PETALING JAYA: Velesto Energy Bhd has been awarded a drilling contract by PETRONAS Carigali Sdn Bhd to undertake drilling activities worth US$157mil. In a statement, the oil and gas firm said its Naga two jack-up rig would undertake drilling activities, with operations having commenced last month for a period of five years. “The contract is expected to contribute positively to the group’s rig utilisation and earnings visibility from 2026 to 2030,” it saidVelesto president Megat Zariman Abdul Rahim pointed out that the five-year engagement for Naga two reflected the group’s continued progress in maximising the utilisation of its core assets while strengthening earnings visibility. “The contract aligns with the group’s focus on disciplined execution across its operating markets in South-East Asia and Malaysia.”Naga two is an independent-leg cantilever jack-up drilling rig with a drilling depth capability of 30,000 ft and has a rated operating water depth of 350 ft.

Source: The Star March 03, 2026 05:05 UTC