I reproduce here some historical share price for Oil counters as of March 2020. Brent Price was USD$51+ in March. Now Brent is $69+. Perdana was $0.35. Now Perdana is only $0.17. All O&G counters on Bursa have shoot pass Mac 2020 price except Perdana and Dayang. Any underlying problem?
im so happy to tell you what i said a few week a go now become reality that oil price BRENT as per expected will touch 70 - 80 USD. It is very simple, many OPEC country especially those from middle east need oil price to go beyond 80 USD because they need to cover back ballooning debt and to pay their expensive budget and stimulus package due to COVID 19. Many or of this country depend almost 60 %- 90 % on oil revenue. They have been draining their own coffer last year and in order to survive they need Oil above 80 USD and beyond.
AmInvestment Bank said currently, 56% of Petroliam Nasional Bhd's (Petronas) 350 facilities are operating beyond the assets’ designed life, and 38% of the 750 pipelines, while 45% of the 3,000 wells are idle with over 500 wells expected to be permanently plugged by 2030.
The investment bank also noted that Sapura Energy Bhd’s integrated service platform is well positioned to secure these jobs, given the group’s underutilised heavy installation vessels currently, while former local EPCIC players such as Barakah Offshore Petroleum Bhd is still under Practice Note 17 (PN17) status.
It noted that higher vessel demand to support drilling and projects, rising to 172 this year from 141 in 2020, should support operators such as Icon Offshore Bhd, Perdana Petroleum Bhd and Alam Maritim Resources Bhd.
Thanks casion. We've about 15 vessels with different classes eg. ABS and DNV. Full operations now and all of us are very busy since Dec last year. Business has never been this good. I am also a small shareholder. Hope for the best :D
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