https://youtu.be/YB4j4gEbv_U

That's why Opec ignored Joe Biden call for increase output.

i3lurker I think those US Hedge Funds tried to pre-empt / front run this idea

but the API data shows huge crude oil stocks increases = > consumption not take off yet...


Macgyver11 Border opening soon and once aviation/tourism business kicks off...walaoeh! There will be huge demand for oil .Then all upstream players become hefty rich. Haley luya!!!
06/10/2021 4:36 PM

Don't absolutely believed in USA news..USA no 1 crooked.

Supposed to break 50 today but due to profit taking our ship Bumi Armada harbour first @ 48/485. Nevermind there's always tomorrow. Tomorrow another good green day for Armada...walaoeh!!!

Border opening soon and once aviation/tourism business kicks off...walaoeh! There will be huge demand for oil .Then all upstream players become hefty rich. Haley luya!!!

Go go Armada break the 50 barrier..kikiki

Wow! Oil touched usd 83 all time higher since 2014...walaoeh!!! 90 coming soon

Closed Green..top 5 in bursa. Very good.

Another good news... border will open soon and once flight takes off....fuel consumption will shoot up. This will give significant effect on world crude oil supply.

Oil will not will but confirm hit all time higher, no doubt on that as opec allies stick with their original plan which is gradually increase the output and ignored USA calling to increase output. I think OPEC do with intentionally and they want price to go higher. Another extraordinary qtr coming soon.

Volume keep on increasing, once break 50 no more turning back. Go go Armada

Hong Leong give tp 18 but think vele can go beyond that...

Velesto already received RM563mil...walaoeh!!!

Read this interesting,


"As for the NAGA 7 drilling rig that was slightly tilted due to damage to the support, we understand that Velesto Energy has received most of the US$135 million (approximately RM563 million) insurance compensation".

Velesto Energy (VELESTO, 5243, main board energy stock) has been awarded a drilling service contract worth US$12.4 million (approximately RM51.83 million) from Petronas Exploration.

According to the contract, Velesto Energy will be equipped with a "NAGA 2" jack-up drilling rig to drill up to 5 oil wells, and can extend the drilling of 1+1 oil wells.

We take the above contract slightly positive, as it can extend the operating period of the NAGA 2 jack-up drilling rig.

The daily rental rate (DCR) of the latest contract is expected to be US$70,000 to US$75,000 (approximately RM290,000 to RM310,000).

As far as we know, the utilization rate of jack-up drilling rigs in the first quarter of each year is generally low for two reasons. The first, December to February will usher in the monsoon; second, it will coincide with the customer capital expenditure planning cycle.

As for the NAGA 7 drilling rig that was slightly tilted due to damage to the support, we understand that Velesto Energy has received most of the US$135 million (approximately RM563 million) insurance compensation.

The company stated that the above funds will be used to repay loans and reduce its debt ratio.

Considering that the utilization rate of various drilling rigs under Velesto Energy has increased, we expect that the company's profitability in the second half of the year will be farewell to the weakness of the first half of the year.

As for the profit forecast, we currently maintain it unchanged.

Based on the above, we maintain the “Buy” rating and set the target price at 18 sen.

LONDON (Reuters) -OPEC and its allies are likely to stick to an existing deal to lift output by 400,000 barrels per day (bpd) of oil in November, three OPEC+ sources said on Monday, as they weigh the threat of new coronavirus surges against consumer calls for cheaper crude.

Opec most probably will stick with it's original plan according sources. Possibility brent will hit usd 80 and above tomorrow. Hang on for another ride tomorrow...

leeziichia Get Sapura right now guys. Get at the lowest risk and lowest price.
04/10/2021 3:31 PM

Sapura has huge volume but price keep on plunging down (high debt + recent qtr bad). Unimaginable Velesto has less volume but price stable, Vele in recovery mode...I still believed its matter of time Vele to rise up. Patience will be rewarded soon.

Hahaha! Velesto really testing our limit. Wahai velesto pecut Lerr...

Vroom!!

Klu mahu post cina buka ler I3 cina..cel..kk

Apa ni wayang cina kah..semua post dlm cina..pun..dk

https://www.google.com/amp/s/oilprice.com/Energy/Oil-Prices/Bank-Of-America-Energy-Crunch-Could-Lead-To-100-Oil-And-Economic-Crisis.amp.html

Or the rigs specification is different....

At least there's some good news after this new contract announcement but just wondering why Velesto always deploy naga 2, naga 5 and naga 4...what happen to other rigs like naga 3, naga 6 & naga 8... Are those rigs reserve for up coming new contracts..eem!

Stay cool. Brent most probably will hit usd 85. 100 is possible since winter is approaching fast. History 2014 - 2015 going to repeat.

O&G counters going to be interesting this week...yess!

Brent already touched usd 80

Brent usd 80 now

Wow! sifu Calvin here already noticed the potential of Armada..kiki

0.80 mari

https://www.klsescreener.com/v2/news/view/885487/bursa-energy-index-up-the-most-as-oil-prices-hit-three-year-highs

0.30 mari

0.80 mari

0.80c mari

https://www.klsescreener.com/v2/news/view/882151/brighter-outlook-for-malaysia-s-oil-and-gas-sector

https://www.klsescreener.com/v2/news/view/882151/brighter-outlook-for-malaysia-s-oil-and-gas-sector

Two things need to consider here:-

1. Velesto no need to pay for contract termination to ConocoPhillips as the insurance company released the report and solely agreed that naga 7 incident as total loss and not Velesto engineering faults.

2. Since the insurance company agreed that naga 7 incident is natural disaster, then the insurance compensation claim for naga 7 total loss is likely very high and possible now (total 400mil of compensation claim)

3. 33mil decreased in 2021 fiscal year vs 400mil insurance compensation.

Just my wild guess. Tayor

Price react to this news today....

(Kuala Lumpur, 17th) VELESTO Energy (VELESTO, 5243, main board energy stock) announced the termination of two jack-up drilling leasing contracts with an expected loss of approximately US$8 million (approximately RM33.36 million) in profit.

VELESTO Energy stated in a statement that the two contracts were awarded to Velesto Drilling by CONOCOPHILLIPS Sarawak and CONOCOPHILLIPS Sarawak on March 26 this year to provide jack-up drilling rig contracts. VELESTO NAGA 7 was originally scheduled to be used in this contract.

However, VELESTO NAGA 7 sank off the coast of Sarawak in early May. The insurance company insured by Velesto Drilling has confirmed the total loss on the drilling platform on August 9.

According to the contract, if it is recognized as a total loss, the contract will be deemed terminated from the time the loss occurs. With the termination of the contract, the management also expects that the profit for the 2021 fiscal year (closing on December 31) will therefore decrease by US$8 million.

I'm waiting for that magical spark to ignite...maybe soon.

Armada still okay. Just patience... wait for the magical spark to ignite.

To buy when others are despondently selling and to sell when others are avidly buying

To buy when others are despondently selling and to sell when others are avidly buying

Wow! Oil super uptrend.

Just be patience..after the 3rd qtr no 15cent anymore.

Just accumulate brent trading above usd70 very good sign already. Another strong qtr coming soon + new contracts.

Throw out weak holders

With all rigs deploy in full swing...I think possibility is there and bright...plus crude at comfortable zone.

Knm shoot up already...Velesto should follow.

Read carefully. This is published in edge market after 2nd qtr released recently on 25 Aug....

"On outlook, Velesto said upstream activities are continuing globally with contracts continuously being awarded, despite the unabating Covid-19 pandemic.

“In Malaysia, a number of new contracts have been awarded and the group managed to secure some of these contracts. The group is also actively bidding for new tenders for contracts scheduled to commence this year and next year," Velesto said, adding that three of the group’s six available jack-up drilling rigs are working, while two are scheduled to commence mobilisation in September.

It also updated that survey works for the submerged Naga 7 is in progress and salvage operations plan will be finalised on completion of that report. However, the rig has been declared as a total loss, hence compensation from the insurers had been agreed upon, it said."

Note: Read the 2nd paragraph..out of six rigs, 3 rigs are already in working and 2 more to commence in September. Think carefully, Velesto has 5 rigs only at the moment...out of five rigs three already mobilized for Shell Malaysia and Petronas, left two more to be deploy in this month (the contract for two more even announce yet). Please check the previous contract announcement. Possibility there's announcement soon.