Sabah wealth is gone

13Friday

JK's Digest No. 28 of March 2007 (54 of 2007) Our oil wealth is really gone unless........
No way to negotiate better rate of royalty
Who owns this company BHP Billiton Petroleum Sabah Corp (BHPB)? (see articles below)
You will see it the sharing is 60:40 (petronas) while earlier ones are 80:20 (p) and 70:30 (p).
When this happen, it means Sabah's oil wealth is signed away forever.
Why can't Petronas go it alone (or 50:50 - 40:60) when it is proven the area has oil reserve?
Yet, some stupid politicians are calling for 30-50% when it is forever 5% only in the present system.
The only way to recover the loss is to be independent and re-negotiate with the foreign companies
if they are really foreigners? At the least we would have the shares of petronas.
We know that KL or BN cannot do anything about the sharing proportion.
The unusual thing is that Petronas is heavily invested overseas while for the Sabah's case,
Petronas only takes a small share of the investment.
Obviously there is a hidden agenda.
Why should Sabahans not benefit from the wealth under our ground? ROBBED again and again.
Instead we encounter ridiculous price increases of 20-30% in essential items in recent months.
How to go on that way for long?
Joshua Kong (proponent of MIGS and WON)
http://mega-icc-group-sabah-migs.blogspot.com/ http://won-borneo.blogspot.com/
Latest Book: Biodiversity Challenge-Haze Health Hell ISBN983-2653-24-XAuthor of New Wealth Order, EPIC of Sabah, FIRE, Sabah Wealth - image of woods power,
EPIC of Sabah - 2nd Edition, Paper to Parliamentary Select Committee on Unity and National Service.
EPIC of Sabah - 3rd Ed., WATER, A tussle in biodiversity of two liquids - palm oil and water,
Sabah and Sarawak in Malaysia in 1963, A Paper to Parliamentary Select Committee on Integrity (2006).
http://www.e-borneo.com/col/jkong/




. http://www.btimes.com.my/Saturday/Nation/BT614809.txt
Petronas awards 2 deepwater contracts
March 24 2007
NATIONAL oil firm Petroliam Nasional Bhd (Petronas) has awarded two production sharing contracts (PSCs) to BHP Billiton Petroleum Sabah Corp (BHPB) and its exploration and production arm, Petronas Carigali Sdn Bhd, for the ultra-deepwater Blocks N and Q, offshore Sabah.
The two blocks are situated in depths ranging from 1,600 to 2,800 metres, 175km from Kota Kinabalu.

Block N covers an area of 3,910 sq km and Block Q, 4,748 sq km.

The blocks are in the same basin as, and contain similar play types to, some of the earlier deepwater discoveries of Kikeh, Malikai, Gumusut Kakap and Ubah.

Under the terms of the PSCs, BHPB, with 60 per cent participating interest, will operate the two blocks. Petronas Carigali owns the remaining 40 per cent.

For Block N, the partners will acquire and process 1,500 sq km of new 3D seismic data and drill four wildcat wells.

The minimum financial commitment for the block is US$144 million (RM500 million).

For Block Q, the partners have committed to acquiring 800 sq km of 3D seismic data for US$12.4 million (RM43 million).

The PSCs for the blocks were signed yesterday in Kuala Lumpur.

Petronas was represented by its vice- president of exploration and production business Ramlan Abdul Malek; BHPB by its vice- president of global exploration Robert Pascoe; and Petronas Carigali by its managing director and chief executive officer Abdullah Karim.
BHP Billiton wins Malaysia dealPublished: Mar. 23, 2007 at 11:16 AM http://www.washtimes.com/upi/20070323-111950-4055r
BHP Billiton Friday won rights to explore oil in two blocks of Malaysian waters from Malaysia's national oil company Petronas.
Under the agreement, BHP Billiton will have 60 percent ownership of both blocks in addition to being its operator, while Petronas Carigali will hold the remaining 40 percent. The deal is based on an exploration program that will be undertaken by BHP Billiton over a seven-year period that includes seismic acquisition, reprocessing and exploration drilling in the blocks. Both blocks are located offshore of Kota Kinabalu, the state capital of Sabah.
BHP's petroleum vice president for global exploration Rob Pascoe said that "this is a lightly explored area where we can apply and extend our two decades of exploration and production experience obtained in offshore and deepwater operations from Australia, the Gulf of Mexico, and elsewhere around the world."