia would consider the cut only if a number of conditions are met, and the output reduction would not be agreed at the meeting Friday of the Organization of Petroleum Exporting Countries, according to the report, in EI’s International Oil Daily publication.
Non-OPEC producers including Russia, Mexico, Oman and Kazakhstan would also have to participate as would Iran, the report said. Iraq would have to freeze production at current levels or agree to cut with the group, the report said.
“Even if the report is credible, there will be a long way to go before the market could have any reasonable assurance that an agreement was possible and that it could be adhered to,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said by phone. “The fact that it’s a Saudi proposal gives it a bit of extra weight because they are a credible operator in the oil market.”
Brent crude rose as much as 2 percent to $43.35 a barrel and was at $43.32 as of 2:07 p.m. Hong Kong time.
Oil prices have tumbled in the past year as Saudi Arabia, Russia and the U.S. boosted output. OPEC decided in November last year and again in June to keep its production quotas unchanged, after exceeding its target of 30 million barrels a day in each month since June 2014. Saudi Arabia Oil Minister Ali al-Naimi is in Vienna with other oil ministers as OPEC plans to review the target on Dec. 4.
Before it's here, it's on the Bloomberg Terminal.
• Saudi Arabia

Opec has decided to stick by its previously-stated output policy, according to a report, in a move that was widely predicted amid a glut of global supply and low oil prices.
The Vienna-headquartered cartel has, however, raised its output ceiling to reflect the fact that its members have for some time been exceeding a previous ceiling imposed earlier this year, Reuters reported.

(Read Upstream's editorial comment on Opec ahead of the meeting, in Friday's issue.)

Members attending the 168th meeting of Opec in the Austrian capital on Friday voted to cap collective oil output at 31.5 million barrels per day, a level closer to that at which they have effectively been producing in recent months.

and you should know thats not true.

Heard Baker Hughes also closing down some of their division for Malaysia operation.

Aker KL office, 150 ppl MSS, next week..

Aker?

Hopefully they gave you a reasonable compensation..goodluck!

This guy is a fellow, IEM and his technical division is active in conducting seminars & courses.
https://razmahwata.wordpress.com/tag/iem/

I guess many of the drilling engineers, completion engineers, reservoir engineers, etc prefer SPE.

Good job both of you as a PE! Now shall we keep 'racist // racism' issue aside. Or you can continue it offline...cheers...

What will be drilling engineers, completions engineers do in downstream business?

Indeed boss...

High-flying oil workers now scraping by amid layoffs


KUALA LUMPUR, Jan 11 — Haqim Nawawi thought he had it all when an international oil services firm poached him from a biochemical company and hired him as a logging-while-drilling field specialist with a monthly salary of more than RM10,000.

But just 11 months into his dream job, the 26-year-old took a phone call last June that would crush all hopes for a comfortable life. Now, he is jobless and makes a scanty side income of RM540 a month teaching secondary school students maths or science.

“When they hired me I was so happy,” Haqim told Malay Mail Online. “I even bought a house”.

Haqim is now based in Kuantan, Pahang, to help his parents manage their homestay business.

“But now, well, they just called me to the office and told me [that I was going to be laid off]. But I sort of expected it. We had heard about it and when I got the call... I knew it. I was laid off in June last year and I have been jobless since,” added the 26-year-old who graduated with a biochemical engineering degree from the International Islamic University of Malaysia.

Haqim’s plight is a microcosm of the nightmare that has hit the oil and gas industry following the prolonged slump in crude oil prices that began in late 2014.

According to a Forbes report last October, today’s “great depression” in the oil market has claimed more than 200,000 jobs worldwide, with 2 per cent of the casualties from Malaysia.

While the trail of devastation the oil price crisis has left may not be too visible when presented in numbers, Haqim’s anecdote provides a chilling glimpse into the post-retrenchment lives of those who have fallen victim to the oil market’s massive spending cuts.

As many of those laid off have skills limited only to the industry or non-mainstream fields like marine technology or biochemistry, landing new jobs will be an uphill battle.

The sudden loss or lack of income means more debt, especially for people with high financial commitments like Haqim who was once among the top income earners.

“I went for so many interviews. In various different fields. I even asked for a job in electrical engineering in Johor. But I haven’t heard from them until now.

“My side income from tutoring is about RM540. I charge students RM50 per head. But my mortgage is about RM600 plus. I never expected this to happen of course,” he said, adding that the severance package he received was barely “helpful.”

According to workers in the oil and gas industry, companies will likely begin another cycle of retrenchments this year as the oil price is expected to hover around US$25 (RM109.45) a barrel throughout 2016.

This has frightened workers and even high-performing staff who told Malay Mail Online that nothing can guarantee their employment as the industry has never experienced a rout of this magnitude since the energy crisis in the late 1980s.

“I am scared, to be honest. In one division alone, they have fired 200 staff. Among those fired are the regional HR (human resources department). He was replaced because he was paid too high. So to cut cost, they had to replace him,” said an employee of a local oil contractor.

Skilled foreign workers were the first to be laid off due to their high salaries, according to a source who works for another local oil services contractor. Although this gives Malaysian staff temporary relief since their lower salaries means their employers can still afford to keep them, uncertainties remain.

“There is this great sense of uncertainty. If the market continues the same way, then I am not surprised if there will be another round,” said a staff member of a geoscience company that provides seismic data acquisition and other services in the oil and gas exploration and production business.

“And for me, I work in seismic data. It won’t be easy for me to look for another job, so it can be scary,” he added.

The layoffs among service providers like these reflect the far-reaching effects the current oil glut crisis has on the energy industry, stretching all the way to the bottom of the supply chain.

Since most major oil players were forced to halt new oil field explorations as the crude oil price bust took a toll on revenue, smaller suppliers have been affected by the lack of demand.

But amid the gloom, some have found opportunities, such as the proposed merger between Halliburton and Baker Hughes, the world’s number two and number three oil field services companies respectively.

200% agree!

No need to regret Bro...now many people/crews with IADC/IWCF cert but no job.

UMW - photo below

Whats the outcome from MISC's Townhall today?

A friend told me next phase for petronas employees will be 30% salary cut

This post has been edited by meonkutu11: Jan 15 2016, 07:00 PM


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