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 Oil & Gas Careers V10, Upstream & Downstream, Market slump ahead

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mark_vyz
post Feb 23 2016, 05:32 PM

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QUOTE(mohdyakup @ Feb 23 2016, 01:27 PM)
I can sense that this Anjung will be awarded to Borneo yard. Sarawak state election will be on April. Target award is on July. Hmmm.

POLITIC maaa
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One of the factor definitely beside the RM factor
azraeil
post Feb 23 2016, 06:44 PM

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QUOTE(ZZMsia @ Feb 23 2016, 04:37 PM)
What about vestigo's offshore WHP
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Rahsiaaaa
TSmohdyakup
post Feb 23 2016, 06:45 PM

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QUOTE(azraeil @ Feb 23 2016, 06:44 PM)
Rahsiaaaa
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TheReaderReads
post Feb 23 2016, 07:37 PM

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QUOTE(meonkutu11 @ Feb 23 2016, 11:13 AM)
A few rigs working and a few rigs stack. Probably busy with bidding the future jobs.
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apa company ni? hmm.gif
royalz
post Feb 23 2016, 08:15 PM

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Guys in the midst of updating my resume. Do u guys include all the projects that you are involved in? Generally if to include it the resume will be very long. Please advise.
TSmohdyakup
post Feb 23 2016, 08:54 PM

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QUOTE(royalz @ Feb 23 2016, 08:15 PM)
Guys in the midst of updating my resume. Do u guys include all the projects that you are involved in? Generally if to include it the resume will be very long. Please advise.
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Just put a short project summary. If necessary, please put a separate attache to your resume detailing your involvement in projects.

Resume gua enam pages jer bro still got a call for interview. Interview jer. Kerja tak dapat lagi haha
TSmohdyakup
post Feb 23 2016, 08:55 PM

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Moody's: Petronas faces higher risk of downgrade

http://www.theedgemarkets.com/my/article/m...-risk-downgrade
meonkutu11
post Feb 23 2016, 09:40 PM

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QUOTE(TheReaderReads @ Feb 23 2016, 07:37 PM)
apa company ni?  hmm.gif
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the company that i quoted smile.gif
royalz
post Feb 23 2016, 09:43 PM

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QUOTE(mohdyakup @ Feb 23 2016, 08:54 PM)
Just put a short project summary. If necessary, please put a separate attache to your resume detailing your involvement in projects.

Resume gua enam pages jer bro still got a call for interview. Interview jer. Kerja tak dapat lagi haha
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thanks for the info bro...enam pages very long bro..must be very otai... google online all say try less than 2 pages but thinking how to cramp into two pages sweat.gif
ZZMsia
post Feb 23 2016, 10:36 PM

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QUOTE(royalz @ Feb 23 2016, 09:43 AM)
thanks for the info bro...enam pages very long bro..must be very otai... google online all say try less than 2 pages but thinking how to cramp into two pages  sweat.gif
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THat's overseas one..future employer want to see your scope and involvement in specific projects...
TSmohdyakup
post Feb 23 2016, 10:48 PM

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QUOTE(royalz @ Feb 23 2016, 09:43 PM)
thanks for the info bro...enam pages very long bro..must be very otai... google online all say try less than 2 pages but thinking how to cramp into two pages  sweat.gif
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Wait till you see resume of QAQC peoples with 20 years of O&G experience. Their project attache details... Membuatkan saya terasa kerdil sangat...
TSmohdyakup
post Feb 24 2016, 08:56 AM

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Bangla masuk training at Dungun for offshore jobs. Hancussssss.

BANGGALA.

Is it true? Prove me wrong.
ZZMsia
post Feb 24 2016, 08:59 AM

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QUOTE(mohdyakup @ Feb 23 2016, 08:56 PM)
Bangla masuk training at Dungun for offshore jobs. Hancussssss.

BANGGALA.

Is it true? Prove me wrong.
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Taking our jobs!
For half the price
champlaos11
post Feb 24 2016, 09:00 AM

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QUOTE(mohdyakup @ Feb 23 2016, 01:10 PM)
My ex-employer also bidding for Anjung. Macam nak balik kampung pergi Kuching yard jer hehehehe just submitting my CV to them

Kalau tak dapat kat Brooke, either go to OceanMight or Labuan Shipyard?

Just my speculation.
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Let me know if you come Labuan boss. Would love to meet you.
BaRT
post Feb 24 2016, 09:11 AM

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QUOTE(mohdyakup @ Feb 24 2016, 08:56 AM)
Bangla masuk training at Dungun for offshore jobs. Hancussssss.

BANGGALA.

Is it true? Prove me wrong.
*
QUOTE(ZZMsia @ Feb 24 2016, 08:59 AM)
Taking our jobs!
For half the price
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what to do, they says our belia is all pemalas, xnak buat keje kotor.. cool.gif
sukhoi35mk
post Feb 24 2016, 09:44 AM

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since crude oil price dropped to 90s level but our cost still remain in 2015 level... u need cheap labor for O&G companies to bring the cost back to 90s level and survive...

Bangla taking courses for passport laut

QUOTE
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TSmohdyakup
post Feb 24 2016, 09:52 AM

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Dr. Lum Heap SumDr. Lum Heap Sum

Managing Director at Eminentz Grez Consulting Sdn Bhd
Following
Trans-Pacific Partnership Agreement (TPPA) - How It Affects Malaysia Labour and Labour-Related Laws and Practices?
Feb 23, 2016

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Last Friday (on 19 February 2016), I moderated a briefing among employers on the impacts of the Labour Chapter (Chapter 19) of Trans-Pacific Partnership Agreement (TPPA) in Malaysia.

The briefing was guided by the "Malaysia - United States Labour Contingency Plan" as agreed between the two Governments (subject to legal review for accuracy, clarity and consistency, and to take effect upon the signing of the TPPA), read together with all relevant International Labour Organisation (ILO) Conventions and Declaration. Details of the above-mentioned Labour Contingency Plan can be obtained from the Office of the United States Trade Representative's webpage at https://ustr.gov/.

By the above, within the next 24 months, Malaysia may see amendments to its labour and labour-related laws, namely, the Trade Union Act 1959, the Industrial Relations Act 1967, the Employment Act 1955, Sabah Labour Ordinance, Sarawak Labour Ordinance, the Passport Act 1966, the Workers’ Minimum Standards of Housing and Amenities Act 1990, the Private Employment Agencies Act 1981, the Anti-Trafficking in Persons and Anti-Smuggling of Migrants Act 2007, and the Children and Young Persons (Employment) Act 1966.

Thus, among the impacts of TPPA are:

1) Foreign workers (or non-citizen of Malaysia) will be able to exercise their rights to form and join trade unions, and to participate in its lawful activities in Malaysia, including to run for election to unions office and be appointed as office bearers of trade unions;

2) The formation of trade unions will no longer be limited to “similar" trades, occupations or industries;

3) Removal of broad restrictions on the scope of collective bargaining (i.e. rights to promote, transfer, employ, terminate, and work assignment);

4) And many more...

The briefing was indeed an eye-opener for employers. Without knowing exactly what we have inked in TPPA, employers have no basis to discuss or do anything meaningful to safeguard their interests. Now that they know the impacts of TPPA to the country and their organisations (whether deemed desirable or undesirable to them), they are able to plan accordingly, including raising their concerns at dialogues with their Associations, Chamber of Commerce, or even at various Ministerial levels. As one participant commented, "Now, I know exactly what issues to raise in my next week's meeting with my trade association." Another participant commented, "I have been searching everywhere for such information, but I just couldn't find them... until now."

I ended my briefing with the following note... it is about time for employers to make "informed decision", and be "collectively inclusive" in such decision making process.

I am Dr. Lum Heap Sum, and I can be contacted at heapsum@gmail.com.

sukhoi35mk
post Feb 24 2016, 10:11 AM

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UMW Oil & Gas sinks into the red in FY15

KUALA LUMPUR: UMW Oil & Gas Bhd swung into the red in the financial year ended Dec 31, 2015 due to whopping losses in the fourth quarter after an asset value write-down and goodwill written off amounting to RM337.5mil.

The company said on Tuesday the losses were also due to a one-off five-yearly asset write off, primarily resulted in the 2015 financial performance.

FY15 net losses were RM362.30mil compared with net profit of RM251.99mil in FY14. Its revenue fell 17.2% to RM839.52mil from RM1.014bil.

“The group registered a loss before tax of RM349.39mil for FY15 as opposed to the profit before tax of RM284.15mil in FY14,” it said.

In the fourth quarter, UMW O&G posted net losses of RM409.13mil versus net profit of RM71.96mil a year ago. Revenue shrank to RM130.96mil from RM326.23mil. Loss per share was 18.92 sen compared with earnings per share of 3.33 sen.

It attributed the losses in Q4 FY15 to asset and goodwill impairment losses of RM337.7 million, five-yearly asset write off of RM12.6 million and translation loss arising from the weakening of US dollar against the Ringgit, mainly contributed to the negative results in the fourth quarter of 2015

Commenting on the FY15 results, the company said the weaker performance was due to lower revenue from both the drilling services and the oilfield services segments. Overseas operations contributed approximately 49.8% of the group revenue for FY15.

Drilling services segment

The drilling services segment contributed revenue of RM802.3million or 95.6% of the total revenue of RM839.5mil for FY152015, down 17.2% from the RM968.6mil in 2014.

It said the fall in revenue was due to reduced time charter rates as well as low utilisation of some of the assets in the group.

The shortfall was however, mitigated by additional revenue contributions from three new assets, UMW NAGA 6, UMW NAGA 8 and UMW NAGA 7, which commenced operations in the months of October 2014, September 2015 and November 2015, respectively.

It also recorded translation gains from the appreciation of US dollar against the Ringgit.

UMW O&G’s drilling services segment incurred a loss of RM386.5min for FY15 compared to RM272.8mil profit before tax in 2014.

The loss was mainly due to lower time charter rates; lower utilisation rates achieved by some of the assets in the group due to five-yearly special periodical survey or idling in between contracts.

Other factors were pre-operating expenses of two new rigs which started in September and November 2015; and the asset and goodwill impairment loss of RM344.1 million as well as asset write off from the five-yearly special periodical survey.

Oilfield services segment

For FY15, the oilfield services segment contributed revenue of RM37.2mil or 4.4% of the total revenue of RM839.5mil, down RM9.1mil or 19.7% over the RM46.3mil in 2014.

Low demand for OCTG threading and repair services recorded by the Group’s operations in Labuan, Thailand and China, mainly contributed to the revenue decrease.

The oilfield services segment recorded a loss before tax of RM4mil for FY15, down RM12.8mil over the RM8.8mil profit in 2014.

UMW O&G cited lower profit contributions from the group’s operations in Labuan, Thailand and China as well as impairment of goodwill amounting to RM6.2mil, accounted for the reduction.
TheReaderReads
post Feb 24 2016, 10:15 AM

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U-TURN cool2.gif

Wednesday, 24 February 2016 | MYT 6:47 AM

Oil prices fall in early trade Wednesday as OPEC producers squabble(Update)

http://www.thestar.com.my/business/busines...inventory-data/

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QUOTE
Wednesday, 24 February 2016 | MYT 6:47 AM
Oil prices fall in early trade Wednesday as OPEC producers squabble(Update)

SINGAPORE: Oil prices slid in early trading on Wednesday, extending sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles.

U.S. West Texas Intermediate (WTI) crude futures <CLc1> were trading at $31.46 per barrel at 0012 GMT, down 41 cents from their last settlement. They had already dropped 6 percent the previous day.

The falls were a result of an apparent lack in cooperation among members of the Organization of the Petroleum Exporting Countries (OPEC) to freeze or cut production to rein in ballooning oversupply that has pulled down prices by 70 percent since mid-2014.

Saudi Arabia's veteran oil minister Ali Al-Naimi said on Tuesday at a conference in Houston, Texas, that a coordinated production cut by OPEC and non-OPEC exporters was "not going to happen because not many countries are going to deliver."

He also said that a proposed freeze in output at January levels, which were near record highs, would require "all the major producers to agree not to add additional barrels."

While non-OPEC giant Russia has tentatively agreed on freezing its output at January levels, when they hit a post-Soviet record, Iran called the proposal "laughable" because it would prevent Tehran from regaining market share it lost during Western sanctions, which were still in place in January.

"Some of our neighbours have increased their production to 10 million barrels a day in recent years and export this amount, and now they have the nerve to say we should all freeze our production together," Bijan Zanganeh was quoted as saying by the Iranian student news agency ISNA.

"So they should freeze their production at 10 million barrels and we should freeze ours at 1 million barrels - this is a laughable proposal," he said.

At current global output levels between 1 million and 2 million barrels of crude are produced every day in excess of demand, leaving storage facilities around the worlds brimming with unwanted supplies.

The American Petroleum Institute (API) said on Tuesday that crude inventories rose 7.1 million barrels in the week to Feb. 19 to 506.2 million, far exceeding analysts' expectations for an increase of 3.4 million barrels.

The U.S. Energy Information Administration will report official inventory data later on Wednesday. - Reuters

Earlier report:

NEW YORK: Oil prices tumbled 4 percent on Tuesday after Saudi Oil Minister Ali Al-Naimi ruled out production cuts, and extended losses after settlement when a U.S. industry trade group API said domestic crude stockpiles swelled by more than twice what analysts had expected.


Crude slid as Al-Naimi, at a conference in Houston, restated the kingdom's rationale for maintaining output was that demand would absorb excess crude that has crushed prices over the past 20 months.

Big oil exporters Saudi Arabia and Russia have proposed to freeze output at January levels, which were near record highs, but only if other producers also do the same.

More meetings on the potential freezes will be held in March, al-Naimi told the IHS CERAweek conference in Houston.

An estimated 1 million to 2 million barrels of oil are being produced daily in excess of demand, and analysts and traders remained skeptical that the freeze will erase the big global supply glut.

Benchmark Brent crude futures <LCOc1> settled down $1.42, or 4 percent, at $33.27 a barrel, while U.S. crude futures <CLc1> fell $1.52, or 4.6 percent, to $31.87 a barrel.

The American Petroleum Institute (API) said crude inventories rose 7.1 million barrels in the week to Feb. 19 to 506.2 million, far exceeding analysts' expectations for an increase of 3.4 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 307,000 barrels, API said. The U.S. Energy Information Administration will report official inventory data on Wednesday morning. [EIA/S]

After the API report, Brent sank further to $32.92 at 4:47 EST, and U.S. crude fell to $31.30 a barrel.

"Saudi Arabia is going to continue pumping - that's the bottom line," said Tariq Zahir, managing member of Tyche Capital Advisors in Laurel Hollow, New York. "The level of trust is not there to implement cuts.".

"If they freeze production at January levels when you're already oversupplied by around a million barrels per day it just prolongs that situation of oversupply," said Energy Aspects analyst Dominic Haywood.

Also, Iran, now free of Western sanctions that hurt its crude trade, is seen as unlikely to agree to an output cap. According to a report from Iran's student news agency ISNA, the country's oil minister said the production freeze is "laughable," because it does not allow Iran to regain its production share.

The oil market remained bearish on the first day of trading for the April U.S. crude futures contract.

Investment bank Jefferies expects OPEC output to hit 32.6 million barrels per day (bpd) in the second quarter, including higher Iranian output, with markets starting to rebalance by the third quarter as production outside OPEC falls by 800,000 bpd this year.

If U.S. crude futures drop below $31.30 a barrel, there may another downward leg, said Zahir, adding that crude stockpiles are expected to build as refineries shut for spring maintenance.- Reuters


This post has been edited by TheReaderReads: Feb 24 2016, 10:16 AM
sukhoi35mk
post Feb 24 2016, 10:15 AM

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deleted since someone posted the news already

This post has been edited by sukhoi35mk: Feb 24 2016, 10:16 AM

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