Energy Daily-06/04/2026

研报英文原文证据摘录

Energy Daily-06/04/2026

Energy Daily

4 JUN 2026

Today’s highlights: Rigs: ONGC reduces rig demand in upcoming tender; Commodity prices Last 6 days Last price -1 day -1 week -1 month 04-May1M high 29-May1M low

DVD: Trades ex divi today, still upside to NAV. Also covered: rigs. WTIBrent(bbl)Crude (bbl) $$ 96.995.2 -0.9-0.8 %% 4.67.1 %% -6.6-1.7 %% 114.4106.4 91.187.4

Dutch TTF Gas $/MMBtu 16.6 2.4 % 5.1 % 5.4 % 17.6 15.0

Rigs – ONGC reduces rig demand in upcoming tender UKHenryNatHubGasNat Gas $/MMBtu$/MMBtu15.83.2 -0.21.3 %% 5.73.3 %% 22.13.6 %% 17.03.3 14.62.6

CO2 price EUR/t 78.6 -1.1 % -0.2 % 6.3 % 80.6 73.9• ONGC has officially changed the tender documents for the five-rig floater UK electricity (1M) £/MWh 103.7 1.4 % 4.8 % 11.2 % 104.6 91.4 Brent and Nat. gas in USD/boe Equivalent** last 3Y CO2 price last 3Y

tender, to now only include one or more drillships, with semis no longer USD/boe EUR/t

required. The work scope is expected to be 3.5 years or 3+1 year. 135120 10090

80 105• We view this partly as a negotiation strategy, similar to what has been seen in 70

the ONGC’s jack-up tenders. The underlying demand remains supported by 75 60

60 40 the government’s Samudra Manthan drilling program, targeting ~50 wells per 50

year, which appears to still be in place 4530 3020

10• Assuming ~45 days per well, this implies a requirement for ~6 rigs at full 150

Jun-25 Jun-26 Jun-24 Jun-25 Jun-26 Jun-23 Jun-24 utilization. For 2027, only KG1 (Transocean) and Platinum Explorer Jun-23 0 CO2 Price Dutch TTF Brent

(Vantage/Eldorado) are currently contracted in the country (floaters) Last Total return Short Cons. NTM

• This was one of the key tenders for Ventura, where SSV Catarina (semi) had E&PExxonMobil 6 days Last$ price152.5 -12.0day% -13.8week% 28.5YTD% interest1.0% 14.2xP/E