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

From the middle of June until the end of last month, crude was in a sustained downward trend that saw WTI futures drop 38% from a June 14th high of 123.68 to a September 26th low of 76.25. That move was not in a straight line, of course, and contained at least half a dozen retracements that looked promising at times, but ultimately turned out to be bear market rallies, consolidation-type moves that set up for more selling quite quickly. I have stayed bearish during that time, but over the last few days, my long-term base case has shifted.

WTI

When CL started to bounce off that September low, most were suspicious, given how many false dawns we had already witnessed. Now, however, a month after that low was hit, this is starting to look like a sustainable rally, both on the chart and in terms of the fundamentals.

From a chart perspective, this looks more like a reversal than just another retracement. After climbing off the low, CL did retrace a little, but over the last few days has bounced back again. That would indicate that an actual low has been formed and if we continue higher and break above 93.64, we will be in the third wave of a bullish Elliott pattern. There is still some way to go to get there, but it looks more likely now than a drop back to $76, not least because the economic outlook had changed.

The change is actually quite subtle, but it improves the outlook for oil demand considerably.

As Q3 earnings have come in, a pattern is emerging. Most of the bad earnings reports, with top and bottom-line misses and lowered guidance, have come in the areas of tech, and business-to-business companies. The disastrous META earnings this morning would be a case in point. Meanwhile, consumer-oriented and manufacturing businesses have actually faired quite well. Companies like Coca-Cola (KO) and GM (GM) did relatively well in Q3 and in many cases have actually raised their Q4 outlooks. That indicates that businesses have been cutting back in anticipation of a recession, but that recession hasn’t really come because consumers are still spending.

That is a good sign for oil, demand for which is far more sensitive to consumer activity than it is to software or online ad sales, but it also increases the chances of a “soft landing” for at least the US, and maybe even for the global economy. US GDP rose 2.6% last quarter after two consecutive quarters of declines. That might be seen as increasing the risk of even more drastic tightening by the Fed, but there have also been recent signs that price increases are moderating. That would increase the chances of them easing up a bit and maybe pausing hikes until the impact of the hikes so far is known. Over the last week or so, the bond market has begun to see that as a distinct possibility, with yields coming off their highs and the inverted yield curve flattening out somewhat.

So, it is possible, likely even according to the data, that the economy will not crash before the Fed stops squeezing, and that there will be only a quite small slowdown with what weakness there is concentrated in areas of the economy that are not important in terms of oil demand. Given that the drop has really been about demand, that is a huge change in fundamental conditions, which is why, over the last few days, I have swung from bear to bull.

So, if we go back to the chart, where would we be headed in a bull market? The first target would be a break above the October 10th high of $93.64. As I said that would confirm this move up as the third wave in an Elliott pattern and if that happens, then Elliott theory says we would go up above $100 before retracing again in wave four, then push back up above the third wave high in wave five. All of that looks far more likely now than it did just a few days ago, so I for one will be trading with a long-term long bias until things change again.

From the middle of June until the end of last month, crude was in a sustained downward trend that saw WTI futures drop 38% from a June 14th high of 123.68 to a September 26th low of 76.25. That move was not in a straight line, of course, and contained at least half a dozen retracements that looked promising at times, but ultimately turned out to be bear market rallies, consolidation-type moves that set up for more selling quite quickly. I have stayed bearish during that time, but over the last few days, my long-term base case has shifted.
When CL started to bounce off that September low, most were suspicious, given how many false dawns we had already witnessed. Now, however, a month after that low was hit, this is starting to look like a sustainable rally, both on the chart and in terms of the fundamentals.

From a chart perspective, this looks more like a reversal than just another retracement. After climbing off the low, CL did retrace a little, but over the last few days has bounced back again. That would indicate that an actual low has been formed and if we continue higher and break above 93.64, we will be in the third wave of a bullish Elliott pattern. There is still some way to go to get there, but it looks more likely now than a drop back to $76, not least because the economic outlook had changed.

The change is actually quite subtle, but it improves the outlook for oil demand considerably.

As Q3 earnings have come in, a pattern is emerging. Most of the bad earnings reports, with top and bottom-line misses and lowered guidance, have come in the areas of tech, and business-to-business companies. The disastrous META earnings this morning would be a case in point. Meanwhile, consumer-oriented and manufacturing businesses have actually faired quite well. Companies like Coca-Cola (KO) and GM (GM) did relatively well in Q3 and in many cases have actually raised their Q4 outlooks. That indicates that businesses have been cutting back in anticipation of a recession, but that recession hasn’t really come because consumers are still spending.

That is a good sign for oil, demand for which is far more sensitive to consumer activity than it is to software or online ad sales, but it also increases the chances of a “soft landing” for at least the US, and maybe even for the global economy. US GDP rose 2.6% last quarter after two consecutive quarters of declines. That might be seen as increasing the risk of even more drastic tightening by the Fed, but there have also been recent signs that price increases are moderating. That would increase the chances of them easing up a bit and maybe pausing hikes until the impact of the hikes so far is known. Over the last week or so, the bond market has begun to see that as a distinct possibility, with yields coming off their highs and the inverted yield curve flattening out somewhat.

So, it is possible, likely even according to the data, that the economy will not crash before the Fed stops squeezing, and that there will be only a quite small slowdown with what weakness there is concentrated in areas of the economy that are not important in terms of oil demand. Given that the drop has really been about demand, that is a huge change in fundamental conditions, which is why, over the last few days, I have swung from bear to bull.

So, if we go back to the chart, where would we be headed in a bull market? The first target would be a break above the October 10th high of $93.64. As I said that would confirm this move up as the third wave in an Elliott pattern and if that happens, then Elliott theory says we would go up above $100 before retracing again in wave four, then push back up above the third wave high in wave five. All of that looks far more likely now than it did just a few days ago, so I for one will be trading with a long-term long bias until things change again.

Avoid Tech & Financial stocks at the moment. Stay safe in Energy

Another excellent qtr coming..

Looks alike coming qtr most probably return to black.

https://www.theedgemarkets.com/article/pnb-top-institutional-seller-bursa-malaysia-2q2022-%E2%80%94-bursa-digital-research

PNB off loaded some of it equity mostly in plantations and domestic but not energy counters, that's good news. Why they dumped such a huge fund still unclear...due to political influence (election G15) or they want to build up equity in some other sectors (Energy and Financial). Let see...

Our local oil & gas companies waiting to boom soon, matter of time only. Believed oil price will be remain at usd 90 and above for entire year of 2023/24. All largest IB believed that USA SPR will be almost drained out to it lowest capacity soon and plus USA sanctions on Russia will enhance further the oil price. Crude oil deprivation becomes more imminent in up coming years unless USA try to lift off sanction on Venezuela and Iran, that's unlikely happen soon. Hold tight earning is visible for Velesto once daily rigs rate increase to 20 to 30%.

Today where got bursa...you mimpikah. Lol!!

So vote for DSAI lah. If DSAI win & become next PM, bursa sure meletop one..100% sure. Huge foreign fund will flowing in. That time you don't know which stocks to buy..everything shoot up . Haha! Hidup DSAI