May 28, 2021
Dateline 2021-05-04, Argus Media:
A drilling rig has sunk offshore eastern Malaysia while it was being prepared for work at a ConocoPhillips-operated exploration block.
The NAGA 7 tilted “due to soil rapid penetration” at the WL4-00 site according to its owner, local firm Velesto Energy. All 101 personnel on board were evacuated, and the rig subsequently sank.
April 15, 2021
Dateline 2021-03-29, Energy Voice:
ConocoPhillips is set to drill up to three wells off the Malaysian state of Sarawak after hiring a jack-up drilling rig from Malaysia’s Velesto Energy.
Velesto said ConocoPhillips has hired its Naga (dragon) 7 jack-up rig under a contract worth $8 million. Drilling is planned to start before end of June.
ConocoPhillips is considering drilling up to three wells offshore Sarawak this year – the Salam-3 appraisal and the Gagau-1 wildcat on Block WL4-00, and the Mersing-1 exploration well on Block SK 304.
May 12, 2020
Dateline 2020-04-06, Upstream:
A worker off Malaysia has tested positive for Covid-19, the second such confirmed case in Southeast Asia’s second-largest oil producer.
“Petronas, through its subsidiary, Petronas Carigali, confirms that one of its contractors at an offshore platform in Miri, Sarawak has tested positive for Covid-19. The contractor is currently receiving treatment at a government hospital,” Petronas told Upstream on Monday.
A contractor source claimed that the worker in question was a rig crew member on Velesto Drilling’s jack-up Naga 6.
As a result of his diagnosis, work has been temporarily stopped at Petronas Carigali’s Tukau Timur (East Tukau) and Baronia fields’ infill drilling programmes.
“As a precautionary measure to manage the risk of exposure, we have temporarily locked down the rig and suspended all crew change. All identified close contacts have immediately been placed under quarantine for 14 days,” said Petronas.
August 23, 2018
Please, bet on IGL.
Dateline 2018-06-18, The Edge:
With the stock market, particularly construction counters, roiled by major policy changes under the new Pakatan Harapan administration, the oil and gas (O&G) sector may be ripe for a relook as crude oil prices have been maintained at fairly decent levels.
Pong Teng Siew, the head of research of Inter-Pacific Securities Sdn Bhd, told The Edge Financial Daily there could be selective gems, especially in the O&G space, which could benefit from stronger oil prices as the worst appears to have passed.
Recent financial results pointed to an improvement, and for some even a turnaround in their performance.
Velesto Energy Bhd is one, posting a net profit of RM5 million for the first quarter ended March 31, 2018, compared to a net loss of RM104.1 million in the corresponding quarter a year ago. In the preceeding quarter ended December, its loss was a whopping RM980.5 million.