KUALA LUMPUR (Feb 10): Sapura Energy Bhd said today that its wholly-owned subsidiaries and joint venture (JV) company have been awarded RM1.85 billion worth of contracts and contract extensions, comprising engineering and construction, and drilling works in Saudi Arabia, Thailand, Brunei and Malaysia.......
Oil price keep going up & up & up up up... All O& G companies will getting more & more big projects... Tommorrow on-wards will be the turn for O & G theme started to spike up to sky high !
Haha. Got a lot of dreamers over Electric vehicles. The current Pandemic will set back EV target for 10 years at least. No money to eat, but got money to change to EV? In the US, people live SUV and Pick Up trucks. Ideal for camping and small business. Look at no of EVs in this segment. For the 3rd world, don't mention EV. No special electricity rate for mid night charging. The battery cost more than your current petrol car and the charging cost is more than your petrol cost.
With Biden as President, their will be tighter conditions for the production of shale oil. With the big oil company not spending for the past 1.5 yrs on developing new oil and also activism by share holders the world is definitely going to depend on Russia and middle east for oil. This people are not going to provide cheap oil to the world if they can. Don't be taken by analyst telling you that the current increase in oil price is not because of demand but because of production cuts. By the time they tell you, oil price is USD$100 +
Linheng !!! You have hit the nail precisely on the head. You are absolutely right. Large scale Government spending on infrastructure is needed for EV to be implemented on a large scale. A few electric vehicles rolled out with a lot of publicity does not mean anything. Currently the focus of most countries is on survival. Govt debt has ballooned during the pandemic. There just isn't the money to spend on additional electricity generation. Which means EV dreams will need to be pushed to many years away.
Last time USD15 per barrel... Hentam oil production throw price not the way. Now OPEC smart.. Work together and reduce oil output is better... Now the price is 4X .. Everyone going to gain.
Goldman: Upside risk to $65 oil. A broad commodity supercycle is getting underway, creating upside risk to $65 oil, according to Goldman Sachs. “I want to be long oil and hang on for the ride,” Goldman’s Jeff Currie said in an interview with S&P Global Platts on Feb. 5, warning “there is a lot of upside here.” He added: “Is it back to $150/b? I don't know... as it is a macro repricing we are talking about and everything needs to reprice.”
Next week you will see all IB and Investor coming to attack oil & gas counter. The reason they believe price of brent will surpass 70 USD because many oil & gas company not planning to restart drilling or operation anytime soon as they see covid 19 situation not really stable yet even with the introduction of vaccine. However everywhere in the world storage now going into lower level. No Production. No Supply increase. Many rigs still on ideal and not going to restart anyway soon. You are seeing oil price now sky rocketing. Even Many Opec Nation want the price at least at 80 USD for them to survive and cover their budget and stimulus.
Many opec nations main export is oil. With reduced demand they have to sell at much higher price to cover the losses. If not no chicken kebab loh. I believe they will squeeze the short players. Just like what happened to Gamestop. The more they squeeze the more higher the price will shoot as the short positions will buy higher to exit their position. This vicious cycle will cause the price of crude to skyrocket. Maybe $100+ !!!!
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