Pacific Khamsin with an offshore drilling project in Mexico.
According to Offshore Engineer’s website OE Digital yesterday, Petronas will take the drillship on a one-well contract, starting from the third quarter of 2021 (3Q21).
The day rate for one firm well for the
Pacific Khamsin contract with Petronas is US$192,000 (RM777,600), and includes the lump sum mobilisation fee amortised over the firm contract period.
Apart from one firm well for the drillship, Petronas has two priced option wells and two additional option wells at market rates.
Pacific Khamsin is currently located in the US Gulf of Mexico region, where it in November completed a well for French oil major Total.
One unwitting bright spot in the unprecedented volatility brought on by the coronavirus pandemic this year has been the performance of funds with environmental, social and governance (ESG) strategies.
The pandemic has spread with alarming speed, infecting millions and bringing economic activity to a near standstill. However, it has also strengthened the conviction of early adopters of sustainable portfolios that the value of an investment is no longer just about returns.
This has inadvertently cemented the significance of financial and non-financial risks in assessing resilience, and bolstered the views of industry experts that ESG strategies are bound to grow from strength to strength.
Malaysia’s state energy firm Petroliam Nasional Bhd (Petronas) said on Monday it expects to resume full production at its Baram facilities, off the state of Sarawak on Borneo island, in the third quarter (3Q21) after halting output in October following an accident. Petronas declared force majeure at its Miri crude oil terminal on Oct 29 .
will spend RM100mil on the revival project of its recently-acquired Teluk Ramunia (TR) yard in Kota Tinggi, Johor.
The revival project, which is expected to commence in the current quarter is to restore the yard’s operational capability of up to 50,000 tonnes in offshore platform steel fabrications and other structures.
“The revival of the TR Yard’s operations is at the preliminary planning stage and the group has formed a dedicated project management team to oversee the restoration works and yard operations.
“Works to revive the TR Yard’s operations are expected to take up to 24 months and entails, among others, site clearing, setting up of security and perimeter fencing and installation of fabrication-related machineries and equipment, ” according to independent non-executive chairman Datuk Mohamed Nor Abu Bakar in a circular to shareholders last week.
Athila of MIDF points out that according to the recently released Petronas Activity Outlook 2021-2023, offshore activities are expected to support local O&G service providers for this year.
SINCE the collapse of crude oil prices in 2014, the oil and gas (O&G) sector has never been the same.
First came the shale boom in the United States, creating ample supply and potentially changing geopolitics in the process by making the country less reliant on oil imports.
Another sting to the industry was the heavy debts that players struggled to pay back following the oil price rout that took place from 2014 to 2016.