Usually M.. Coz they have lot of experience in floatover CPP!!!

True, but Petronas needs to "train" another local fabricator to build a floatover CPP in order to eliminate the current monopoly held by MMHE.

This post has been edited by Stamp: Aug 15 2017, 08:21 AM

MMHE is partly owned by MISC which is also owned by petronas..no?

yes, but PETRONAS has a national role to help local fabricators build up their capacities. at the end of the day, it will be good to PETRONAS since they will have competitive bids for fabrication of large CPPs.

Yes long term good to have a few local bidders.

Also, not to limit jobs to local bidders only as we live in a globalized world.

Imagine if you as OPERATOR is denied global opportunities!

Well..we have 8 local fabricators now (including the blacklisted fabricator). Unless their fab yards are full, we should give them the priority to bid all Msian jobs.

subsidiaries meaning the money its circulation among your organisation.

it is not about to help local capabilities. end of the day the money is only circulation among or within big scale organisation

(Bloomberg) -- Oil tumbled by the most in more than five weeks as fears of falling oil demand in China overshadowed news that Libya’s crude supply was disrupted.

Futures fell 2.5 percent in New York. China’s oil refining dropped the most in three years in July, while crude output retreated from the highest this year. Libya’s biggest oil field, Sharara, cut output by more than 30 percent because of security threats, a person familiar with the matter said. Meanwhile, the dollar strengthened, eroding the lure of commodities as a store of value.

"We’re seeing some strength in the dollar, and the preponderance of news seems to be favoring the bears right now," Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, said by telephone. "If you look at the China data this morning, when it came to the China refinery runs being down in July, that’s adding to the perception of slowing demand, and it’s offsetting the concerns about Libyan oil production."

Oil has lingered below $50 a barrel in New York this month as investors weigh rising global supply against output curbs from the Organization of Petroleum Exporting Countries and its allies. Data on China’s sliding refinery runs are stoking fears that the world’s second-largest oil consumer will taper its appetite.

In the U.S., producers keep drilling for more oil, with the number of active rigs at its highest since April 2015 and the Energy Information Administration forecasting crude output at major shale plays reaching an all-time high of 6.15 million barrels a day in September.

West Texas Intermediate for September delivery fell $1.23 to settle at $47.59 a barrel on the New York Mercantile Exchange, the lowest level in three weeks. Total volume traded was about 3 percent above the 100-day average.

Brent for October settlement declined $1.37 to end the session at $50.73 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a premium of $3 to October WTI.

Chinese oil processing in July dropped 4.4 percent from the previous month to about 10.76 million barrels a day, according to Bloomberg calculations based on data released Monday by the National Bureau of Statistics.

"The China news for oil is a concern," Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, said by telephone. "Beijing is trying to land an aircraft being buffeted by strong crosswinds. After goosing the engine earlier this year, now they’re tapping the brakes a little bit."

‘Sign of Weakness’
Amid all the signs of a persistent supply glut, famed trader Andy Hall said goodbye to the oil market as the outlook for prices worsens. Hall, a trader nicknamed "God" by his peers, said he decided to close his flagship hedge fund, citing a deteriorating outlook for prices next year and the “frustrating” dominance of algorithmic traders.

"The fact that OPEC has had to talk about further extending its production cuts is ultimately a sign of weakness, not of strength,” Hall said in an Aug. 1 letter to investors that was reviewed by Bloomberg News. There’s no clear view on how shale supply will respond to shifts in the market and therefore no consensus on a long-term price anchor for oil, he said.

“For a long time, there was a sense of ‘oh, in another year or two the market will tighten up again’ and I think people are starting to think that’s maybe not the case,” Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by telephone.



And....our petrol price keep increasing

This post has been edited by DuFfz: Aug 16 2017, 09:08 AM

actually there's a lag time between crude price and our petrol price; at least 2 weeks as i observed.

our petrol price keeps increasing because crude price has been increasing the past weeks (from USD45 to USD52, today is USD51).

but in july the petrol price kept decreasing each week because crude priced dropped from USD50 to USD45 the weeks before.

This post has been edited by Stamp: Aug 16 2017, 10:23 AM

Another round?

SARAWAKIANS are worried yet again over the possibility of another round of downsizing of oil-and-gas workforce, especially in Miri.

It is believed that some employees of an oil company in the city had received letters of retrenchment. They are highlighting their concerns on social media.

This development has generated concerns in society at large because the oil-and-gas industry creates a lot of spin offs in the economy, especially in the housing and food sectors.

There are rumblings that the multinational oil outfit also planned a restructuring of its businesses in Malaysia, affecting its operations in Miri.

Many employees are aware of the downsizing exercise and highlighted their woes to the political circles. They also want Government to intervent and stop this mass termination of staff.

The global oil sector has been hard hit by the drop in market prices since 2014.

In Malaysia, the situation is made worse by the decline in our ringgit against foreign currencies. Under this circumstances, a new round of jobs cut looks inevitable.

In fact, over the past three years, more than 2,000 oil workers in Miri have been asked to find other jobs. It started off with Shell in late 2014.

Politicians from Miri Sarawak United People’s Party (SUPP) appealed to Shell to retain more locals at Shell’s office in the city.

Shell set up a mobility centre in Miri to help retrain affected staff for the job market amid protest from SUPP.

The party felt that the restructuring must not involve mass retrenchment as it would lead to adverse social and economic impact.

However, during the period between 2015 and 2017, up to 1,300 Shell jobs, many in Miri, were cut.

The new round of retrenchment is poised to take place by the end of this year.

Staff who had been notified of a possible retrenchment are worried they may not be able to find another decent job, especially amid the current economic uncertainties.

Businesses in Miri are also concerned over the cascading effect of major job cuts on other economic activities.

The downsizing of oil-and-gas workforce will badly hit Miri’s housing sector, which is already suffering from a glut due to the mass exodus of expatriates since 2015.

Looks like things are going to get bad all over again.


Read more at http://www.thestar.com.my/metro/views/2017...M6opxEvYAypX.99

Shouldn't we convert the oil price in USD to RM? As in (oil price in USD) multiply by USDMYR. Otherwise if oil price rise but USDMYR dip the effect can cancel out each other..

Spot on. kind of weird when everybody knows that but they still saying oo orang malaya datang ctok ncurik duit urg srwk.... shifting the blame...

In the end it doesn't matter what is the truth it is really what the Sarawakians think. And if they felt they have been treated unfairly and deprived of the wealth they could have had it is their reality. If the economic down turn hits the Sarawakians bad enough this time we might see an open revolt against Malaysia for giving just 5% royalty of their vast oil and gas richest they extract from Sarawak to the Sarawakians. To some Malaysians it might bring joy to know that Sarawakians are feeling cheated and deprived but that will just add fuel to the revolution should it happen. Malaysians better hope the economy won't be too severe for Sarawak. I am speaking as someone that is have work among them and know their hot topics

This post has been edited by BrendonStar: Aug 16 2017, 05:07 PM

With all of this matter, can we predict soon that Terengganu also will do the same thing?

i hope every states that have oil on their yard will come out with state oil corp. more jobs later. but then, we'll go back to supply vs demand.

M sudah ada B, cukuplah...
Give P to S la pulak...

some people here are clearly clueless

Malaysia minyak sudah tarak maa. Stop lying to urselves. O&G.....sunset industry. I say this many times. The good days are over. Stop whining to the govt or SUPP or whatever it is. Change start with u!

There are clueless trolls in every forum thread.

Time to get into lithium mining