- Newspapers reported yesterday that five Petronas workers
have reportedly suffered burns after a fire broke out on board the Tukau B
drilling platform, off the coast of Sarawak in the South China Sea.
- Sixteen maintenance workers on board the platform were
evacuated amid the blaze, which razed the part of the platform that housed the
compressor skid. The workers were doing maintenance work on the platform when
the fire broke out at about 9.20am local time on Monday morning. After the
evacuation, the fire was extinguished within an hour. Petronas said the cause
of the blaze was under investigation.
- The drilling platform is situated 31 kilometres from the
shore, near the Tukau oilfield in water depths of 60 metres. The five injured
workers, all locals, were rushed by helicopter to Miri Hospital, where they
were treated for various degrees of burns. The most seriously injured worker
was treated for second degree burns at the hospital’s red zone unit.
- Currently, we are uncertain about the production of oil
and gas from the platform. But since the oil field is located off Sarawak, it
will not have any impact on gas production in Peninsular Malaysia, which
continues to suffer from intermittent upstream supply disruptions due to
reservoir depletion and unscheduled maintenance requirements.
- Hence, while Tenaga Nasional will still continue to face
gas supply shortfalls until the 530mmscfd Lekas regassification terminal in
Malacca is commissioned by September this year, the Tukau B platform incident
is unlikely to exacerbate the problem.
- For Petronas Gas (PGas), which supplies gas to Miri and
Bintulu, the potential supply disruption is expected to be minimal. Hence, we
maintain PGas’ FY12F-14F net profits. For Petronas Chemicals, its supply of gas
currently stems from Kerteh and Gebeng in Peninsular Malaysia as well as in
Labuan. Hence, there will not be any impact on the group.
- For the sector, we remain OVERWEIGHT given Petronas’ plans
to restore its declining oil and gas production rates via a massive capex
spending, amounting to RM300bil from 2011 to 2015. Besides further marginal
field projects, the group has achieved final investment decision for the
country’s first floating LNG project for the Kanowit field and has signed two
heads of agreement for the Refinery and Petrochemical Integrated Development
complex in Pengerang with Itochu Corp and PTT Global Chemicals.
- Malaysia Marine & Heavy Engineering remains our top
pick, given its proven track record in providing fabrication solutions for deepwater
and more complex engineering projects. We also like Dialog, SapuraKencana
Petroleum, Bumi Armada and Petronas Gas.
Source: AmeSecurities
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