Posted by Macgyver11 > 2021-03-17 18:19 | Report Abuse

Yaa kah...

Posted by amirsyam > 2021-03-18 09:36 | Report Abuse

Refinery Activity (Thousand Barrels per Day) IN U.S. crude oil
Four Weeks Ending
3/12/21 3/5/21 3/13/20
Crude Oil Input to Refineries 11,969 12,316 15,806
Refinery Capacity Utilization (Percent) 67.4 69.2 86.9
Motor Gasoline Production 8,480 8,518 9,871
Distillate Fuel Oil Production 3,613 3,699 4,721

Stocks (Million Barrels) IN U.S. crude oil
3/12/21 3/5/21 3/13/201
Crude Oil (Excluding SPR)2 500.8 498.4 453.7
Motor Gasoline3 232.1 231.6 240.8
Distillate Fuel Oil3 137.7 137.5 125.1
All Other Oils4 416.3 415.8 438.3
Crude Oil in SPR 637.8 637.8 635.0
Total4 1,924.7 1,921.1 1,893.0

Net Imports (Thousand Barrels per Day) IN U.S. crude oil
Four Weeks Ending
3/12/21 3/5/21 3/13/20
Crude Oil 3,013 2,821 2,452
Petroleum Products -2,045 -2,353 -3,460
Total 968 468 -1,009

Posted by SuperPanda > 2021-03-18 13:20 | Report Abuse

loss qr is coming, if profit sell first

Posted by Macgyver11 > 2021-03-18 13:23 | Report Abuse

Ya kah.

Posted by SuperPanda > 2021-03-18 13:24 | Report Abuse

only 4 rig working and last dec’20 and 3 of them end contract already

if contract extension out before qr then price can sustain

if no news + oil drop + loss qr = ??

Posted by Flybythenite > 2021-03-18 13:32 | Report Abuse

EIA expects crude oil prices to rise through April because of lower OPEC production
MARCH 17, 2021
https://www.eia.gov/todayinenergy/detail.php?id=47176

Posted by Flybythenite > 2021-03-18 13:34 | Report Abuse

Biden’s Energy Agenda To Reduce Oil Production And Boost Prices
By Irina Slav - Mar 16, 2021, 7:00 PM CDT
https://oilprice.com/Energy/Energy-General/Bidens-Energy-Agenda-To-Reduce-Oil-Production-And-Boost-Prices.html

Posted by Flybythenite > 2021-03-18 13:38 | Report Abuse

Even Watten Buffet bet on OnG! Hold your ticket tight tight!!!

https://oilprice.com/Energy/Natural-Gas/Did-Warren-Buffett-Anticipate-A-Bull-Run-In-Natural-Gas.html

Posted by Flybythenite > 2021-03-18 13:43 | Report Abuse

Malaysia's oil and gas industry in recovery cycle, says AmInvestment
Bernama March 18, 2021 12:19 pm +08
https://www.theedgemarkets.com/article/malaysias-oil-and-gas-industry-recovery-cycle-says-aminvestment
“While this is below the earlier 2020 target of 26 rigs, we expect Velesto Energy Bhd to experience improving asset utilisation towards the second half of the year,” said AmInvestment Bank.

Posted by RMSB > 2021-03-18 17:06 | Report Abuse

When PN14?

Posted by EAGLE > 2021-03-18 18:37 | Report Abuse

Aiyoyo...

Posted by Macgyver11 > 2021-03-19 06:30 | Report Abuse

Brent had slipped 8.01% to $62.55 per barrel..

Posted by SuperPanda > 2021-03-19 06:52 | Report Abuse

Ya Kah

Posted by Keyman188 > 2021-03-19 08:00 | Report Abuse

Oil drops more than 7% in worst day since September

(PUBLISHED THU, MAR 18 20211:37 AM EDTUPDATED THU, MAR 18 20212:40 PM EDT)

Oil prices sunk for a fifth day running on Thursday on a stronger dollar, a further increase in U.S. crude and fuel inventories and the weight of the ever-present COVID-19 pandemic.

Brent crude slid 6.94% to settle at $63.28 per barrel. U.S. oil settled 7.12%, or $4.60, lower at $60 per barrel, after shedding 0.3% in the previous session. Both contracts are down 6% over the past five days.

“Short-term developments - stuttering vaccine rollouts and the build in U.S. oil inventories - are driving sentiment, but the longer-term oil outlook is still encouraging,” said PVM Oil Associates analyst Tamas Varga.

“Yesterday’s U.S. Federal Reserve meeting provided a boost to equities ... U.S. economic growth has been revised upwards while unemployment is expected to decline.”

A sharp rise in the value of the dollar after the Fed meeting has also driven the oil sell-off.

Government data on Wednesday showed U.S. crude inventories have risen for four straight weeks after severe cold weather forced shutdowns at refineries in the south. An industry report estimating a decline had raised hopes of a halt to the gains.

U.S. crude inventories rose by 2.4 million barrels last week, the U.S. Energy Information Administration (EIA) said on Wednesday, a day after the American Petroleum Institute (API) estimated there had been a 1 million barrel decline.

Varga added the market would be waiting for U.S. manufacturing data next week for further indications on the health of the world’s largest economy.

“Lower crude demand from Asian buyers as a result of upcoming refinery maintenance and probably higher prices is also something not helping crude at the moment,” said UBS commodity analyst Giovanni Staunovo.

A slowdown in some vaccination programmes and the prospect of more restrictions to control the coronavirus have tempered expectations for a recovery in fuel use.

Britain said on Thursday that global supply bumps meant its vaccine rollout would be slower than hoped in the coming weeks but it expects deliveries to increase from May.

A number of European countries have halted use of the AstraZeneca shot because of concerns about possible side effects, though the World Health Organization said Europe should continue to use the vaccine.


## https://www.cnbc.com/2021/03/18/oil-markets-us-stockpile-build-demand-worries.html

Posted by Keyman188 > 2021-03-19 08:01 | Report Abuse

Oil prices plunged due to :-

1) Higher US inventories

2) 2.4 mil barrels last week

3) Rising covid-19 cases in Europ

4) Slowdown in vaccination

Posted by Macgyver11 > 2021-03-19 09:08 | Report Abuse

Temporary..relax

Posted by Syzler > 2021-03-19 09:22 | Report Abuse

Take profit first then rebuy later

Posted by bullmarket1628 > 2021-03-19 09:25 | Report Abuse

Oil spike up like mad !
Brent now at $63.48 +0.73 +1.16%

Huat ah, Heng ah, Ong ah !

Posted by JuliusCeasar > 2021-03-19 10:20 | Report Abuse

Hope rebound soon

Posted by LossAversion > 2021-03-19 10:21 | Report Abuse

Ha, ha, ha I salute all Velesto loyalists!!

Posted by amirsyam > 2021-03-19 12:34 | Report Abuse

oil future wti. resistance $68 . support $57

Posted by Macgyver11 > 2021-03-19 13:25 | Report Abuse

Ya kah..kikiki

Posted by Macgyver11 > 2021-03-19 13:34 | Report Abuse

I'm consider still strong just drop 1c so far. Armada drop almost 0.035c since this week. Some sign that maybe maybe la qtr good..hopefully. all the best

Posted by Macgyver11 > 2021-03-19 13:37 | Report Abuse

Fossil fuels will continue to dominate the market for Decades to come

Posted by Valgrovest > 2021-03-19 14:20 | Report Abuse

Brent prices have declined from USd70 to the current Usd63. That is about 10 %. Market analysts are of the view that oil prices have peaked and not likely to go up soon as number of covid cases in Europe is rising sharply. Therefor can expect share price to consolidate further. No catalyst for uptrend at the moment.

Posted by SuperPanda > 2021-03-19 15:09 | Report Abuse

next week when qr out with loss + oil price bearish, this stock will be .15

that when i start to buy

Posted by Valgrovest > 2021-03-19 15:54 | Report Abuse

I am waiting to buy too but at a lower prices. At current price cannot make any money.

Posted by Macgyver11 > 2021-03-19 16:20 | Report Abuse

Ya kah..

Posted by moneycome123456 > 2021-03-19 16:28 | Report Abuse

why panic sell?

Posted by SuperPanda > 2021-03-19 17:48 | Report Abuse

Ya lah, only 4 rig working Q4, same like 2017 story, then the rig are 20 years age, got impairment some more

.15 sure come

Posted by nava_87 > 2021-03-19 18:01 | Report Abuse

new contract...

Posted by IronShirt > 2021-03-19 18:14 | Report Abuse

https://malaysiastock.biz/Company-Announcement.aspx?id=1303941


Naga 2 and Naga 5 ...2021 New Petronas Contracts---80mil

Posted by Jjkcl > 2021-03-19 18:18 | Report Abuse

Yep, that's the way forward

Posted by Flybythenite > 2021-03-19 18:44 | Report Abuse

Thanks IronShirt for GREAT NEWS! Huat ohhhhh!

IronShirt https://malaysiastock.biz/Company-Announcement.aspx?id=1303941

OTHERS LETTER OF AWARDS FOR THE PROVISION OF JACK-UP DRILLING RIGS (NAGA 2 AND NAGA 5) FOR PETRONAS CARIGALI SDN. BHD.

VELESTO ENERGY BERHAD

Type Announcement
Subject OTHERS
Description LETTER OF AWARDS FOR THE PROVISION OF JACK-UP DRILLING RIGS (NAGA 2 AND NAGA 5) FOR PETRONAS CARIGALI SDN. BHD.
1. INTRODUCTION

The Board of Directors of Velesto Energy Berhad (“VEB”) is pleased to announce that Velesto Drilling Sdn Bhd (“VED”), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn Bhd, which in turn is a wholly-owned subsidiary of VEB, has received two (2) Letter of Awards from PETRONAS Carigali Sdn. Bhd. (“PCSB”), for the provision of jack-up drilling rig services (“Contracts”).

The Contracts are for the procurement of services of two jack-up rigs, namely “NAGA 2” and “NAGA 5”, with an estimated combined contract value of USD20.76 million.

Details of each of these contracts are summarized as below:

2. DETAILS

2.1 Provision of Jack-Up Drilling Rig “NAGA 2”

For the provision of Drilling Rig Services for PCSB’s Drilling Programme, VEB Group assigns its NAGA 2 to drill three (3) firm wells, with expected commencement date of between 15 May 2021 to 15 June 2021.

NAGA 2 is a premium independent-leg cantilever jack-up rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet.

2.2 Provision of Jack-Up Drilling Rig “NAGA 5”

For the provision of Drilling Rig Services for PCSB’s Drilling Programme, VEB Group assigns its NAGA 5 to drill one (1) firm well with an extension option of one (1) plus one (1) well, on the same terms and conditions with expected commencement date, between 1 April 2021 to 14 April 2021.

NAGA 5 is a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.

3. INFORMATION ON PARTIES

3.1 Information on Velesto Drilling Sdn. Bhd.

VED was incorporated in Malaysia under the Companies Act, 1965 on 29 July 2003 and is deemed to be registered under the Companies Act 2016. VED is principally involved in the offshore drilling business and operations and other engineering services for oil and gas exploration, development and production in Malaysia and overseas.

3.2 Information on PCSB

PCSB, a wholly-owned subsidiary of Petroliam Nasional Berhad (PETRONAS), is a leading exploration and production (“E&P”) company taking on increasingly challenging projects to bring new oil and gas supplies to the market. PCSB was incorporated in Malaysia under the Companies Act, 1965 on 11 May 1978 and has its registered office at Tower 1, PETRONAS Twin Towers, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia. The principal activities of PCSB are the exploration, development and production of oil and gas.

4. FINANCIAL EFFECTS

The provision of the above-mentioned services is expected to contribute positively to the earnings and net assets of VEB Group during the contract period for the financial period ending 31 December 2021.

5. RISK ASSOCIATED WITH THE CONTRACTS

The risks associated with the execution of the Contracts are operational and execution risks, which will be mitigated and/or managed by VED, a company with a proven successful track record of undertaking drilling programmes.

6. DIRECTORS AND SUBSTANTIAL SHAREHOLDERS INTEREST

None of the Directors and/or the substantial shareholders of VEB and/or persons connected with the Directors and/or substantial shareholders have any interest, direct or indirect in the above Contracts.

7. STATEMENT BY DIRECTORS

The Board of Directors of VEB is of the opinion that the acceptance of the Contracts herein is in the best interest of VEB Group.

This announcement is dated 19 March 2021.

Posted by Macgyver11 > 2021-03-19 19:00 | Report Abuse

Oh yeah! Ini kali lah..

Posted by Macgyver11 > 2021-03-19 19:01 | Report Abuse

Monday shoot up ler...kikiki

Posted by TanHuatHeng > 2021-03-19 21:05 | Report Abuse

Ok

Posted by Smartinvstor > 2021-03-19 21:11 | Report Abuse

Whoever still keeping, u gonna reep raya money early next week. Shoot to the moon

Posted by afata08 > 2021-03-19 21:41 | Report Abuse

Dah jual 0.18...hahaha..nasib²..takbtau nak kata apa..Kita gaduh lagi sama North Korea..how to win!

Posted by GreenChair > 2021-03-19 21:52 | Report Abuse

Velesto bags drilling contract worth Rm85m
https://verticalwell.com/velesto-bags-drilling-contract-worth-rm85m/

Posted by SuperPanda > 2021-03-19 22:05 | Report Abuse

what good news, total 7 rigs, 3 not working, 3 end contract last dec’20, left 1 with contract

now got 2 new contract, total year 21 only 3 are working. pay salary also not enough bcoz have 4 rigs to maintain without jobs

Posted by Macgyver11 > 2021-03-19 22:10 | Report Abuse

Ya kah...tqvm.

Posted by Macgyver11 > 2021-03-19 22:12 | Report Abuse

Ada bau hangus dah...layan

Posted by Smallretailer > 2021-03-19 22:16 | Report Abuse

https://www.bharian.com.my/bisnes/korporat/2021/03/798031/velesto-energy-dapat-kontrak-petronas-carigali?fbclid=IwAR09aZo_EKsfWb1_4nRnChwjwcyajhDLkFgkMEcZyUiEO-vKAIyAaTv9M1I

News comes out at night 7pm, on purpose, we d have tp see monday morning

Posted by driller71 > 2021-03-19 22:26 | Report Abuse

https://www.theedgemarkets.com/article/velesto-clinches-rm85m-drilling-services-project-petronas-carigali

Posted by driller71 > 2021-03-19 22:48 | Report Abuse

When drilling rigs are not working, they are either warm stacked or cold stacked. Warm stacked is with very, very minimal crew to do maintainance say once a week. Cold stacked no crew needed. So, very minor manpower cost when rig not operating.

SuperPanda: what good news, total 7 rigs, 3 not working, 3 end contract last dec’20, left 1 with contract

now got 2 new contract, total year 21 only 3 are working. pay salary also not enough bcoz have 4 rigs to maintain without jobs
19/03/2021 10:05 PM

Posted by EAGLE > 2021-03-19 23:30 | Report Abuse

driller71 good to know OPEX to maintain idle rig is minimal.

Posted by EAGLE > 2021-03-19 23:31 | Report Abuse

Also, Sabah gas find will require drill rig, no? And Suriname.

Posted by driller71 > 2021-03-19 23:44 | Report Abuse

Velesto only have jack up rigs...jack up rigs can only operate in a certain water depth. In deepwater, can only use semi submersible rig or drill ships. If seabed not suitable for jack-up rigs, have to use Tender assisted drilling rig (TADR). This design Sapura Energy monopolize... they have a bunch of TADR.

Sabah deepwater have to use semi submersible. If water depth OK, can use Velesto's jack up rigs. Suriname is all deepwater - thats semi sub or drillship.

Key point: Petronas operations will ramp up Q2/Q3 2021 and 2022. PNB owns 60% Velesto. Govt will for sure one way or another ensure that Petronas utilize local rigs...i.e Velesto, rather than go with Seadrill, Aban, Transocean, Borr (all foreign rigs).

So, Velesto's rigs utilization will go up... be patience while the oil price go up with more demand after covid.

Posted by EAGLE > 2021-03-19 23:47 | Report Abuse

driller71 muchas gracias! I gained new knowledge about drill rigs!