`


THERE IS NO GOD EXCEPT ALLAH
read:
MALAYSIA Tanah Tumpah Darahku

LOVE MALAYSIA!!!


 


Saturday, September 6, 2014

Shell riding high on new gas finds in Malaysia

Shell riding high on new gas finds in Malaysia
OIL and gas (O&G) giant Royal Dutch Shell has hit the big time in Malaysia with 10 new gas discoveries so far this year, its highest annual gas finds in five years.
This helped push Malaysia’s position to No. 1 for the group in terms of gas discovery worldwide for the year.
Malaysia, especially Sabah and Sarawak, has always played a significant role in Shell’s global expansion in the downstream and upstream sectors.
The group has also been providing 50 per cent of the country’s gas demand.
“Malaysia is our heartland country, it has always been and will most likely be for a very long time,” said Shell upstream international director Andrew Brown at a media roundtable, here, recently.
“This heartland exploration has really delivered for us. Over the last five years, it delivered some 400 million barrels of oil equivalent (BOE). As at end-August, we already have 260 million BOE, which significantly added value to our equity positioning.”
The newest of the 10 discoveries was made in The Marjoram-1 well, located 180km off the Malaysian coast in Block SK318, in 800m of water.
Earlier this year, Shell announced the Rosmari- 1 gas discovery in the same block, which is operated by Shell.
The company has an 85 per cent interest in the block with Petronas Carigali Sdn Bhd holding the rest.
Last month, SapuraKencana Petroleum Bhd’s unit, SapuraKencana Energy (SKE), found gas at Bakong-1, the fifth and final well in its 2014 drilling campaign within the SK408 production-sharing contract area offshore Sarawak.
The other four wells are Teja-1, Gorek-1, Legundi-1 and Larak-1.
SKE is the operator of the wells with a 40 per cent working interest, while partners Petronas Carigali Sdn Bhd and Sarawak Shell Bhd hold 30 per cent each.
In January, Mubadala Petroleum Bhd found substantial gas with significant commercial potential at its Pegaga discovery in Block SK320, which Shell has a 20 per cent interest in.
“Malaysia is the No. 1 country for gas discoveries for Shell in 2014 and we are extremely proud of that performance,” said Brown.
“Together with our partners and on the back of these discoveries, we will be able to continue to feed into our existing infrastructure as Shell operates 50 per cent of the gas production in Malaysia,” he said, adding that Shell intends to continue its deepwater and gas exploration ventures in Malaysia.
“We do see the softening of the prices in oil and gas but this is relatively a temporary thing and we believe that prices will stay robust and allow us to continue investing in future projects.
“Prices will go through cycles but there will continue to be huge investments in O&G exploration globally,” said Brown.
He said gas will play an extremely crucial role in terms of fulfilling energy demands.
“We believe that gas, on a global scale, will continue to grow significantly and more liquefied natural gas (LNG) will be in demand.
We predict the LNG demand to grow from 200 million tonnes per annum today to about 450 million tonnes per annum in 2025.”
Meanwhile, Shell Malaysia Ltd chairman Iain Lo said the O&G cost in Malaysia remains on the less competitive side in the region.
“When we benchmark the cost across the region, Malaysia’s is not competitive, which in effect, hurts us economically. The downside of the high cost is that the smaller discoveries cannot be developed. We need the government to address the service industry’s cost competitiveness so that energy discovery can be made and Malaysia can derive income from its natural resources.”
Brown said the delayed Gumusut-Kakap project is expected to be completed soon, while discussions on the Baronia enhanced oil recovery and Tukau Timur projects are well underway and awaiting the final investment decision.
On the implementation of the Goods and Services Tax (GST) in April next year, Lo said the fuel retail industry is still unaware of where it stands within the spectrum of standard, zero-rated and exempted items.
“There have been conversations, but that is up to the Cabinet to decide but Shell has already put everything in place for the GST implementation,” he added. -NST

1 comment:

  1. Just to share this...

    http://www.shellnews.net/blog/shellnewsnet-original-news-stories.htm

    "...Royal Dutch Shell members of the secretive Bilderberg Group: 30 June 2013 .... Leaked Shell Internal message from Upstream International Director Andrew ..... Letter to Lord Browne from Shell Brent Bravo whistleblower Bill Campbell: 17 ..."

    Royal Dutch/Shell Group - search24news.com
    www.search24news.com/youtube/search.php?qwery.../Shell%20Group
    http://www.protectthehuman.com/shell Shell Nigeria is one of the largest oil producers in .... Bilderberg 2014 Membership List Of Illuminati YouTube ... Andrew Brown, Director Upstream International, Royal Dutch Shell speaking on day two of ...

    You be the judge.

    Cheers.

    ReplyDelete

Note: Only a member of this blog may post a comment.