Day Three of testing at Sepang has concluded, leaving many on the factory prototype-side of the garage pleased with their week’s work. Once again, Honda is setting the pace, as Casey Stoner sent a message to the rest of the paddock as he smashed the lap record at Sepang aboard his Honda RC213V. A full half-second faster than his nearest competitor, Stoner is an Aussie on a mission already in the season.

“I’m still not feeling great with my back, but the bike is ok, so we’ve made progress in reducing the chatter a little more and trying a few different things, some small settings on the shock that we haven’t tried before amongst other points,” said Stoner. “So far it’s been pretty positive, we’ll just have to wait and see what we have for the next test and hopefully improve a little more. Now I’m looking forward to getting home to Switzerland to see Adriana and await the arrival of our baby!”

Testing continues in Sepang, as MotoGP riders continued their first week of shaking down the new 1,000cc era machines. For the second day of testing, teams spent the sessions comparing settings and parts to the previous day, looking for clearer paths of development. For Yamaha, this meant testing suspension and electronic settings, while Honda tried different chassis with Casey Stoner. With weather hot and humid, Stefal Bradl got baptized with his first MotoGP gravel trap excursion, though the German was thankfully uninjured from the spill.

Progress on the all-new factory GP12 continued in the Ducati Corse garage, though the Italian team was short a rider after Nicky Hayden parked his bike after 16 laps. The American rider has been struggling with his broken shoulder, which still lacked the strength to properly ride at the Malaysian track. Quiting the day’s session earliy, Ducati’s test rider Franco Battaini took over for Hayden, and completed the day’s work with Valentino Rossi. Photos and results after the jump.

If you want to get a quick feel of how the 2012 MotoGP Championship is shaping up from a very knowledgeable person in the MotoGP paddock, then today’s video from Yamaha Racing’s Lin Jarvis is your best bet. Taking some time from his duties of running Yamaha’s MotoGP team, Jarvis talks about the tests underway in Sepang, Malaysia, and is generally optimistic about the season.

Of course sometimes what isn’t said is more important than what is said, and in this season preview you won’t hear a single word about the most important change to MotoGP: the claiming rule teams. Simple omission, or are the OEMs beginning their face-off with Dorna on the future of MotoGP?

When Yamaha’s MotoGP team lost its sponsorship from Petronas, it seemed like the buzzards had begun circling around the Japanese company’s racing efforts. Thankfully for GP racing fans, our friends at MotoMatters got word that Petronas’ departure was making way for a new sponsor, JX Nippon Oil & Energy Corporation.

Now formally announcing that JX Nippon Oil will sponsor Yamaha Racing’s factory MotoGP squad, our pre-season attention can now shift to see if Jorge Lorenzo and Ben Spies will have some new livery on display when Yamaha makes its formal 2012 team unveiling…oh, and how fast the 2012 Yamaha YZR-M1 will be against the factory Ducati Desmosedici GP12 and Honda RC213V. Something mildly related to all this is after the jump.

Last week we got news that Yamaha Racing and Petronas were concluding their three-year collaboration in MotoGP, as the Malaysian oil company’s contract with Yamaha came to an end, and was not to be renewed. Following Yamaha’s abysmal ability to keep or gain sponsorships for its racing efforts lately, the initial reaction to the news of Petronas’ departure was very grave in the MotoGP paddock. However, our friends at MotoMatters have confirmed that Yamaha will be replacing Petronas (not the Harry Potter spell, thanks irks) with Nippon Oil subsidiary brand ENEOS.

Calling it the “natural conclusion” of their partnership, Yamaha’s MotoGP team and Malaysian oil giant Petronas have split ways after three years of racing sponsorship. Concluding a deal that is reportedly worth $8 million a year to the factory MotoGP team, Yamaha’s loss of Petronas will surely be felt in the team’s pocketbook, assuming of course that the Japanese manufacturer cannot replace the company with another on its sponsor roster.

After losing title sponsor Fiat for the 2011 season (due almost entirely to Yamaha’s inability to retain Valentino Rossi), Petronas and Yamaha Motor Kenkana Indonesia (Yamaha’s Indonesian arm) were left as the team’s main backers and official sponsors. Now with the loss of Petronas, many of the names on the side of the Yamaha YZR-M1 are those belonging to the tuning fork brand, leaving the financial burden for Yamaha’s MotoGP racing effort to come squarely out of one Yamaha coffer or another.

Surely to be taken as a sign of the decreased value of racing in MotoGP to race sponsors, this news has to be especially troubling for Yamaha, as it continues to lose its biggest sponsorship accounts, one after another. While it would appear that the Japanese manufacturer will have to foot another $8 million a year out its internal budget, the only silver lining to the situation could be the hope that the loss of Petronas is making way for a more lucrative sponsor. We wouldn’t hold our breath on that one though.