Posted by kaipeng911 > 2023-08-04 11:17 | Report Abuse

He agak-agaklah.

Posted by KML889 > 2023-08-04 11:47 | Report Abuse

The other day nikichong mentioned about one or two weeks before full production. That was last week punya info. Should be anytime now. Bankers are luring small investors to dump BA. So lu ingat sendiri la

Posted by kaipeng911 > 2023-08-04 12:07 | Report Abuse

what the hell good news，if everyone know that kraken will go 100% capacity in this one or two weeks?

Posted by TimCoke > 2023-08-04 12:22 | Report Abuse

new contract coming

Posted by Max2838 > 2023-08-04 12:37 | Report Abuse

I gather that drilling of exploratory wells by Pexco NV in the Makassa Straits started some 12 years ago... Now is the time to firm up on the contracts whether it's going to be a Cost Recovery or a Gross Split-based production sharing contracts. The O&G companies are free to choose either. In the Cost recovery scheme, O&G companies will recoup their costs of exploration, development & operation out of gross production.

Pexco NV is the oil exploratory arm of AK.
Armada Etan is the oil extraction arm of AK.

https://www.ogj.com/home/article/17266698/indonesia-west-sulawesi-miocene-find-indicated

Posted by nikicheong > 2023-08-04 17:08 | Report Abuse

TotalEnergies starts fresh talks with FPSO players on delayed $6 billion Africa project

Supermajor looks to replace favoured floater supplier, while eyeing resource boost from new exploration well

https://www.upstreamonline.com/exclusive/totalenergies-starts-fresh-talks-with-fpso-players-on-delayed-6-billion-africa-project/2-1-1495756

Posted by nikicheong > 2023-08-04 17:09 | Report Abuse

This is some disastrous news. Fkin hell, Bumi Armada!!!

Posted by nikicheong > 2023-08-04 17:13 | Report Abuse

TotalEnergies has started fresh talks with contractors to supply a floating production, storage and offloading vessel in Angola for its delayed $6 billion Cameia-Golfinho project, where it has just spudded an exploration well to try to boost reserves.

The Grenadier-1 probe in Block 20/11 was spudded in mid-July and any discovery there would likely be tied back to the planned FPSO.


TotalEnergies’ Angolan pact paves the way for $6 billion offshore project
Read more
The French supermajor in 2021 launched a preliminary front end engineering and design (pre-FEED) competition for a 100,000 barrels per day FPSO, then aiming to take the final investment decision the following year.

However, a number of factors including the Covid pandemic, supply chain costs, contractor financing constraints and production sharing contract negotiations with Luanda conspired to delay the project.

The offshore development is now expected to be sanctioned this year and is scheduled to come on stream in 2026.

Participants in the original paid pre-FEED contest were Technip Energies of France working with Malaysia’s Yinson; Italy's Saipem working with MISC of Malaysia; and Kuala Lumpur-based Bumi Armada.

At the end of that design contest, Bumi Armada emerged as the preferred FPSO supplier, well-placed sources said, and subsequently the Malaysian player worked on the project's FEED phase, which would have evolved into a turnkey contract.

However, multiple sources have told Upstream in recent months that Bumi Armada has pulled out of further contract talks for reasons that are unclear.

TotalEnergies is now sourcing a replacement supplier for what is said to be a 70,000-bpd FPSO, with the name of Saipem — which participated in the original design contest — cropping up a lot on the market grapevine, alongside some Asian names; while Modec and BW Offshore might also consider throwing their hat into the ring, Upstream understands.

According to sources close to the project, the floater will not be chartered, but will instead be provided on an engineering procurement, construction and installation basis, with TotalEnergies set to own the vessel outright.


TotalEnergies to sanction $6 billion Angolan project in June
Read more
In parallel with the FPSO tender process, the operator has been finalising PSC terms with the Angolan government.

Jimmy Boulter, regional manager at energy intelligence supplier Enervus, said in a recent LinkedIn post that “key to this greenfield project… are the legislative incentives being put in place”.

He noted that Angola’s Council of Ministers recently approved PSC amendments for Block 20/11, which will see Block 21/09 and Block 20/15 — which hosts the Lontra discovery — incorporated into the Block 20/11 area.

In addition, Boulter said TotalEnergies “will look to take advantage of” the fiscal incentives decreed by Angola in 2018 for marginal fields, which are defined as those holding less than 300 million barrels of oil.


Malaysian floater player pins down strategy for African FPSO
Read more
Meanwhile, Grenadier-1, which is being drilled by the Valaris DS-12 drillship, with Enervus expecting it to target an Early Cretaceous pre-salt prospect west of Golfinho, which is a carbonate field.

TotalEnergies was approached for comment on Cameia-Golfinho, but had not replied by the time of publication.

Cameia-Golfinho will be the first deep-water project in the much-hyped pre-salt Kwanza basin where hundreds of millions of dollars have been spent on wildcats from 2012 with little to show for it.

The project is important for the Angolan government, which has been working hard to create the right conditions for oil companies to invest and maintain production levels.

Posted by nikicheong > 2023-08-04 17:15 | Report Abuse

The key bit: "However, multiple sources have told Upstream in recent months that Bumi Armada has pulled out of further contract talks for reasons that are unclear."

Posted by ageetkumar > 2023-08-04 17:44 | Report Abuse

Actually the reasons are very clear. There is no way Bumi could deliver Cameia at their quoted price especially given the current inflated environment

Posted by Gabriel Khoo > 2023-08-04 18:09 | Report Abuse

Be selective always a key for the new CEO onboard few years ago. Things started to turn better. So beae with them. Don risk for unprofitable project.

Posted by Robert Waters > 2023-08-04 18:40 | Report Abuse

I agree with Greedy Gary on this one. Can't make a profit, then sit tight. Better fix the HSP Transformers and get the first oil at Armada Sterling V. No need to get involved in another disaster.

Posted by Felix888 > 2023-08-04 18:48 | Report Abuse

Ya agreed. That proposal was submitted before the Ukraine - Russian war, if no adjustment on the proposal pricing, better don't take the project. Greedy Gary have to secure he position in Armada being conservative than too aggressive and make big mistake.

Posted by KML889 > 2023-08-04 21:31 | Report Abuse

Blessings in disguise or whatever you call it. Withdraw from an EPCC project of this tiny gross profit margon was deemed a good move. BA, don't side tracked again. Haven't you learned the blunders of your OSV venture. Took you near decades to turnaround where you are comfortably are now.

Posted by nikicheong > 2023-08-05 01:12 | Report Abuse

Guys, the excuse that Bumi Armada is "being selective" is wearing thin. Other operators who are handling 3, 4 or 5 projects at any given time have the luxury of "being selective". I feel there might be more to this, that Bumi Armada's core competency is being called into question. Time will tell.

Truth be told, were it not for the ample margin of safety at the current price levels, I might've sold out. No Cameia FPSO. CCS project still at least 3.5 years away. The Indonesia venture into field development is 10 years away from commercial viability. Armada Sterling V plagued by never-ending delays. A whole lot of nothing to be excited about.

Posted by Felix888 > 2023-08-05 09:37 | Report Abuse

Armada Sterling V delay is client's fault not Armada`s.

Posted by Robert Waters > 2023-08-05 09:49 | Report Abuse

Good point about Sterling V being client's fault. Also Armada Claire may be caused by Woodside abusing contract clause where there was NO serious underperfomance. And Kraken delay was caused by unpredictable difficulties .... emulsions, water injection issues, etc. Agreed. But in the end it is not helping us, investors. And I cannot think of Yinson having such issues while handling more projects than armada.
______
Armada Sterling V delay is client's fault not Armada`s.

Posted by Robert Waters > 2023-08-05 10:21 | Report Abuse

In my opinion, reputation of BAB is already seriously diminished by:
* Armada Claire underperformace and legal loss
* Armada Kraken impairments and shut in
* Armada Sterling delay (client's fault)
They are probably considered for projects only at severe discounts in light of questionable reliability.
Fixing existing issues would help. And time will have to pass to establish credibility.
Greedy Gary has to prove the competency of the company or he will be trapped with his 30+ mln subsidized shares.
He made the decision to forego Cameia project planning for long term, I hope.
Easy way out would be to get project, create publicity, sell out.

Posted by Why2TellMeWhy > 2023-08-05 12:41 | Report Abuse

@nikicheong - Cameia FPSO a gone case? sure mou? will drop back to 40 sen on Monday?

Posted by nikicheong > 2023-08-05 13:18 | Report Abuse

Yes Cameia FPSO is 100% a dead in the water for Bumi Armada. Search is ongoing for a replacement.

Posted by Why2TellMeWhy > 2023-08-05 13:39 | Report Abuse

gg. Kraken up, Cameia gone. tot gonna start close the gap and joined the boat at 54 sen

Posted by KML889 > 2023-08-05 13:48 | Report Abuse

1st Armada Claire was played out by Woodside who acquired Apache which did the charter with BA. The so call underperformance was actually the poorer than expected reservoir performance of Balnaves asset. Poor asset hoping for Top quartlile performance from Claire. Boleh ka. Understand Sterling 5 is also demanding Standby rate from ONGC even though top side hook up complete. Ya. Felix888, you are right

Posted by KML889 > 2023-08-05 13:50 | Report Abuse

EPCC the tiny mini gross profit, mau tak mau pun xde hal because if not careful, project over run is common

Posted by i3lurker > 2023-08-05 14:05 | Report Abuse

the Mr Market had spoken its 52 sen

Posted by nikicheong > 2023-08-05 17:26 | Report Abuse

Managed to get some information from someone in Bumi Armada. The reason is purely down to costing, Bumi Armada was unable to deliver at the budget set by TotalEnergies.

Posted by KML889 > 2023-08-05 21:06 | Report Abuse

Just for the sake of discussion. BA current strong FCF was not because the loss of Claire or withdrawal of Cameia as EPCC nor Bluestreak CO2 JV or even Armada Etan EP venture. They are All from the existing line up of FPSO fleets including LNG FSU. One hack of a basket of Golden Geese. Please sell and walk away if you will

Posted by Why2TellMeWhy > 2023-08-05 22:29 | Report Abuse

ade chance klu price stay near 50 Sen. I cut loss first if break below 50. Tq guys for info!

Posted by nikicheong > 2023-08-05 23:48 | Report Abuse

@KML889, you're missing the point. One quarter of the FCF will evaporate when Kraken firm charter period ends in 2025 (assuming it then takes up the lease options). One half of the FCF will evaporate in 2030 when Olombendo firm charter ends (assuming options are exercised). Replenishments to the orderbook need to happen fast!

Posted by KML889 > 2023-08-06 06:48 | Report Abuse

Noted nikicheong. I'm sure No one let alone major MNC like BA will be sitting duck waiting doing nothing. No one does

Posted by KML889 > 2023-08-06 11:51 | Report Abuse

For the record uncle lurk, BA hit 60 cent and beyond since April this year. Unfortunately, Kraken little drama momentarily brought her down to 52 cents to-date.

Posted by KML889 > 2023-08-06 11:52 | Report Abuse

Haha

Posted by Felix888 > 2023-08-06 11:55 | Report Abuse

Indonesia oil field could be a game changer for Armada. Put in your bet before too late.

Posted by KML889 > 2023-08-06 12:45 | Report Abuse

Nope. Don't side tracked again. Besides, it's too far distance and baru scouting or feasibility studies je kot. Not even FEED for FID and DE. Lama lama lagi down the road.

Posted by KML889 > 2023-08-06 12:49 | Report Abuse

By then bila hit 1st oil, All BA FPSO lease options sudah expired and Zero contract with Zero order book like nikicheong worries. Haha

Posted by Felix888 > 2023-08-06 16:38 | Report Abuse

BA needs the catalyst to drive the price up.

Posted by KML889 > 2023-08-06 20:46 | Report Abuse

Biasa lah, in the red. Kena hard sell sikit. Haha. Already downtrend for 11 sessions, tomorrow open and close solid green kot.

Posted by Gabriel Khoo > 2023-08-06 21:31 | Report Abuse

FPSOs market:
Tight capacity due to financial constraint.
Participation can be from JV, new project
Alternatively, can acquire deliver project
Opportunity is there
Don have to worry about the BAB competency
Design or technical related vs yinson.
Yinson so far so good but projects have just been delievered or underconstruction.
Majorities are delivered less than 3 years. So its still early to judge the FPSOs delivered. If BAB has the FCF and low gearing I don see why BAB cant grow their top line in near term.
I also noted that some of the investors very sensitive to the day to day operation or hitcup or development for instance the HSP issues when I shared my view as an investor and I do not have in depth technical knowledge but my view purely from top down approach and BAB has navigated tru that incident. So we as an investors must know what is crucial to assess, what will weight on the share price and what type of investors are you, else every day is a doom day.

Just my view.

Posted by 88surewin88 > 2023-08-06 23:22 | Report Abuse

Limit down?

Posted by TimCoke > 2023-08-07 09:13 | Report Abuse

buying bulk 0.52

Posted by TimCoke > 2023-08-07 09:14 | Report Abuse

why people buying bulk?

Posted by TimCoke > 2023-08-07 10:14 | Report Abuse

buying bulk 0.525 now?

Posted by Felix888 > 2023-08-07 10:18 | Report Abuse

Is that easy to discontinue Armada Kraken contract renewal and change a new FPSO provider. If FPSO is easily replaced why oil companies busy building billion dollars FPSO?

Posted by Robert Waters > 2023-08-07 10:58 | Report Abuse

Not possible to replace Kraken FPSO. It is mostly water lift and water injection systems with specialized modules for process of heavy oil with little gas. At the same time Kraken could not be used elsewhere without major modification. Better for all to keep it there.

Posted by CyrusQ > 2023-08-07 10:58 | Report Abuse

Confident sial .... when will dop & up haha ?

Posted by DukeEmber > 2023-08-07 11:40 | Report Abuse

with no basis or confidence...lets go 0.55..hahahha

Posted by TimCoke > 2023-08-07 12:01 | Report Abuse

0.515 buy more

Posted by Felix888 > 2023-08-07 12:30 | Report Abuse

Exactly Robert , unless the Kraken oil field is depleted or the global oil price crashed below the breakeven of USD45. I don't see any reason Enquest could discontinue Armada Kraken contract. It is not a plug and play device. It requires a lot of efforts and investment to modify and hook up at new FPSO.

Armada Claire case is because the oil field already depleted and there is no economy value to produce oil there. The client just terminate the contract and let Armada suffered for lost. The court decision also side to Australian local company.

Posted by Robert Waters > 1 hour ago | Report Abuse

Not possible to replace Kraken FPSO. It is mostly water lift and water injection systems with specialized modules for process of heavy oil with little gas. At the same time Kraken could not be used elsewhere without major modification. Better for all to keep it there

Posted by Why2TellMeWhy > 2023-08-07 13:54 | Report Abuse

will Enquest request for compensation from BA for the recent downtime? 😴

Posted by Felix888 > 2023-08-07 13:58 | Report Abuse

According to Niki`s source, Armada will be paid based on production output % since the shut in incident until it returned to normal. No other penalty will be charged.


Posted by Why2TellMeWhy > 2 minutes ago | Report Abuse

will Enquest request for compensation from BA for the recent downtime?

Posted by Why2TellMeWhy > 2023-08-07 14:03 | Report Abuse

@Felix888 - tq! so, expecting 6 to 9 months hit on the earnings for the short term.