Adjustment after a long rally is normal lah uncle. Nothing to worry. Now back to 0.60. Fundamental still solid and still undervalued, so nothing to worry.
Quater report in next 2 weeks time and new FPSO contract award announcement soon. Pump and dump or dump and pump, no problem at all because the price trend is moving to the moon! To the Moon!
Oil prices posts gains after Russia says it will cut output by 500,000 barrels a day PUBLISHED FRI, FEB 10 2023 6:18 AM EST UPDATED 3 HOURS AGO Ruxandra Iordache
Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow's crude and oil products implemented in the past few months. The announced production decline amounts to roughly 5% of Russia's latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December.
The Brent contract for April delivery rose 2.24% to settle at $86.39 a barrel, having risen more than 8% for the week. U.S. West Texas Intermediate crude futures rose 2.13% to settle $79.72 a barrel, and rose 8.63% for the week for to notch the best week since October. Novak said that the reduction will "help restore market relations," according to a Google translation of comments reported by state news agency Tass. He noted that the cut does not apply to gas condensate and will be calculated from actual output levels, not from Russia's quota under the OPEC+ output agreement. The decision was not made in consultation with the OPEC+ coalition, which Moscow co-chairs. OPEC+ producers must typically agree consensus on output policy, with members bound to their targets. But the group has previously allowed voluntary gestures that honor the spirit of existing output agreements — in this case, the Russian decline would build on a previous OPEC+ decision to lower production by a combined 2 million barrels per day, agreed in October last year. Other OPEC producers facing sanctions, such as Venezuela and Iran, have requested and received exemptions from their production quotas. Several OPEC+ delegates previously told CNBC that Russia had so far signaled no intention to ask for similar accommodations. The EU implemented bans on seaborne imports of crude oil on Dec. 5 and of oil products this week. Under a program passed by the G-7 wealthiest nations, Western providers may continue to supply key financial and shipping services to transport Russian volumes to non-G7 destinations, provided these fuels are purchased beneath specific price caps. "As previously stated, we will not sell oil to those who directly or indirectly adhere to the principles of the 'price ceiling'," Novak reiterated on Friday, adding that the price cap program could lead to oil and oil products shortages. "Lower Russian production together with China's reopening should tighten the oil market further over the coming quarters," UBS Strategist Giovanni Staunovo said in a Friday note to clients.
Shapoorji is planning to bid for Brazil FPSO contract, not sure if Bumi Armada is involved in some capacity. However, I recall last year AGM the CEO mentioned that Bumi Armada has zero intention to get involved in the Brazil market.
Last year AGM the MD or CEO said moving forward Bumi Armada will bid for EPCC type of FPSO contracts. Meaning the FPSO project will be the oil company`s CAPEX. This will reduce the company risk and financial burden but the rewards is much lower than current business model. High risk high return, low risk low return.
News reports have it that Bumi Armada could bag a new FPSO charter contract in Angola, with TotalEnergies’ Cameia FPSO project, located on Block 21 offshore Angola, and is a contender for Eni’s Agogo FPSO on Blocks 15 and 16 offshore Angola as well. Other than the two jobs in Angola, Bumi Armada is also understood to be eyeing FPSO contracts in Block 29 in Mexico being undertaken by Repsol.
One Cameia FPSO project win cukup makan already. Enough to push the share price beyond 0.80. Don't think too much and don't be greedy. Steady BOM BI BI OK!
The Cameia FPSO (Floating Production Storage and Offloading) vessel is owned by Eni and operates in Block 15/06 offshore Angola. The FPSO has a storage capacity of 2 million barrels of oil and a processing capacity of 115,000 barrels of oil per day and 100 million standard cubic feet of gas per day. The target production for the Cameia field is around 80,000 barrels of oil per day
The industry charter rate for an 80,000 barrels FPSO (Floating Production Storage and Offloading) vessel can vary depending on a number of factors such as location, contract duration, project complexity, and market conditions. However, as of my knowledge cutoff date of September 2021, industry estimates suggested charter rates in the range of $80,000 to $150,000 per day for FPSOs with a production capacity of 80,000 barrels per day. It's important to note that these rates are subject to change and may vary based on the factors mentioned above. This is ChatGPT`s answer.
Eh Uncle! Today volume so low, just about 10 million shares traded. Value about 6 million. Dump apa? You should consider grab some this week. Next week it going to fly.
Perdana Petroleum just reported record profit since 2014. Now is a cyclically climax for Oil and Gas service industry. Just like Glove stocks and technology stocks during Covid period.
Uncle forget your syndicate and global oil price story, ride on the boat. This is once in a decade ride, don't miss the boat and don't forget to leave the boat at the right timing.
So we have global debt crisis leading to economic crash. Crude oil oversupply. Russian war destrying confidence of investors. Transition to green energy. Syndicate dumping in a pump and dump scheme. Stock of BAB is stable. Seems like bad news already priced in. May be good time to buy more.
Has anyone checked with Bumi Armada IR on the Q4 results release date?
By the way, the removed post was based on the Operational Update from Enquest, where they have deferred drilling at the Kraken field. Previously, it was due to occur in 2023. It is a less than ideal news, as the Kraken production is rapidly falling and Enquest needs to drill new wells or tieback the FPSO to adjacent fields to increase/maintain the production plateau. The firm period of the FPSO charter ends in 2026, and a lack of drilling is always worrisome on the long term viability of the FPSO. Although of course, if the drilling is merely deferred for a year, then there shouldn't be much of a problem. However, Enquest's plans for the Kraken field are now unclear as it has been years since a new well was drilled.
KUALA LUMPUR (Feb 20): Oil and gas offshore marine service provider Perdana Petroleum Bhd has bagged a RM7.96 million contract from Petronas Carigali Sdn Bhd to supply one unit of anchor handling tug and supply (AHTS) vessel. In a filing with Bursa Malaysia on Monday (Feb 20), Perdana Petroleum said its wholly owned subsidiary Perdana Nautika Sdn Bhd has received a work order award from Petronas Carigali on Jan 27. Under the deal, Perdana Nautika will provide the AHTS vessel with crews and equipment. "The contract, which will commence on the vessel's on-hire certificate date, estimated on March 1 is for a duration of up to 245 days, with an option to extend for up to 30 days," it added.
"The contract is expected to contribute positively to the group's earnings and net assets for the financial year ending Dec 31, 2023." Perdana Petroleum shares closed unchanged at 18 sen on Monday, giving it a market capitalisation of RM399.44 million.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Bon888
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Posted by Bon888 > 2023-02-10 11:06 | Report Abuse
Adjustment after a long rally is normal lah uncle. Nothing to worry. Now back to 0.60. Fundamental still solid and still undervalued, so nothing to worry.