Sorry for being off-topic but this concerns Sabah : Report from The Edge - Murphy Oil says Petronas terminates PSC for 2 blocksKUALA LUMPUR: Murphy Oil Corp says Petroliam Nasional Bhd (Petronas) has terminated the production sharing contracts for Blocks L and M as they "are no longer a part of Malaysia".The US-based company said on its website on Wednesday, April 21 that it was informed by Petronas following the execution of the exchange of letters between Malaysia and Brunei on March 16, 2009, the offshore exploration areas designated as Block L and Block M were no longer a part of Malaysia."As a consequence, the production sharing contracts covering Blocks L and M, awarded in 2003 to Petronas Carigali Sdn Bhd and Murphy, were formally terminated by letter dated April 7, 2010," it said.......As my friend from the oil industry said, the implications for Sabahans and Malaysians are enormous and far-reaching. Blocks L and M are estimated to produce 250,000-300,000 bpd with a life span of between 15 to 20 years. This works out to USD20.5 million or RM65.6 million per day!With oil royalty for Sabah at 5%, this means Sabah will lose out RM3.28 million a day, RM1.19 billion a year and RM17.85 billion over the lifespan of these two blocks!For more: http://romerz.blogspot.com/2010/04/losing-territory.html
increase of all taxes will come our way soon! Get out off Malaysia and join Brunei and Singapore!
From Msiakini....on Oil fieldsCala: Owning Blocks L and M oilfields versus as a joint-venture partner. What is the difference between the two? Can the two arrangements relating to oil extraction be the same?To my mind, they are poles apart. Owning a property or a natural resource such as Blocks L and M confer on the owner four basic property rights:i) control over its use;ii) absolute entitlement of its future income streams;iii) right to sell or to transfer the property; andiv) right to stop others from entering the propertyDo log into Wikipedia's entry on property. So how can the two be the same?Suppose Brunei chooses to terminate the joint venture agreement with Malaysia tomorrow? Suppose Brunei decides to sell away the oilfields for a consideration of, say, RM100 billion tomorrow? Or suppose Brunei refuses to allow the entry of Petronas' workers into the oilfields tomorrow?Block L and Block M oilfields are not private properties. They do not belong to Abdullah Ahmad Badawi, or any individual cabinet minister. As such, it is really doubtful that the cabinet's decision to 'give away' the said properties/resource to Brunei is legal.Can an unfair contract be made legal? Can an unfair contract be enforceable? Can an unfair contract be acceptable to Malaysians? Why should Malaysia, the legal owner of the oilfields give them up? Malaysia could have asked Brunei to come in as a joint-venture partner without giving them away.For matter of such importance in scale, we need both parliamentary sanction and probably a referendum to approve the cessation of 'sovereign rights' of the two oilfields to Brunei.
Multi Racial: This is one of the most obvious cases happening in Malaysia involving senior politicians and friends. Why would any government or/and company want to pay half a billion ringgit to a so-called consulting company with no experience and provides no-value-added services.The only possible scenario is some hanky-panky was going on. It is so unfortunate in this country where we have so many hypocrites advocating a corruption-free society (like the other day where all the top civil servants came together to swear their fight against corruption) while they do absolutely nothing in this case and just hope that it will go away.Those involved may be able to get away in this life but they will never get pass God. I just wish someone among them would wake up and do the right thing.RubyStar: Bravo! Mr Joseph Brehem, don't be surprised that on your next visit to Malaysia, you will be deemed a security threat and be extradited as a persona non grata.Just be careful. Either you take the money, close the case and enjoy yourself at some Caribbean hideouts, or if you have the conscience of one who goes for the truth, then go dig deeper. The BN has no shame but to thumb its nose at the law or is in itself the law.But I believe that one day, justice will prevail and those who have done a grave injustice to others, to the country or to the system will have to answer for it - whether they have sworn on the Holy Book or whether the corrupt system will still protect them.Phra Ong Chao: What makes anyone think that Malaysia will cooperate or abide by its duties and obligations in international law when it flouts many important rules of international law such as human rights and the rule against racial discrimination?Moreover, the Malaysian government always thinks that Malaysia occupies a special place on earth and must be treated as such. It will accuse the French and the western powers, hell, include the Jews as well, for wanting to recolonise non-whites, etc (just think along the lines of Mahathir's usual arguments).