Standard Chartered estimates that global oil markets are facing a 3 million barrels per day deficit.

Epf, Amanah/pnb gang board in after vele break 0.30 in 2019...history could repeat again, my strong guess. Once this guys join in price easily can blow to 0.40c. Let see still too earlier.

I don't see any reason vele drop back to 0.19c unless crude oil crash below usd 50/barrel like before during covid. Nov another good profitable qtr coming. Just my 2c.

Oil bounced back. All the way to usd 100. Very good for DCR.

Malaysia Tapis crude oil already hit usd 100/barrels. Expected DCR increase also.

Don't worry bro..sap sap TP 38c to 40c. Just keep monitor brent price enough ready.

specializedvenge

Sold 20% on hand justnow
Time to buy new bicycle.
Waiting to break 0.30😀

I thought you going to buy Benz or BMW ...untung banyak mah...bicycle kah 😂

All the way to 0.30c...2019 rally returned.

Got burning smell lah..very sorry for those who sell earlier and eagerly waiting for cheap ticket...😄

Dah jual tak payah post sini tiam2 sdh ler..what you're trying to proof here.

Why selling fast despite velesto in positive side.

Imagine what is the DCR rate if oil trading at usd240...

This is something interesting that I read. Oil usd240...inflation habis lah tu. If really happen velesto take off to the moon man..hahaha!

"Since June, both benchmarks have tallied up a stunning gain of over 25% from their 2023 lows of $63 a barrel – with a long list of Wall Street banks now calling for prices to top $100 by year-end.

And the rally might not stop there!

Saudi Arabia has not ruled out the possibility of further production cuts this year, if necessary. A move which could send Oil prices climbing well into triple-digit territory by 2024, according to Goldman Sachs.

Speaking at the G20 Summit, Saudi Arabia’s Crown Prince Mohammed bin Salman declared “the Middle East will be the new Europe in the next five years”.

In a note to clients, JPMorgan said that “if Saudi Arabia wants to achieve this extravagant vision in the aggressive timeline set out, then they will need to target Oil prices at around $240 a barrel and keep them there for years”.

Third qtr expected revenue and net profit higher than 2nd qtr. Expected net profit above 20mil to 28mil due to higher DCR.

Today all counters red sea...

Slowly moving up. Slow and steady better than go up fast and drop like no tomorrow. It's good for long/midterm investors...contra can't earn much.

Despite concerns over China's zero-COVID policy and global recession fears, Goldman Sachs expects Brent crude oil prices to hit $110 a barrel next year.

Jeff Currie, global head of commodities at the investment bank, said Tuesday that the oil outlook in 2023 remains "very positive."

He told CNBC in an interview that Goldman plans to "stick to our guns" with a forecast for $110-a-barrel Brent. That represents more than 30% upside from the current level of around $83.

Still, there's "a lot of uncertainty" ahead, Currie noted, including the potential for lower demand in China, recession fears, and the European Union's embargo next week on seaborne imports of Russian oil.

"Demand is probably heading south again in China given what's going on," he said. "I think the key point with China right now is the risk that you get a forced reopening. That means it'll be self-imposed lockdowns where people don't want to get on trains, don't want to get to work and demand goes further south."

Meanwhile, OPEC+ will convene in Vienna on Sunday, and Currie said there is a high probability that the cartel will further reduce its oil production quotas, putting upward pressure on prices.

https://markets.businessinsider.com/news/commodities/oil-price-outlook-2023-goldman-sachs-crude-110-opec-china-2022-11

KUALA LUMPUR (Nov 29): Velesto Energy Bhd returned to the black with a net profit of RM14.97 million for the third quarter ended Sept 30, 2022 (3QFY2022), against a net loss of RM52.04 million in the same quarter last year, on the back of higher revenue.

The net profit also follows net losses of RM46.20 million and RM43.17 million for 1QFY2022 and 2QFY2022, respectively.

Quarterly revenue increased 89.83% to RM173.78 million, from RM91.54 million in 3QFY2021, mainly due to higher utilisation in its drilling services and integrated services segments, the group said in a bourse filing.

The group's average jack up rig utilisation for its drilling services segment improved to 78%, compared with 51% in 3QFY2021, it said.

The offshore drilling services provider did not declare a dividend for the quarter.

For the first nine months of FY2022 (9MFY2022), the group’s net loss narrowed to RM74.4 million from RM96.25 million a year ago, as cumulative revenue expanded 54.22% to RM337.78 million from RM219.02 million.

On prospects, Velesto said the global and regional upstream activities, including in Southeast Asia, continued their upward trend, with more exploration and development projects being evaluated and sanctioned. As a result, regional jack-up marketed utilisation has increased to above 90% and charter rates for the latest fixtures has been on an uptrend.

As for its drilling services segment, Velesto said it is actively bidding for new tenders for local and international contracts scheduled to be performed this year and next.

The prospect for its integrated services segment is improving with a number of jobs secured, it said.

“Currently, two out of four of the group’s workover units are working. The group continues to bid for available local and international contracts, for jobs scheduled to be performed this year and next year,” it added.

As for its oilfield segment, the group said positive industry outlook is also expected to support the stable performance of its oilfield services operation in China.

Shares of Velesto closed unchanged at 14.5 sen on Tuesday (Nov 29), giving the group a market capitalisation of RM1.19 billion.

KUALA LUMPUR (Nov 25): CGS-CIMB Securities has maintained its “Add” rating on Bumi Armada Bhd (BAB) at 44 sen with a higher target price (TP) of 57 sen and said BAB’s 9M22 core net profit outperformed at 92% of house previous FY22F forecast (79% of consensus), due to pre-FEED profits in 2Q22 and 3Q22.

In a note on Thursday (Nov 24), the research house said that next year, BAB can also look forward to being potentially awarded TotalEnergies’ FPSO Cameia EPCC project, as BAB is in pole position to win the contract, citing industry newspaper Upstream.

CGS-CIMB said this is a potential rerating catalyst.

“BAB will not own the asset, hence the risk of a rights issue is minimal, in our view.

“Downside risks include a potential rights issue should BAB win a separate large FPSO project on a build-own-lease basis.

“Reiterate Add with higher SOP-based TP of 57 sen by rolling forward to end-CY23F, partially offset by a higher risk-free rate of 4.5% (from 4% previously),” it said.

Malaysian offshore vessel provider Bumi Armada has selected OPEX artificial intelligence technology to reduce carbon emissions on an FPSO facility located in the North Sea.


Source: Bumi Armada
OPEX Group’s emissions.AI software will be deployed on the Armada Kraken FPSO facility, which serves the EnQuest-operated Kraken Field located in the northern North Sea.

According to Bumi Armada, the technology will deliver real-time emissions data, insights and intelligence, identifying key opportunities to reduce emissions from the facility, and will also support with implementing solutions and cost-saving strategies.

“While we have already successfully achieved continued emissions reduction, we are dedicated to evolving our operations globally to ensure we integrate sustainability into daily operations,” said David Clark, SVP of Operations from Bumi Armada.

“Adopting this technology is a big step towards utilising the power of data to better understand how our plant is being operated and where there are opportunities for improvement across our projects and operations.”

The Armada Kraken FPSO is a converted Suezmax tanker and has a nameplate production capacity of 80,000b per day, a storage capacity of more than 600,000 barrels, and is able to handle 460,000 barrels per day of fluids.

Market recover back. For sure DSAI is our next PM. 2morrow after lunch things might get more interesting.

Parliament hung, don't know what going to happen to bursa today..adoi

Parliament hung, don't know what going to happen to bursa today..adoi

KUALA LUMPUR (Nov 15): CGS-CIMB Securities has maintained its “add” rating on Velesto Energy Bhd at 13.5 sen with a higher target price (TP) of 17 sen (from 11.5 sen) and said it expects Velesto to secure more drilling contracts and at higher average daily charter rates (DCRs) in the coming months.

In a note on Monday (Nov 14), the research house raised its core net profit forecasts on higher utilisation and DCR rate assumptions for the immediate and also for the long term.

CGS-CIMB said Velesto guided that it had plenty of work lined up for 2023, which could help it achieve a minimum utilisation rate of 70% or even 80% if all the available days are filled or if it chooses to delay the planned offline upgrade in 2023 for either the Naga 3 or Naga 4 in favour of taking advantage of strong demand for drilling services.

“In light of this, we raise our jack-up (JU) rig utilisation assumptions for FY2023-2024 from 70% to 80% and our long-term assumptions from 70% to 75% for FY2025 and beyond.

“We have assumed an increase to US$75,000/day for non-offline-capable rigs in our FY2023 forecasts.

“Downside risks include demand and DCRs in the JU market potentially declining should oil prices fall due to a deep global recession,” it said.

Next week buy while price still in deep. Once DSAI become our next 10th PM, mark my word price sure skyrocket one.

https://www.upstreamonline.com/field-development/malaysian-contractor-scoops-hess-innovative-drilling-prize/2-1-1347560

SinGor

Alot of die hard are now relief of the prospect "very stone" will not break "friday the Thirteen"

Haha! Freddy Krueger is buying on behalf of "Friday the thirteen".

Haha finally

Institutional must join in to push up the price...

Agreed

yangkwang99

Sorry not this time. Price will be up!!!

Tomorrow I believed can break 0.135c..

Next year easily can go back to 0.40c like in 2019.

Petronas pay them very less for rigs service. International players like hess carigali might pay them very well. Ini kali lah...

KUALA LUMPUR (Nov 7): Offshore drilling services provider Velesto Energy Bhd has bagged a US$135 million (RM640 million) contract from Hess Exploration and Production Malaysia BV for the provision of integrated rig, drilling and completion (I-RDC) services for Hess' North Malay Basin Full Field Development Campaign.

The two-year job that will be completed by 2024 was secured via wholly owned subsidiary Velesto Drilling Sdn Bhd, said Velesto in a Bursa Malaysia filing.

According to Velesto, jack-up rig NAGA 5 will be assigned for the contract to provide I-RDC services covering 14 wells, and that the expected commencement date is in the fourth quarter of this year.

NAGA 5 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 ft, with a rated operating water depth of 400 ft, it added.

Velesto shares closed half a sen or 4% higher at 13 sen on Monday (Nov 7), bringing the group a market capitalisation of RM1.03 billion.

China going to end zero covid policy soon.
https://www.scmp.com/business/china-business/article/3198450/zero-covid-china-reopening-bets-lit-stocks-amid-buying-frenzy-hong-kong-shanghai-preview-end-policy

China going end zero covid policy soon. Another good news.
https://www.scmp.com/business/china-business/article/3198450/zero-covid-china-reopening-bets-lit-stocks-amid-buying-frenzy-hong-kong-shanghai-preview-end-policy

Brent closed almost near to usd 99 (98.7usd). Monday can expected another rally, hopefully can break 0.45c wall and all the way to 0.50c.

Brent closed almost near to usd 99. Monday expected price can move another step, maybe can break 0.13c wall.

Index recovery
https://www.marketwatch.com/story/heres-strong-new-evidence-that-a-u-s-stock-market-rally-is-coming-soon-11667526884

https://www.marketwatch.com/story/heres-strong-new-evidence-that-a-u-s-stock-market-rally-is-coming-soon-11667526884

Armada Sterling V, a sizeable floating production, storage and offloading vessel built at Singapore’s Sembcorp Marine yard is preparing to sail away within weeks, destined for Oil & Natural Gas Corporation’s (ONGC) KG-DWN-98/2 project off India's east coast.

Shapoorji Pallonji Oil & Gas (SP Oil & Gas), key FPSO contractor for the coveted ONGC deep-water project, confirmed the development on Thursday and said the project “has achieved a significant milestone of sailaway readiness” for the Armada Sterling V at Sembcorp Shipyard in Singapore.

The floater is jointly owned by a pairing of SP Oil & Gas and Malaysia’s Bumi Armada. The Indian player holds a 70% stake in the FPSO, while Bumi has the remaining 30%.

“This is Shapoorji Pallonji’s fourth FPSO and its third FPSO for Indian waters,” the company noted.

The Armada Sterling V will be deployed at the Cluster 2 region of ONGC’s KG-DWN-98/2 deep-water block, off the country’s east coast.

The FPSO is expected to sail away and arrive on location offshore India before the end of the year, SP Oil & Gas has said.

Article continues below the advert

KG-DWN-98/2 development

ONGC is spending more than $5 billion on developing the Cluster 2 region of the flagship deep-water asset, which is expected to produce up to 16.6 million cubic metres per day of gas and 78,000 barrels per day of oil.

While ONGC’s KG-DWN-98/2 project has been hit by delays and other concerns surrounding its offshore central processing facility, the Armada Sterling V is expected to start oil production from the deep-water asset within months, Upstream understands.


Reliance Industries ‘confident’ of commissioning new gas condensate field by end of year
Read more
SP Oil & Gas said that the “project has provided valuable deep-water experience to ONGC and will give it enormous confidence to pursue challenging ultra-deepwater developments in India's east coast".

Sizeable FPSO

Armada Sterling V involves 13 modules and central pipe racks, weighing over 20,000 tonnes, with a processing capacity of about 60,000 bpd of liquids and 3 MMcmd of gas.

“It will be the largest floater in Indian waters, measuring 321 metres in length and 60 metres in width, with a storage capacity of over 800,000 barrels,” said SP Oil & Gas.

The FPSO is designed for continuous operations in waters with maximum wave heights of over 27 metres, it added.

In addition to the new floater, the joint venture of SP Oil & Gas and Bumi Armada operate two FPSOs — Armada Sterling and Armada Sterling II — offshore India’s western coast.

Huge investments

ONGC is spending billions of dollars on developing the prolific KG-DWN-98/2 block.

In October 2018, McDermott, Baker Hughes and L&T were jointly awarded a $1.69 billion engineering, procurement, construction and installation contract for the subsea scope of the Cluster 2 project.

The integrated contract — the biggest-ever subsea award by ONGC — included 26 deep-water trees and the installation of subsea umbilicals, risers and flowlines in water depths of up to 1300 metres, Upstream understands.


India’s ONGC seeks offshore support vessels for FPSO operations
Read more
A grouping of India’s Afcons and Malaysia’s Sapura Energy is separately involved with an engineering, procurement and construction contract involving the project's offshore central processing facility, but the project had hit a rough patch owing to Sapura’s financial woes.

More clusters targeted

In addition to the Cluster 2 area, ONGC has been planning to launch the development of the KG-DWN-98/2 block’s Cluster 1 and Cluster 3 regions, but no timeframe has been declared for executing those developments.

At peak, the deep-water asset is expected to produce more than 35 MMcmd of gas and 78,000 bpd of crude, when all three clusters are brought on stream.

Block KG-DWN 98/2 lies offshore the Godavari River delta in the Bay of Bengal. It is located 35 kilometres off the Andhra Pradesh coast in water depths ranging from 300 to 3200 metres.

Brent might close usd 100 tonight. Huat huat huat!

Brent might close usd 100 tonight. Huat huat huat!

Finally touched 0.13c

I think Armada sterling v will start operation Dec end onward. Journey to port Mumbai plus authority approval and etc etc etc at lease take one to two month. Can expected some effect later on. Tiam tiam dulu...

Jangan banyak comments dlm ni blog. Investors and sharks also reading this blog tau...nanti price dia kasi turun baru tau. Tiam Tiam (diam2) sudah lah. Bila naik ambil profit je. Ingat tiam tiam tau ssssssh! Kiki!

Got english version kah...cakap cina gua mana Faham. Cap ayam betuiii

Diam diam jgn banyak comments nanti turun balik. Investors & sharks also reading this blog tau..sssssh! Diam diam ambil profit..kiki!

Hold lar, Armada better than serba or Knm. Biar lambat asalkan selamat.

Sardin rest in tin