Yup. It took Petronas years to raise their KPBI from USD18 dollars to US25 (even when the price was averaging 40 bucks at the time) and another couple of years to raise it to 40 when it was averaging 60 bucks.

The 30 bucks KPBI is here for a long time folks

Mahal. They know that there are tons of Jackup being stacked in Labuan. Sapa murah dia dapat 🤗🤗🤗🤗

They would like to, but .... They do have one firm well, Tembikai is not one of them.

Insyaallah. Sekarang with cash is king mentaliti, nak lepas FID is no longer a given. Tough right now.

Kalau murah, sure jalan punya. Sekarang ni if you don't give good DCR, tak yah masuk bid. Perabis beras jer.

What do you mean what is the standard rate per barrel? Average crude price? For the 5 years before the crash of 2014, it was averaging close to 90-100 dollars per barrel. 2015, it averages 52 dollars per barrel (almost a 50% decline) and for 2016, most companies are calling for 35 dollars per barrel at most.

A lot of companies are now using conservative numbers in the project planning. Petronas uses 30 bucks at most for 2016 and beyond (that's the key word here ... And beyond). It took them ages to incrementally use a higher oil price for their project planning after the 1998 crash, and after the 2014 crash, the 30 dollar per barrel numbers will stay there for at least 3-4 years. So if you are doing any project in Malaysia, expect Petronas to push hard on cost. It doesn't matter what the actual crude price is at the time the project is sanctioned, Petronas will use 30 dollars and the cost associated with the projects are expected to use the same 30 dollars number as well. Any rigs with 90k DCRs can kiss the project goodbye. Not going to happen and not going to pass commercial stage.

GMs and SGM already got their VSS letters. Most will get their letter this Monday.

Obviously Petronas prefers local company so UMW and Perisai will be at an advantage BUT, 90k won't fly. Even 75k won't fly.

Heh heh heh

The drilling for Ophir is being led by Vestigo. Problem is, dunno when to drill with all the deferment.

Are they OPSB people? Tak kenal. VPSB drilling guys I kenal la.

Kikeh is @ 1.4km water depth. The Sabah basin deepwater plays are in those type of water depth.

I hear Petrofac retrenching people today. West Desaru has been deferred so lots of people got their letters today.

My good friend is in the ELT, he said no such thing. This rumour is probably caused by severe anxiety after seeing some of their friends and colleagues kena buang. Kalau ada pun, the normal attrition where usually they are given a contract to continue but now, no more. You retire at 55 and you're done.

Murah .... Murah sekarang. Buat apa join consortium when the price is higher than what they can get by going solo.

Did he get the VSP? Otherwise I don't understand why he had to sell the car. There is no salary cut etc.

Aahhh he's a drama queen. That explains the overexposure of his car in instagram and facebook. Classic attention seeker.

Enquest cari orang in Today's Star Classified.


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Floater 2 is deferred indefinitely. The hull dah siap. Boleh buat hotel kot.

This Kitingan dude needs to study the PDA and also on how Petronas conduct their business. This story of Petronas selling the telaga minyak or asset or whatever has been going around for so long and for a politician to make it public with his discomfort shows how daft the person is.

ALL assets, oil & gas fields belong to Petronas based on the PDA. Petronas will tender out any blocks or oil & gas assets for the PS Contractors to operate the assets field but after cost recovery, at the end of the day, those assets belong to Petronas. There is no need for Petronas to sell the assets because they don't have to to earn revenue. There is no "freehold" title that the operator gets. You get 10-15 years to operate a field, yoh can spend as much money that you think you will need to get the oil/gas out (those cost and plans will need to be approved by Petronas) and once you get the oil/gas out, you can cost recover the money you have spent together with a 30% cut of the profit (after deducting the royalties to the state and federal govt and after paying the PITA). After 15 years or so, you can get out and the facilities belong to Petronas because you have been paid the amount you spent on those facilities.

The PSC is setup in such a way that ALL the risk (almost all) is taken by the contractor/operator

So why would Petronas want to change any of that? See what I mean by looking daft?