ok lah, good luck to you then...
i'm just applying for a small time position only... dont worry i wont compete with u guys

Since there is indication of oil price recovery, normally how long would the job market recover after the price recovery? Would the big companies take a step back in their current plan to downsize and retrench that immediately?

Its still premature to talk about price recovery right now. The volatility is still persist, if the oil price doesn't recover within USD 40 to 60 bbl region, there will be not much project to come onstream right now.

This post has been edited by mohdyakup: Feb 1 2016, 08:24 PM

Yup.. Afraid that this is just a temporary hike due to weather and russia talk. The main problem of oversupply is still there. Heard from my HR that they need at least 40 per barrel. Otherwise they will continue with the cactus. Lets see this march how is it going. By that time, my contract already expired.. Damn.

This is interesting. Although Dyas BV has minority shares of interest of this farm out, will it be a potential PSC player in Malaysia Upstream?

Anyone has any idea what is happening with Salamender exploration activities right now?

At last

http://www.bharian.com.my/node/120226?m=1

Finally.
So what package to the SRC staff? Any insider news?

Valuation dia giler murah. Which is really weird.

Seems that my email to KPOC sudah boleh masuk hehe memang tak boleh pakai that general email address.

Petrofac E&C Sharjah

Lahara Assey
Senior Consultancy Advisor: SPD Group

**URGENT REQUIREMENT**– SPD Middle East is currently looking for Hydraulic Fracturing experienced Drilling Personnel. Positions currently recruiting for: Drilling Supervisors (Day & Night), Wellsite Drilling Engineers, Drilling Project Managers and Well Test & Completions Engineers. If you wish to apply please visit the SPD vacancies page or email an updated copy of your CV to Lahara.assey@spdltd.com.

business as usual for SRC.... all staff still have their job with existing benefits atleast for few yrs to come.... this is indeed a good news for SRC and PD folks....
if convert to import facility, i bet 90% of the staff will lose their job...

low crude oil will be here to stay for a long while....unless suddenly we have 2-3 economy giants like China to take all the supply.....

Iran is preparing to flood the market with its reserve once the embargo is lift.... US is now can freely export their oil to the market as the congress just lifted the 40 yr ban.... with no sign OPEC and non OPEC countries is slowing down their production...

even OPEC manages to kill all the shale Oil companies now.... once the crude oil hits USD80-90 again then these companies will bounce back and start to drill and flood the market with shale oil...

Oil Prices Drop as Chances Fade for Output Cuts
Coordinated cutbacks considered less likely after Iran raises its export target

Oil prices gave back a big chunk of last week’s gains, with traders losing hope that the world’s big producers will cut their output and that Asia’s economies can help drive demand.

The market had shot to a three-week high late last week on speculation of increasing economic stimulus, and cooperation on output cuts between Russia and OPEC.

But many leaders of the Organization of the Petroleum Exporting Countries are actively damping expectations for cuts. New data also suggests U.S. output is still resilient and the Chinese manufacturing sector is still contracting. Many of the factors that sent oil on a historic plummet over the past 19 months haven’t changed, analysts said on Monday.

“We are now getting a dose of reality,” said Scott Shelton, broker at ICAP PLC.

Light, sweet crude for March delivery settled down $2, or 6%, at $31.62 a barrel on the New York Mercantile Exchange. It is the largest daily dollar loss since Jan. 6 and snaps a four-session winning streak. Front-month April Brent crude, the global benchmark, settled down $1.75, or 4.9%, at $34.24 a barrel on ICE Futures Europe.

As early as last week, senior OPEC officials were rebutting claims from Russia about cooperation on output cuts. Iran also said Friday it “won’t consider a cut” until its exports have increased by 1.5 million barrels a day over current levels of roughly 1.1 million barrels a day. The International Energy Agency predicts the country will export an extra 300,000 barrels by the end of this year now that international economic sanctions against it have ended.

For oil prices to break higher, these exporters would have to confirm a deal, said Olivier Jakob, an analyst at Switzerland-based Petromatrix.

“We continue to view a coordinated production cut as highly unlikely and ultimately self-defeating,” Goldman Sachs analysts said in a note issued late Sunday. “Prices need to remain low enough to force fundamentals to create the adjustment back toward a new equilibrium.”

That will likely keep oil between $20 and $40 a barrel until the second half of the year, the analysts said. They expect oil prices to be highly volatile and without a clear trend until then.

Saudi Arabia hasn’t wavered from leading a group of OPEC’s most powerful members to keep producing at full tilt and defend their market share amid competition from Russia, the U.S. and other non-OPEC producers. Russian production also hit post-Soviet records last year. And U.S. government data from late Friday showed the country’s production in November was still up 1.3% from the year before, inching down just 0.6% for the month at 9.3 million barrels a day.

Without cooperation on cutbacks, several of the world’s largest oil producers are likely on their way to deeper problems. Nigeria and Azerbaijan have already approached the International Monetary Fund for a bailout, with low prices pummeling their oil-dependent economies.

“At lower prices, we can expect more bottom picking, providing temporary support to prices, but it will be really difficult for a lot of producers to cope at $26 or less,” Mr. Jakob said.


Lackluster Chinese manufacturing data was also damping prices. China’s statistics bureau reported Monday that the official manufacturing purchasing managers index fell to 49.4 in January from 49.7 in December, marking the lowest level since August 2012 and the sixth straight month of contraction.

China’s continuing slowdown has weighed on global oil demand. Last month, China said the country’s economy grew 6.9% in 2015, the slowest pace in 25 years.

“This weak data would likely remind the market of bearishness again, suggesting more drops for the market in the week ahead,” said Phillip Futures analyst Daniel Ang.

However, some analysts say China’s crude imports could grow around 7% this year driven by demand from local refiners and as the government stocks up its strategic reserves. Crude demand from China grew by 8.8% in 2015.

Gasoline futures settled down 4.93 cents, or 4.4%, at $1.083 a gallon. Diesel futures fell 4.22 cents, or 3.9%, to $1.0365 a gallon.

Shapadu SEEN is looking for three offshore HSE personnel for Malikai HUC. Closing 5th Feb. Look at FB O&G Vacancies page.

Tunggu punya tunggu phone interview since this morning for Wabag session, last2 aku suruh recruiter arrange jumpa manager diorang kat KL. Senang cerita. Lelz.

Baker Hughes warns global rig count could fall 30 percent in 2016

Oilfield services provider Baker Hughes Inc (BHI.N), which is being acquired by Halliburton Inc (HAL.N), said it expected the number of rigs active globally to decline by as much as 30 percent in 2016 if oil prices do not recover from current levels.

Baker Hughes shares rose as much as 6 percent in early trading on Thursday, in step with oil LCOc1, which inched toward $35 on possibility of major producers co-operating to cut output. [O/R]

The worldwide rig count more than halved in 2015, meaning 2016 will be the second straight year of reduced drilling activity.

"In our opinion, BHI's management team has been the most bearish about the oil field service cycle, but has also been the most correct as the duration and severity of the downturn has continued to exceed the market's initial expectations," Barclays analysts wrote in a note.

A more than 70 percent slide in crude prices since June 2014, caused by a glut and weakening demand, has forced oil producers to mothball rigs and scale back spending.

Chief Executive Martin Craighead said "customers' challenges of maximizing production, lowering their overall costs, and protecting cash flows were now more acute."

Baker Hughes publishes the closely-watched North American rig count every week, and international rig count on a monthly basis.

The company's deal with Halliburton is facing intense regulatory scrutiny due to concerns that the merger would lead to higher prices and less innovation.

Halliburton said on Monday it was yet to reach an agreement with U.S. and European regulators about the "adequacy" of proposed divestitures.

The two companies have so far disclosed plans to divest businesses with combined 2013 revenue of $5.2 billion.

Halliburton, like bigger rival Schlumberger Ltd (SLB.N), reported a better-than-expected profit for fourth quarter, helped by deep cost cuts.

Baker Hughes' total costs and expenses fell 15 percent in the three months ended Dec. 31, but not enough to offset a nearly 50 percent drop in revenue.

The net loss attributable to Baker Hughes was $1.03 billion, or $2.35 per share, compared with a profit of $663 million, or $1.52 per share, a year earlier.

Excluding a $1.25 billion impairment charge, loss was 21 cents per share, much bigger than average analyst estimate of 10 cents per share, according to Thomson Reuters I/B/E/S.

Revenue was $3.39 billion, below Wall Street expectations of $3.47 billion.

Baker Hughes' shares were up 3 percent at $42.07 in morning trade.

US: You killed my shale, I let Iran out from the cage.

BP Profit Falls 91%, Missing Estimates, as Oil Slump Deepens

BP Plc reported a 91 percent decline in fourth-quarter earnings after average crude oil prices dropped to the lowest in more than a decade. The company’s shares fell the most since August.

Profit adjusted for one-time items and inventory changes totaled $196 million, the London-based company said Tuesday. That missed the $814.7 million average estimate of 10 analysts surveyed by Bloomberg. The net loss for the year was $6.5 billion, the most in at least 30 years.

While Chief Executive Officer Bob Dudley has trimmed billions of dollars of spending, cut thousands of jobs and deferred projects in response to the plunge in crude prices, BP’s cash flow still doesn’t cover spending and dividends. The CEO said in an interview that he’s re-tooling BP to balance cash flows at below $60 a barrel. The slump has driven BP’s market value below $100 billion for the first time since the Gulf of Mexico oil spill in 2010.

“It’s very disappointing,” Ahmed Ben Salem, oil and gas analyst at Oddo & Cie in Paris, said by phone. “We were expecting lower profit from upstream, but not a loss. The dividend payout is probably safe for this year, but if oil stays around $30 then they would have to cut capex further.”

Profit has been lower year-on-year for six consecutive quarters as oil prices tumbled. The average price of benchmark Brent crude slumped 42 percent in the fourth quarter from a year earlier to $44.69 a barrel, the lowest since 2004.

BP’s shares slumped as much as 7.8 percent and traded at 338.65 pence as of 9:37 a.m. in London, giving it a market value of $90 billion. The stock has declined 3.6 percent this year following last year’s 14 percent retreat. It is still the third-best performer on the eight-member FTSE 350 Oil & Gas Producers Index.

PetroChina Co. said last week it expects 2015 profit to fall at least 60 percent. Chevron Corp. on Friday reported its first quarterly loss since 2002, while Royal Dutch Shell Plc said last month that fourth-quarter profit is likely to drop at least 42 percent. The European oil major is scheduled to report full earnings on Thursday.

BP started cutting costs and selling assets following the 2010 oil spill. In October, it lowered its 2015 capital-spending forecast to about $19 billion after investing about $23 billion in 2014. The company said then it expects to spend $17 billion to $19 billion a year through 2017.

BP, which earlier said it plans to reduce its oil and gas exploration and production workforce by 4,000 people this year, will also cut 3,000 jobs in downstream businesses by 2017.

The company’s adjusted loss from the upstream, which includes oil and gas exploration and production, was $728 million in the quarter, compared with a profit of $2.2 billion a year earlier. Earnings from downstream, made up of refining, chemicals and trading, were $1.2 billion, similar to a year earlier and 48 percent lower than the preceding quarter.

The company expects refining margins in the first quarter of 2016 to be lower than the previous three months. Refining countered declining profit from crude oil and natural gas sales for much of 2015 as demand stayed high. A mild winter has curbed demand for some fuels including heating oil, narrowing margins and putting further pressure on companies such as BP and Shell.

The company’s ratio of net debt to equity jumped to 21.6 percent at the end of 2015, an increase of almost five percentage points from a year earlier. BP’s aim is to maintain the net debt ratio at about 20 percent and for it to be above that level while oil prices remain weak, according to a statement.

“I’m very comfortable with 21 percent net gearing right now,” CEO Dudley said in a Bloomberg television interview. “We’ll be flexible around the gearing levels, we’ll see what oil prices do.”

The company’s debt level is rising and BP was among several major oil producers given a negative credit outlook by Standard & Poor’s Monday.
BP maintained its quarterly dividend at 10 cents a share and reiterated its commitment to sustain it throughout the downturn.

The company’s capital expenditure last year was $18.7 billion compared with about $23 billion the previous year. Barclays Plc analyst Lydia Rainforth said the BP could reduce that further to $14 billion if oil stays at about $40 a barrel. That would allow the company to balance its books by 2018 and still maintain dividend payouts to shareholders, she said.

“A painful fourth quarter does not bode well for the first quarter for BP,” William Hares, a London-based analyst with Bloomberg Intelligence, wrote in a report. “Downstream operations become less of a safety net for weak upstream results” for BP and its peers in early 2016, he said.

Lelz hope BP wont cut me yet. Baru jew nak tebiu muka Khamis nie bero. Sobs.