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 Oil & Gas Careers V11, Upstream & Downstream, Market still slump ahead...

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TSmeonkutu11
post Oct 2 2016, 02:16 AM

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Watched it today with wife.
Great plot and entertaining. Put aside all the technical part, it was a good movie to watch. My wife did cry, remembered the same moment we had when she sent me to the airport.




TSmeonkutu11
post Oct 2 2016, 04:37 PM

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QUOTE(ch_teo @ Oct 1 2016, 01:01 PM)
Watch this and read the CSB reports before go to watch shall be great.

Deepwater Horizon Blowout Animation

I rate the movie 6/10.
*
Can also watch this;

https://www.c-span.org/video/?293757-1/deep...rrell-testimony

https://www.c-span.org/video/?293757-2/deep...utcha-testimony

https://www.c-span.org/video/?293776-4/inve...ezell-testimony

This post has been edited by meonkutu11: Oct 2 2016, 06:07 PM
Dern
post Oct 3 2016, 01:01 AM

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wit the OPEC cutting production, will the oil price be revive and make oil & gas industry create more jobs ?
sukhoi35mk
post Oct 3 2016, 11:17 AM

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QUOTE
MISC unit begins arbitration against Sabah Shell



PETALING JAYA: MISC Bhd’s wholly owned subsidiary Gumusut-Kakap Semi-Floating Production System (L) Ltd (GKL) has commenced arbitration proceedings against Sabah Shell Petroleum Co Ltd (SSPC), with claims of US$245 million (RM1.01 billion).

In a filing with Bursa Malaysia last Friday, MISC said GKL filed a notice of adjudication dated Sept 23, 2016 under CIPAA 2012 and a notice of arbitration dated Sept 2, 2016 with the Kuala Lumpur Regional Centre for Arbitration to begin arbitration proceedings against SSPC.

“The legal proceedings were commenced to seek resolution on contractual disputes covering claims for outstanding additional lease rates, payment for completed variation works and other associated costs under the lease agreement dated Nov 9, 2012 entered into between GKL and SSPC for the construction and lease of the Gumusut-Kakap Semi-Floating Production System (Semi-FPS) for the purposes of the production of crude oil,” it said.

The legal proceedings are not expected to have any material impact on the earnings per share, gearing and net assets per share of MISC for the financial year ending Dec 31, 2016.

As advised by GKL’s solicitors, the company is of the view that GKL has a good legal position to succeed in its claims against SSPC.

Stamp
post Oct 3 2016, 11:17 AM

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QUOTE(Dern @ Oct 3 2016, 01:01 AM)
wit the OPEC cutting production, will the oil price be revive and make oil & gas industry create more jobs ?
*
Brent Crude exceeded USD50 today; USD50.02
sukhoi35mk
post Oct 3 2016, 11:26 AM

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QUOTE(Dern @ Oct 3 2016, 01:01 AM)
wit the OPEC cutting production, will the oil price be revive and make oil & gas industry create more jobs ?
*
very unlikely.... world no longer circle around OPEC anymore.... used to be the biggest net importer the Uncle Sam is now biggest shale hydrocarbon producer and exporter.... any space left behind by OPEC can easily fill by Uncle Sam and they do not gip a damn to OPEC... inland drilling is much much cheaper than offshore...


QUOTE
Oil prices fall despite planned OPEC output cut

il prices fell away from $50 per barrel on Monday despite last week's agreement by exporters to cut output, with traders doubting the step was big enough to rein in production that has exceeded consumption for the better part of three years.

Brent crude futures were trading down 35 cents, or 0.7 percent, at $49.84 per barrel at 0053 GMT.


Oil prices fell away from $50 per barrel on Monday despite last week's agreement by exporters to cut output, with traders doubting the step was big enough to rein in production that has exceeded consumption for the better part of three years.

Brent crude futures were trading down 35 cents, or 0.7 percent, at $49.84 per barrel at 0053 GMT.

U.S. West Texas Intermediate (WTI) futures were down 40 cents, or 0.83 percent, at $47.84 a barrel.

Oil trading activity will be limited on Monday as public holidays in China and Germany mean Asia's and Europe's biggest markets are shut.

The price falls came despite last week's agreement by members of the Organization of the Petroleum Exporting Countries (OPEC) to cut output to between 32.5 million barrels per day (bpd) and 33.0 million bpd from about 33.5 million bpd, with details to be finalized at OPEC's policy meeting in November.

Traders said prices went lower despite the announced cuts as overproduction remained in place for the time being, and because the planned intervention might not be sufficient to bring production back to, or below, consumption.

"OPEC has created its own Q4 risk to oil prices ... In raising expectations of a November deal to cut production, it also risks a steep price decline should it fail to achieve its goal of cutting output back to less than 33 million bpd," Barclays said in a note to clients.

The market skepticism stems from the fact that OPEC production has so far chased new records for much of this year as rivaling members like Saudi Arabia, Iran and Iraq are reluctant to give away market share.

As a result, OPEC's oil output is likely to reach 33.60 million bpd in September from a revised 33.53 million bpd in August, its highest in recent history, a Reuters survey found on Friday.

Despite that, the British bank said that it did not expect a repeat of the price crash seen late last year after a rally earlier in 2015.

"We think oil prices, and commodities more generally, will avoid the Q4 price crash that has become a feature of the market in recent years," it said, pointing to an improving Asian economic growth outlook, falling oil supplies and rising investor interest in oil markets as main support factors for this year.


sukhoi35mk
post Oct 3 2016, 11:28 AM

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QUOTE
Opec deal no quick boost for Malaysian oil & gas sector

PETALING JAYA: The Organisation of Petroleum Exporting Countries’ (Opec) plan to cut oil production, which has boosted global oil prices, is not expected to have an immediate positive impact on the Malaysian oil and gas industry, according to analysts.

This is because most of the oil and gas players are involved in the services segment within the industry. Hence, analysts said, they don’t expect the local oil and gas stocks to see significant improvement in their financial performance.

Downstream firms are generally dependent on upstream players for their jobs, and the promised production cut will need time to trickle down to propping up oil prices amid uncertain global outlook, before it warrants a pick-up in upstream activities.

Upstream players are Petroliam Nasional Bhd (Petronas), Shell, SapuraKencana Petroleum Bhd and Hibiscus Petroleum Bhd, to name a few.

Kenanga Research analyst Sean Lim opined that while the revival rate of upstream activities will not be so encouraging, it will definitely instill more confidence to oil majors to fork out more capital expenditure (capex).

“I think the process (of pumping in money) will be slow because cash conservation is the priority at this point of time,” he told SunBiz.

MIDF Research analyst Aaron Tan Wei Min concurred, saying that any budgeting has to be associated with oil companies’ long-term view and outlook on the industry.

“Oil price is just one of many factors to be considered. So I don’t think that capex will be revised upwards. Nonetheless, if oil prices are sustainable at above US$50 (RM207), or maybe US$60 (RM248) per barrel, then there is a possibility that capex will be revised,” he opined.

To turn pessimism into optimism, Tan said the global oil market has to see a more meaningful and sustainable price level, which could take years.

“Even though it is sustained for six months to one year, it’s still not meaningful enough,” he said.

Tan highlighted that the cost structure for upstream players has become lower in the current low oil price environment, which could see reduction in services jobs even though oil prices bounce back to a certain high level.

“They’ve re-regulated their activities, what they want is efficiency. Although you’re extracting more oil, you do not necessarily need more FPSO (floating production, storage and offloading) or extra workers, that’s not the case anymore,” he explained.

Last week, Opec, which produces about 41% of the world’s crude oil, said it will cut production to between 32.5 and 33 million barrels per day from 33.47 million in August, a move that surprised the market. A finalised plan however, will only be announced at their next meeting scheduled for Nov 30.

Analysts are still maintaining their forecasts for oil prices for 2016 and 2017 at the moment, with Tan projecting US$45 and US$50 per barrel and Lim US$47 and US$51.

Lim said if there are more aggressive cuts in oil production, crude prices could rise above US$50 or reach close to US$60 a barrel.

azraeil
post Oct 4 2016, 09:23 AM

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Perisai defaulted on their bond payment. Mampus satu kompeni
azraeil
post Oct 4 2016, 09:34 AM

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QUOTE(sukhoi35mk @ Oct 1 2016, 11:03 PM)
i tot Petronas is very keen with this project.... always chasing canadian government for approval and they got the approval last week and now wanna sell already?
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Petronas has categorically denied this report. I think the news article has also been pulled from reuters.

Yes got approval but with 190 conditions. Mengalahkan Putri Gunung Ledang.
sukhoi35mk
post Oct 4 2016, 09:49 AM

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Perisai Petroleum is next Swiber Holdings Ltd??

QUOTE
Bondholders say no to Perisai

PETALING JAYA: Perisai Petroleum Teknologi Bhd has become the second casualty in the oil and gas debt markets as it faces the redemption of its S$125mil (RM377mil) bond which matured yesterday after noteholders voted to reject its restructuring plan.

The firm had failed to secure a waiver on the payments and other obligations during a meeting with bondholders in Singapore yesterday, Bloomberg reported.

In a Sept 9 consent solicitation note, Perisai had also sought for an extension to the bond’s maturity date to Feb 3, 2017 from Oct 3, 2016.

According to Bloomberg, more than 70% of the holders who voted during the meeting yesterday voted against Perisai’s restructuring plan.

Last week, more than 50 dissenting holders had served an “acceleration notice” to Perisai to demand immediate repayment of the principal and interest, according to multiple reports.

The company would have required the approval of 75% of the noteholders to pass the resolutions and defer the bond payments.

Representatives of the company could not be reached.

The rejection comes after Singapore’s Swiber Holdings Ltd defaulted on a coupon payment for the second time on Sept 19 since applying for judicial management in July.

As at July 31, Swiber has some S$354mil outstanding on three notes under a US$1bil multi-currency medium term notes programme.

In previous statements by Perisai, the cash-strapped offshore services provider said it required the four extra months to manage existing liabilities and formulate a new long-term plan to address its debt issues.

At present, meeting the obligations relating to the bond’s redemption is a tall order. As at June 30, 2016, the firm had RM21.85mil in cash and bank balances left compared to short-term borrowings of RM475.38mil.

It is not immediately known what options are available to the noteholders subsequent to the rejection of Perisai’s proposal.

The S$125mil series 001 notes in question, which were due yesterday, carried a coupon rate of 6.875% as part of Perisai’s S$700mil multi-currency medium-term notes programme.

The two-year slump in crude oil prices has resulted in a severe deterioration of the firm’s cash flows due to a lack of new jobs for its fleet of state-of-the-art jack-up drilling rigs.

Its first jack-up, Perisai Pacific 101, cost RM650mil to build and had commenced operations in August 2014.

However, Perisai has deferred the delivery of its second jack-up, the RM500mil Perisai Pacific 102, since last year due to the unfavourable market environment in the oil and gas sector. The rig’s current expected delivery date is on Oct 31.

Another rig, Perisai Pacific 103, is currently under construction.

Perisai’s shares closed at 12.5 sen last Friday, or close to its all-time low of 11 sen, which was hit two weeks ago. Its market capitalisation stands at RM156.03mil.

Notably, a potential non-payment of the bond could have major ramifications for several Singaporean firms. Singapore Exchange-listed Ezra Holdings Ltd may be impacted as it is the single largest shareholder in Perisai with a 22.5% stake.

Meanwhile, Sembcorp Marine Ltd’s subsidiary, PPL Shipyard, is the builder of the Perisai Pacific 102. A non-delivery of the jack-up rig could see a write-down of the assets for Sembcorp Marine, which had already made similar impairments last year.

Other major shareholders in Perisai include Lembaga Tabung Haji with a 5.86% stake and the Employees Provident Fund with a 3.07% stake, according to its latest annual report.

sukhoi35mk
post Oct 4 2016, 09:51 AM

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QUOTE(azraeil @ Oct 4 2016, 09:34 AM)
Petronas has categorically denied this report. I think the news article has also been pulled from reuters.

Yes got approval but with 190 conditions. Mengalahkan Putri Gunung Ledang.
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that agreement is available on Internet.... baca baca also making me rclxub.gif ... confirm not easy to become a lawyer.. biggrin.gif
Stamp
post Oct 4 2016, 11:25 AM

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QUOTE(azraeil @ Oct 4 2016, 09:34 AM)
Petronas has categorically denied this report. I think the news article has also been pulled from reuters.

Yes got approval but with 190 conditions. Mengalahkan Putri Gunung Ledang.
*
I wonder if PETRONAS had been a company from a Western country, would the Canadian govt impose the same number of conditions? hmm.gif
TSmeonkutu11
post Oct 4 2016, 04:29 PM

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QUOTE(azraeil @ Oct 4 2016, 09:23 AM)
Perisai defaulted on their bond payment. Mampus satu kompeni
*
What will happen to rig contract and company?
PP102 and PP103?

Fuhhhhh... sweat.gif
mhyug
post Oct 4 2016, 05:55 PM

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QUOTE(azraeil @ Oct 4 2016, 09:23 AM)
Perisai defaulted on their bond payment. Mampus satu kompeni
*
QUOTE(meonkutu11 @ Oct 4 2016, 04:29 PM)
What will happen to rig contract and company?
PP102 and PP103?

Fuhhhhh... sweat.gif
*
weww..tough times indeed.just bad luck for perisai they joined the drilling sector and ordered 3 straight jackups, while the industry went down after they just the 101. sad.gif i wonder how a few of my friends doing at perisai.

tough indeed.
langstrasse
post Oct 4 2016, 09:30 PM

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Looks like there isn't much to look forward to in 2017.

OPEC meeting in Nov might change things but I've heard that story so many times I've stopped hoping already.
DURARARA5
post Oct 5 2016, 08:51 PM

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hey guys, im a fresh graduate thou, i been trying for downstream opportunities in oil and gas sector, from designing heat exchanger, pressure vessel, consultancies and epc companies, opportunity for fresh grad are really bad, as far as i know only two of my uni mates from few hundreds made into dialog and schlumberger. Even small malaysia companies does not seem to have openings, lol, Lets say i were to divert my career to an R & D based company let say like panasonic, will i stand a chance to enter the oil and gas sector, or will a masters related to petroleum engineering be relevant later on if the economy gets better, im a mechanical fresh grad by the way, advise needed. sad.gif
efili
post Oct 5 2016, 10:01 PM

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QUOTE(DURARARA5 @ Oct 5 2016, 08:51 PM)
hey guys, im a fresh graduate thou, i been trying for downstream opportunities in oil and gas sector, from designing heat exchanger, pressure vessel, consultancies and epc companies, opportunity for fresh grad are really bad, as far as i know only two of my uni mates from few hundreds made into dialog and schlumberger. Even small malaysia companies does not seem to have openings, lol, Lets say i were to divert my career to an R & D based company let say like panasonic, will i stand a chance to enter the oil and gas sector, or will a masters related to petroleum engineering be relevant later on if the economy gets better, im a mechanical fresh grad by the way, advise needed. sad.gif
*
current tides are low. hard to get offer but pray hard and keep trying, don't ever give up.
you can always try Oleochemical such as PGB, KL Kepong Oleomas (KLK-OLEO), Sime Darby Plantation (heard there is opening for fresh ME's), Pan Century, IOI-Acidchem, KAO, Lotte-Titan, etc...

GE314
post Oct 5 2016, 10:46 PM

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Hi.

Anyone get call from Petron for interview purpose?

Thank you.

biggrin.gif
mohdyakup
post Oct 6 2016, 01:38 PM

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Having phone interview tomorrow night. My second attempt to Jizan/Jazan after being frustrated with Saipem KSA last time lol

Not putting much hope. Competition is tough out there.

These days China investor is everywhere!


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efili
post Oct 6 2016, 01:44 PM

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QUOTE(mohdyakup @ Oct 6 2016, 01:38 PM)
Having phone interview tomorrow night. My second attempt to Jizan/Jazan after being frustrated with Saipem KSA last time lol

Not putting much hope. Competition is tough out there.

These days China investor is everywhere!
*
4000MW !!!
all the best abam thumbup.gif

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