There are ways and means for us to get involved in the oil and gas industry in Malaysia. One of them is by becoming a multi-discipline bank.
The acquisition of an Oil & Gas player, M3nergy, by Sabah Development Bank (SDB) is expected to pave the way for the state to have better participation in the lucrative O&G market.
Recently, SDB acquired M3nergy through a debt for equity swap, and according to Malaysia Oil & Gas, this take over includes Bukit Tua project recently awarded by Petronas.
Corporate structure of SDB: Diversified business including hotel, water treatment and Oil & gas
SDB down to business in O&G immediately
Malaysia’s M3nergy have lined up Singapore’s Keppel Shipyard for the conversion of a floating, production, storage and offloading (FSOP) vessel destined for the Petronas-operated Bukit Tua oil and gas development off Indonesia.
Keppel landed the job after beating other Asian yards including Malaysia Marine Heavy Engineering for the conversion work. Works on the vessel conversion at the Singapore yard is understood to be already ongoing and with cost estimated in access of RM800 million.
Work will take between 20 to 24 months to complete, with delivery from the yard penciled in for the first half of 2014.
The tanker will be converted into a production floater with a design capacity of up to 50,000 barrels per day of liquids and a storage capability of up to 600,000 barrels of products.
Petronas has issued a letter of award to M3nergy for the supply of the FPSO to go on five year fixed term charter, plus options to extend for another two years.
M3nergy receive a significant cash injection after state-owned shareholder, Sabah Development Bank, moved to take over 100% interest in the private-owned FPSO contractor.
The Bukit Tua production floater will be tied to a wellhead platform likely to be fabricated at two separate yards in Indonesia.
Indonesia’s minister of energy and mineral resources, Jero Wacik said last year after a meeting with Petronas’ chief executive, Shamsul Azhar Abbas, production at Bukit Tua will start in October 2014.
The acquisition of an Oil & Gas player, M3nergy, by Sabah Development Bank (SDB) is expected to pave the way for the state to have better participation in the lucrative O&G market.
Recently, SDB acquired M3nergy through a debt for equity swap, and according to Malaysia Oil & Gas, this take over includes Bukit Tua project recently awarded by Petronas.
SDB down to business in O&G immediately
Malaysia’s M3nergy have lined up Singapore’s Keppel Shipyard for the conversion of a floating, production, storage and offloading (FSOP) vessel destined for the Petronas-operated Bukit Tua oil and gas development off Indonesia.
Keppel landed the job after beating other Asian yards including Malaysia Marine Heavy Engineering for the conversion work. Works on the vessel conversion at the Singapore yard is understood to be already ongoing and with cost estimated in access of RM800 million.
Work will take between 20 to 24 months to complete, with delivery from the yard penciled in for the first half of 2014.
The tanker will be converted into a production floater with a design capacity of up to 50,000 barrels per day of liquids and a storage capability of up to 600,000 barrels of products.
Petronas has issued a letter of award to M3nergy for the supply of the FPSO to go on five year fixed term charter, plus options to extend for another two years.
M3nergy receive a significant cash injection after state-owned shareholder, Sabah Development Bank, moved to take over 100% interest in the private-owned FPSO contractor.
The Bukit Tua production floater will be tied to a wellhead platform likely to be fabricated at two separate yards in Indonesia.
Indonesia’s minister of energy and mineral resources, Jero Wacik said last year after a meeting with Petronas’ chief executive, Shamsul Azhar Abbas, production at Bukit Tua will start in October 2014.
TheGreenMechanics: A timely move by Sabah Development Bank. Instead of begging and asking for help from others, it bought its way in literally. Kudos to the management team at SDB!
Reference: partly Malaysia Oil & Gas, and other news blowing in the wind.
Reference: partly Malaysia Oil & Gas, and other news blowing in the wind.
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