http://www.thestar.com.my/business/busines...low-oil-prices/

RON95 is calculated using MOPS95 prices which has its own commodity market. It usually follows the trend of the crude prices but sometimes it doesnt. For example, crude price declines but if one of the major refineries shuts down for maintenance, then gasoline supply will be affected and therefore prices of gasoline will go up, does not matter what happens to Brent prices.

The past 4 weeks, MOPS95 has gone up significantly fromaround 59 dollars per barrel to 67 barrels per barrel, we are talking almost 15% increase in MOPS95 prices. That is why you see the prices of RON95 going up from 1.90 to 2.15.

It is quite easy to figure out the mechanism of the APM (Automatic Price Mechanism) that determines the prices at the pump

1. MOPS95 prices (also known as Singapore MOGAS95 which is traded in Singapore & New York)
2. Exchange rate between MYR & USD as MOPS95 is traded in USD
3. Alpha - The price differential between MOPS95 and the price paid by the oil company - Fixed at 5 sen per litre
4. Operational Cost - Includes the transportation cost and marketing cost - Fixed at 9.54 sen per litre
5. Oil Company's margin - Fixed at 5 sen per litre
6. Petrol Dealer's margin - Fixed at 12.19 sen per litre

So from all this information, you as the consumer can actually figure out the general direction of the Petrol Prices for every Thursday

The KPDNKK and MOF will use the prices of these products from Thursday to Wednesday so you will have to averaged the price of the commodities and the exchange rate to be able to determine the price.

The government will use the prices of MOPS95 from Platts which is proprietary and only available for subscribers ... for as consumers, the closest you can get is the Futures Market which can be found here

http://www.cmegroup.com/trading/energy/ref...ap-futures.html

Be extra careful when switching month .... there is a huge difference so I suggest you create an excel table with the necessary dates, prices and corresponding exchange rate (use BNM 5PM closing rate)

Again, the prices are future prices but the closing prices for that particular day will be really really close to the MOPS95 spot prices. Most of the time you will be off by 1-3 sen (about 1%).

Sorry for the long post. I just wanted people to be informed about this thing. Otherwise we will be posting nonsense in Facebook ... I call it "meroyan" about Ohh how the gomen is trying to pay for this and pay for that ... without us being an informed consumer, we usually will listen to all sort of shit news from whomever seems to satisfy our anger.

Bottom line, subsidies are gone ... and what you are paying at the pump is the actual market prices of the product being traded. Be damn lucky that the gomen is not imposing a Fuel tax (other than the 6% GST for RON97). Most developed countries imposed close to 70% Petrol Tax.

P/S - The prices are for 1 barrel and 1 barrel is 158.99 litres.

P/S #2 - I shake my head when I read all these post in FB where everybody who didn't do their homework posts all sorts of nonsense about Petrol prices. If I were interviewing people, these are the kind of people I don't want to hire because they basically announce to the world that they are ignorant, lazy to look for information and are emotionally inept. Would you like these type to work for you?

Go downstream bro working for operator or client (petronas/ shell/ Exxon Mobil). Its still more stable as they would prefer cheaper local people compared to previously it was vast experience expat. Upstream would still be operating eventhough the oil n gas price are low.

Dont go for upstream as the oil price goes down, the exploration and drilling activity goes down. Only left people that know how to do the job and more cheaper than usual offshore worker.

very very informative bro. the inner working of the pump price revealed. thanks.

Actually outside O&G also difficult now

This post has been edited by yehlai: Aug 20 2017, 11:22 PM

Is this considered a major project? http://www.theedgemarkets.com/article/petr...E2%80%93-report

Also, curious...how many upcoming/pending CPPs are we due to have in coming years, i.e. those in advance stages of planning or confirmed. Off the top of my head, there's Bokor (confirmed) and Pegaga (almost confirm). Anything else? This is a far cry away from 2012-2014 when there were so many planned and in the construction stage.

Typo

This post has been edited by nash9701: Aug 21 2017, 01:15 PM

KSCPP?

Yes, it is in the early development phase.

KUALA LUMPUR: The tough environment is expected to continue for UMW Oil and Gas (UMW-OG) as CIMB Equities Research upgrades the stock from Reduce to Hold as the share price had corrected significantly since the highly-dilutive rights issue to raise RM1.8bil.

It said on Wednesday that UMW-OG’s 1H17 core net loss made up 62% of its and consensus’ previous full-year forecast, which is 25% above expectations as 2H will likely be stronger.

“As a result, we reduce our loss forecasts, and raise our ex-rights target price from 31 sen to 32 sen, although our cum-rights target is lowered to 33 sen on a technicality,” it said.

UMW-OG’s 2Q core net loss of RM49.3mil was one-third lower on-year on the back of a 7.6% on-year rise in group revenue.

This was largely due to the improvement in drilling utilisation rates which led to higher drilling revenue. The oilfield services segment also saw a slight improvement in revenue, although its fundamentals remained soft.

Also contributing to the lower loss was the reduction in operating costs as a result of the stringent steps taken to improve efficiencies.

UMW-OG’s jack-up (JU) rigs saw its operating losses narrow by 61% on-year. During 2Q17, five out of its seven JU rigs were working, of which four were employed for the entire quarter.

This led to a higher utilisation rate of 68% during 2Q17, which was a stark improvement from the 38% utilisation in 2Q16.

CIMB Research also noted that all of its JU rigs were employed in Malaysia, and UMW-OG benefitted from increased production drilling activity among oilfield operators in Malaysia. Even exploration drilling has made a small comeback.

However, UMW-OG also reduced the operating costs of the drilling business by almost 4% on-year. However, this was partially offset by the 32% drop in charter rates on-year, from an estimated US$104,479/day in 2Q16, to US$70,714/day in 2Q17.

“We expect these low charter rates to persist for the foreseeable future, despite a recovery in Malaysian JU utilisation rates, as the average Southeast Asian JU utilisation rate remains poor at just 57% currently, according to Clarksons, down from almost full utilisation in 2014,” it said.

The semi-submersible rig Naga 1 was finally disposed of on May 9, and it had not contributed to drilling revenue during FY17F.

The decision to dispose of the rig was made after considering its age and the low likelihood of securing work. The Naga 1 last worked in 2Q16 and 3Q16.

The disposal reduced available capacity days from an annualised 2,928 days in FY16 based on eight rigs, to 2,555 days in FY17F based on seven rigs.

The research house said as for the Naga 4 and Naga 3 rigs commenced their charters to Petronas Carigali in the late July/early-August timeframe, while the currently idle Naga 5 secured a contract from Repsol Malaysia for a one-year firm and one-year option drilling programme beginning September.

“UMW-OG guided that all of its seven JU rigs will operate at full utilisation by September 2017, although the short-term nature of the drilling contracts exposes UMW-OG to the risk of future idling.

“As a result of the above developments, we forecast that UMW-OG is on track for full-year utilisation of 67%, with the expected 2H17F utilisation of 85% much improved from the 49% achieved for 1H17.

“For FY18-19F, we forecast utilisation at 80%, based on UMW-OG’s assessment of Petronas’s requirements.

“However, we expect charter rates to remain stuck at an average of just US$72,500/day for FY17-19F due to industry-wide overcapacity. Our target price is based on DCF, using cost of equity of 12.62%,” it said.
Read more at http://www.thestar.com.my/business/busines...SRWeqPjE8hQh.99

KS refers to Kuang South or Kasawari or something else?

Naga 4 incident


Attached thumbnail(s)


Attached File(s)
 Naga_4_INF___Finger_Injury_23_Aug__2017.pdf ( 1.04mb ) Number of downloads: 80

Lundin Malaysia continues technical evaluation for jackup

MALAYSIA: Lundin's jackup tender for drilling from the Bertam platform remains at the technical clarification and evaluation stage.
Lundin is looking for a rig to undertake a scope with a commencement window of between 15 September and 15 October 2017. The operator plans to drill up to two development wells over an estimated duration of three months. The platform has a height of 41 m (135 ft) above MSL in water depths of 76 m (250 ft). Leg penetration of 14 m (45 ft) and up to 21 m (70 ft) in higher penetration areas is anticipated. The rig should have a 3,000 HP drawworks and a cantilever envelope of a minimum 21 m by 4 m (70 ft by 12 ft); three mud pumps; and a minimum of three cranes with a 20 tonne lifting capacity, among other things.
23-Aug-2017


Repsol Malaysia's contract value for UMW Naga 5 is USD 26.4 million

MALAYSIA: Further to an IHS Markit Petrodata report on 14 August 2017, Repsol Oil & Gas Malaysia's contract with UMW Offshore Drilling for jackup UMW Naga 5 has a contract value of RM 113 million (USD 26.4 million).
The award is for one year plus a one-year option programme, commencing by mid-September 2017. UMW Naga 5 is currently at Kemaman Supply Base in Terengganu, undergoing contract preparation work.
22-Aug-2017


Hess Malaysia spells out specifications for HPHT jackup

MALAYSIA: Hess Malaysia will accept rigs which have had a major refurbishment within the last 10 years or newbuilds for its HPHT (high-pressure high-temperature) drilling campaign in the Malay Basin, offshore Peninsular Malaysia.
The unit should also not have any anticipated docking schedule during the contract term. In addition, Hess requests a rig with usable leg below hull of 410 ft (125 m), 3,000 hp drawworks, three cranes, cantilever envelope of 15 by 60 ft (4.6 by 18.3 m), topdrive, three mud pumps plus accommodation for 150 people, amongst other factors. The contractor should also have HPHT working experience. The contract will cover a primary term of two years, commencing in the window between 1 April and 30 June, 2018. The work scope will consist of two parts separated by a break of around three months. Part 1 will cover three deep wells. Part 2 will start after the break and will cover two separate campaigns of four and five wells each. Water depths in the area range between 60-70 m (196-230 ft).
22-Aug-2017

COSLSeeker to depart for PNG shortly

MALAYSIA/PAPUA NEW GUINEA: COSL has finally announced it has signed a contract for the provision of jackup COSLSeeker to Twinza Oil to drill one well offshore Papua New Guinea (PNG).
The rig is preparing for the charter in Labuan, Malaysia, and is expected to commence mobilisation to PNG by the end of August. COSLSeeker last undertook a short campaign offshore Indonesia with Natuna Exploration Limited on the Duyung PSC in the Natuna Sea.
22-Aug-2017

Noble marketing Noble Bully II for work during standby period

MALAYSIA: Even as drillship Noble Bully II is on a prolonged one-year standby offshore Malaysia, Noble continues to market the rig for possible contracts to supplement the day rate during this idle period.
The ultra-deepwater rig is currently being warm-stacked at Labuan at a cost of USD 40,000 a day. Under an agreement between Noble and Shell, which has chartered the unit until around April 2022, the rig may be stacked for up to 365 days until around April 2018.
21-Aug-2017

Carigali Hess refreshes market survey for jackup

MALAYISA/THAILAND: Carigali Hess has issued a new market survey for a jackup to undertake a drilling campaign on Block A-18 in the Gulf of Thailand JDA.
In March, the operator issued a similar market survey enquiring into the availability of a minimum 106 m/350 ft-rated unit for a potential charter of two years plus a one-year option. Commencement is scheduled for between June and August 2018. Carigali Hess prefers a rig with a similar footprint to that of the last unit it chartered, but is open to other rig designs. Responses are due on 23 August 2017.
16-Aug-2017

JDC confirms Hakuryu-11 charter with Sapura Energy

MALAYSIA: Japan Drilling (JDC) has secured a charter for jackup Hakuryu-11 with Sapura Exploration and Production, for six wells plus one option-well offshore Malaysia for an undisclosed day rate.
The charter, which was awarded to JDC via Malaysian firm Petronnic Sdn Bhd, is set to commence in August 2017 and will cover work offshore Peninsular Malaysia and East Malaysia. Sapura Energy has been looking for a long-legged jackup to undertake a 160-day campaign comprising six workovers/sidetracks with a total duration estimated at 95 days and two exploration wells with combined duration of 60 days, inclusive of mobilisation and demobilisation. Hakuryu-11 has been idle in Malaysia since June 2016 after it finished work with Idemitsu offshore Vietnam.
16-Aug-2017

ConocoPhillips' jackup tender for Malaysia closes

MALAYSIA: ConocoPhillips' tender for a 121 m/400 ft-rated jackup to work offshore Sarawak closed as scheduled in late July.
The exercise was open only to Malaysian rigs, so it is understood only two contractors - UMW and Perisai - are able to take part. The selected rig will be deployed to work on Blocks WL 4-00 and SK 313, in water depths averaging between 100-120 m (328-393 ft). The work scope covers two exploration/appraisal wells with each having a duration of between 25 and 40 days, including rig mobilisation time and testing, plus two option wells. The entire campaign is anticipated to last between two and three months, with commencement scheduled for second quarter 2018.
15-Aug-2017

Repsol Malaysia awards LOA to PV Drilling III

MALAYSIA: Repsol Malaysia has issued a Letter of Award (LOA) to PV Drilling for jackup PV Drilling III for a one year plus one-year option programme.
Commencement date is March 2018. This is the result of a two-jackup tender covering separate campaigns offshore Sabah and Peninsular Malaysia respectively. Rig 1, which has yet to be announced, is for the Kinabalu Oil block PSC offshore Sabah and was open only to Malaysian rig contractors. Rig 2, PV Drilling III, covers work on the Bunga Pakma field on CAA PM3 in waters between Vietnam and Peninsular Malaysia. PV Drilling III is currently finishing a two-well campaign with Thang Long JOC in Vietnam, then it is understood to be considered for a follow-on campaign in Vietnam, before mobilising to Malaysia in late third quarter 2017.
08-Aug-2017

Kasawari

oh.. you were referring to Kasawari, that's one mammoth CPP. wonder what's the plan for that shelved project.

i was referring to Sapura Energy's upcoming CPP for Sarawak waters.

This post has been edited by Stamp: Aug 25 2017, 08:32 AM

So they only want Sarawakians from these companies?

If one who works for neither of these companies stand no chance to apply at all?

I think you misunderstood the statement.

If you have the right experience, you can try to apply for a position in Petros, provided that you are a Sarawakian.

Yeah! He's back! Thank you.

Clear.

Yes I am one. Curious if there is a list of openings in Petros I could look at?

Because Google search thus far yields nothing relevant for me.

This post has been edited by jianh: Aug 25 2017, 01:22 PM

Well they were looking for directors and board members and today the selected ones were announced. You miss your chance by a few months, better luck next time