What's Happening?
Velesto Energy Berhad has been awarded a $51 million contract by Hess Exploration and Production Malaysia B.V., a subsidiary of Chevron, to provide integrated rig, drilling, and completion services for the North Malay Basin Full Field Development campaign.
The contract involves the use of the NAGA 8 jackup rig, with operations set to begin in August 2026. This marks Velesto's second contract supporting the development of the North Malay Basin, enhancing its portfolio in Malaysia's offshore drilling market.
Why It's Important?
This contract underscores Velesto's growing presence in the Southeast Asian offshore drilling market, particularly in Malaysia. The integrated rig, drilling, and completion (i-RDC) model aims to improve operational efficiency and streamline project execution, which could set a precedent for future offshore development projects. The contract also highlights the ongoing investment in Malaysia's energy sector, which is crucial for meeting regional energy demands and supporting economic growth.
