Extract from “Young Turks” – Legacy for the Future

July 20, 2014

Predictions when we run dry:

In the early days, the Task Force conceded to the oil companies’ conclusion that the crude oil reserves for Malaysia could meaningfully last only for 14 years should no further new discoveries be made. Anticipating an explosive growth in domestic consumption on account of industrialization and modernization, it was possible for Malaysia to become crude oil importers within ten years.

Visit here and buy books so I have some spending money.


SapuraKencana Touts Four Gas Finds Offshore Malaysia

July 31, 2014

Dateline 2014-06-09, Rigzone:

SapuraKencana Energy (SKE) announced Monday four significant gas discoveries in the SK408 Production Sharing Contract (PSC) area offshore Sarawak, Malaysia.

All four wells have discovered non-associated natural gas within the primary target Late Miocene Carbonate reservoirs. The first well, Teja-1, located southeast of the Cili Padi gas field encountered 719 feet (219 meters) of gross column whilst the Gorek-1 discovery, southeast from F23 gas field encountered a gross gas column of 771 feet (235 meters).

The third well, Legundi-1, located south of F23 gas field was drilled in a down-flank location and encountered a 456 feet (139 meters) gross gas column, and the fourth well, Larak-1, located south of F6 gas field, also drilled in a down-flank location encountered a gross gas column of 1,093 feet (333 meters).


Looking beyond the oil royalty issue

July 30, 2014

Dateline 2014-06-06, Malaysiakini:

As stated in my previous article, it is not wrong for Sabah to ask for an increase in oil royalty if it can prove that the billions of ringgit distributed by the federal government through various grants are insufficient to develop the resource-rich state.

Since 2008, Sabah has been one of the biggest beneficiaries of the federal financial allocation. It is also important for state leaders to convince Petronas and the federal government that the increase in oil royalty from 5 percent to 20 percent will not adversely affect the sustainability of oil production in Malaysia. While most leaders are harping on the issue continuously, none so far has been able to provide a viable solution to put an end to it.

But before the increase in oil royalty is to be considered, several factors must be put into consideration. It is wrong to assume that out of the 100 percent oil revenues that go to Petronas, only 5 percent is given to Sabah while the remaining 95 percent is ‘grabbed’ by the national oil company. This is the popular misconception among Sabahans.


PM: Govt to reduce dependence on oil, gas revenue to 28.9%

July 29, 2014

Dateline 2016-06-09, The Star:

Malaysia’s move to diversify its economy will see it reducing its dependence on oil and gas revenue while focus will be on the services sector, says Datuk Seri Najib Tun Razak.

The Prime Minister said on Monday that in 2008, oil and gas accounted for 39.7% percent of total revenue, but this year it is forecast to be 28.9%.

“Services now account for 55.2% of GDP, well on the way to our target of 65% by 2020. Inflation is projected to be between 3% and 4%, and we are essentially at full employment,” he said at the opening of the Invest Malaysia 2014.

Najib, who is also the Finance Minister, said since the Asian Financial Crisis, the government had focused on the fundamentals to create a strong and stable financial architecture.

 


Saturday Star 2014-07-26 – Job Opportunities

July 28, 2014

Eid Mubarak.

Buy my recommendations, or through my Amazon store. Or get the Young Turks series (all 4 books). Where are those corporate sponsors? Or throw donations at me. I need RM360 to get The Star ePaper.

  • Nothing this week (loooong weekend).

Support your local bookshop!  Bookalicious at The Summit Subang is a good choice. I think they focus on trilogies, quadrilogies, and other ologies. Tell them I sent you, and enjoy the look of perplexity on their faces. Those of you who have dropped my name, thanks!

Food choice of the week? How if you visit Vietnam, how about visiting and updating GoHalalVietnam! for your food needs. For your other needs, talk to your local tour guide/ concierge / man on the street.

Some books for you to turn those bad numbers’ frown upside down.

  

Proofiness: The Dark Arts of Mathematical DeceptionBad Science: Quacks, Hacks, and Big Pharma FlacksHow to Lie with Statistics


New mechanism puts inflationary pressure on rich and poor alike

July 27, 2014

Dateline 2014-06-03, Sin Chew Daily:

Once the government has put into implementation the “eligibility for subsidized fuel purchase” mechanism, those in the low and medium income bracket are not expected to be severely affected, but it is inevitable that the public will have to confront the inflation problem thanks to rising fuel cost.

The Petroleum Dealers Association of Malaysia (PDAM) hopes the new mechanism will make things convenient for vehicle owners while not excessively increasing the burden of petroleum dealers in the country.The association believes the prices of RON95 and diesel will inevitably be increased progressively.

According to the SMI Association of Malaysia once the government has specified that only those earning RM5,000 and below will be entitled to purchase subsidized fuel, small businesses will be affected.

Some believe the public will better accept the government’s plan if the subsidies saved could be used to improve on existing transportation facilities and development.of new infrastructure.


New fuel subsidy plan will create black market, PKR MP warns Putrajaya

July 26, 2014

So, we’ll buy petrol literally of the back of lorries, eh? I say remove all subsidies, improve and extend bus, LRT, MRT, train and becha services, raise taxi fares (have you seen the taxi fares in Kerteh?), summary execution for errant bus and taxi drivers.

Dateline 2014-06-03, Malay Mail:

Putrajaya’s plan to sell fuel at different subsidised rates to different income groups may create a “black market”, PKR’s Pandan MP Rafizi Ramli said today.

The PKR leader said the government’s bid to limit or deny high-income Malaysians’ access to subsidised fuel could end up creating an illegal trade and result in an abuse of the system among those in the lower-income categories.

“I worry if this new subsidy system is not refined and openly discussed, when it is implemented in the future, it will create a black market for petrol and diesel that will create a new and larger problem than the existing smuggling because it involves even more people and the public,” the outgoing PKR strategic director said in a statement today.


Flesh out pledged Sarawak oil royalty hike, Putrajaya told

July 25, 2014

Dateline 2014-06-03, Malay Mail:

Putrajaya must set a deadline to discuss revising royalty payment for oil-producing states to demonstrate the sincerity of the prime minister’s pledge to consider increasing the quantum, Sarawak PKR vice-chairman See Chee How said today.

See told a press conference at the state PKR headquarters here that verbal assurance alone was not enough, and that such an increase must not come in the form of development grants as these were already the federal government’s obligation.

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