It was reported on Wednesday that issues regarding gas distribution rights in Sarawak had been resolved through a series of negotiations.

Meanwhile, Phillip Capital Research said demand for offshore vessels remains healthy for the marine business, with high utilisation rates for vessels owned by Dayang and its 63.5%-owned Perdana Petroleum Bhd.

“Management anticipates a 4%-5% increase in charter rates, driven by the ongoing vessel supply shortage, which will further strengthen margins.

“The 16% pullback in share price over the past three months presents a strong opportunity to accumulate,” it said.

Signs of Optimism in Oil Markets as a New Year Begins….

Oil markets have started the year with a renewed sense of optimism, driven by stock draws in the U.S. and China's attempts to stimulate its economy.

The gradual return of oil market participants from the New Year’s Eve holidays has been marked with tacit optimism as US stock draws tightened product availability just as cold snaps are threatening both Europe and the US. Meanwhile, China’s vows to be more proactive with stimulus measures have lifted the spirits of those who gave up on more robust policy coming from Beijing, even if temporarily, pushing ICE Brent futures closer to $76 per barrel…..