Velesto Energy Bhd’s (VEB) indirect wholly-owned subsidiary, Velesto Drilling Sdn Bhd, has secured a contract for the provision of one 10K Jack-Up Drilling Rig for Thailand’s PTT Exploration and Production Public Company Ltd (PTTEP) 2022-2023 exploration drilling programmes estimated to worth US$13 million (US$1=RM4.66).
In a filing with Bursa Malaysia today (July 11), it said the contract was secured from PTTEP’s subsidiaries — PTTEP HK Offshore Ltd, PTTEP Sabah Oil Ltd and PTTEP Sarawak Oil Ltd.
It said the contract, expected to commence in February 2023, is to drill two firm wells and Velesto Energy would assign its NAGA 3 for the contract.
Founded on June 20, 1985, PTTEP is Thailand’s national oil company and its main business is to explore and produce petroleum products, mainly natural gas, crude oil and condensate, with focus areas in Thailand, Southeast Asia and the Middle East.
NAGA 3 is a premium independent-leg cantilever jack-up drilling rig with a drilling depth capability of 9,144 metres and a rated operating water depth of approximately 106.68 metres.
