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Good morning Dnexian, Oil will be steadily trading at USD 70 for the coming months due to the speedy recovery. Read the news below :
Empty oil tanks at Key Storage Hub shows speedy recovery by bloomberg 19 June 2021. This is indeed very positive for PING since their OPEX only USD 15 - 20. On the other side , most of their oil are export and the current strengthening of USD is positive for them .
Most of the Silterra's products are export to US too.
Double sweetness !
Ping is involved in the exploration, development and production of crude oil and natural gas with working interests in a balanced portfolio of brownfield and greenfield assets located in the North Sea, the UK.
The independent market valuation of Ping's entitlement in the Anasuria Cluster stood at US$212.7 million.
“For energy, we are looking at acquisitions of marginal fields. When we talk about production costs of US$19 per barrel, there are a few marginal fields here in Malaysia that we can look at. But we don’t want to lose focus. Ping must retain their DNA as a low-cost operator.
“So at US$19 per barrel, when the price is at US$65, your margin is about US$40.
He says Ping is also increasing its production yield from 3,000 barrels per day (bpd) to 4,500bpd based on the enhance recovery technique.
PING PRODIT WILL RELECT ON NEXT QR :
By acquiring an additional 60 per cent stake in Ping, DNeX will consolidate the financial results from Ping moving forward and have greater control to plan and implement strategies in realising its long term growth potential.
DNeX said the acquisition also allows greater synergies within DNeX's existing Energy businesses, namely OGPC Sdn Bhd, which provides engineering and technical support services for the O&G industry.
The above statements means Dnex will let its subsidiary ; existing subsidiary OGPC to provide support and not look for 3rd party ! Not sharing profit with others!
“For energy, we are looking at acquisitions of marginal fields. When we talk about production costs of US$19 per barrel, there are a few marginal fields here in Malaysia that we can look at. But we don’t want to lose focus. Ping must retain their DNA as a low-cost operator.
“So at US$19 per barrel, when the price is at US$65, your margin is about US$40.
He says Ping is also increasing its production yield from 3,000 barrels per day (bpd) to 4,500bpd based on the enhance recovery technique.
