AEC Feed

Indonesia’s Upstream Oil and Gas Regulatory Special Task Force (SKKMigas) has asked Malaysian oil and gas company Genting Oil to revise its development plan for gas fields in the Kasuri block in West Papua province.
The task force deems Genting’s plans to be too costly.
The gas fields are the Asap, Kido and Merah fields, which are expected to produce 285 million standard cubic feet per day of gas starting in 2019.
“We have asked Genting Oil to revise its plan of development because the proposed development cost is too expensive,” SKKMigas deputy for operation control Fatar Yani Abdurrahman said. “For instance, the company states that the cost to develop one well can reach US$80 million to $85 million, while we estimate the cost might only stand at $30 million.” – The Jakarta Post

Malaysians keen to work in Taiwan
The Taiwanese government is drafting laws on hiring foreign professionals where jobs would be opened up for foreigners in the future. The draft is still being reviewed by the Legislative Yuan, says Tsai Ching-Hwa, Deputy Education Minister of Education Ministry in Taiwan.
“We encourage Malaysian who graduate from local universities to work in Taiwan,” the minister said. “They need not be graduates of Taiwan universities.”
He said the Labour Department of Taiwan started a new assessment scheme for foreign students studying in Taiwan since July 2014 increasing the number of foreign students staying back in Taiwan to work after their graduation.
Chu To-ming, head of education divi?sion at the Taipei Economic and Cultural Office in Malaysia said Malaysian students are keen to find out their chances of working in Taiwan.
He said the number of Malaysian stu?dents studying in Taiwan reached 16,051. Malaysia tops the list for the highest number of foreign students studying in Taiwan, with 116,416 – or 13.79 per cent of foreign students. “Taiwan is one of the top choices for Malaysians to study in overseas after Australia.” – Sin Chew Daily

Pertamina may get accounting perks
The Indonesian government is considering allowing state-owned energy giant Pertamina to readjust its accounting method to ease the company’s mounting financial burdens. Pertamina’s negative operating cash flow of US$800 million, with $11.4 billion in debts in the first quarter of 2017, has led to a delay in its refinery development projects, including the Cilacap refinery upgrade it will jointly build with Saudi Arabian oil giant Saudi Aramco and the new Tuban refinery with Russia’s Rosneft Oil Company.
Deputy Energy and Mineral Resources Minister Arcandra Tahar said Pertamina’s financial condition was a consequence of the country’s Interpretation on Financial Accounting Standard (ISAK) No. 8, which forces the firm to report an off-take agreement as a liability in its financial statement.
“Because Pertamina has been made the sole off-taker for oil produced at the [Cilacap and Tuban] refineries, all debts from these projects were consolidated to Pertamina alone, resulting in an increase in its debt covenant,” Arcandra said.|– The Jakarta Post