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The company Velesto Energy has just sealed a strategic alliance with Hibiscus Oil & Gas Malaysia to deploy an offshore drilling campaign in Southeast Asia during this year. This operation represents a different approach for the group, as it will use a third-party jack-up rig charter scheme for the first time.
Operational Details of the Offshore Drilling Campaign
Upon evaluating the technical conditions of the agreement, I note that work will begin immediately in the PM3 environmental protection area. The initial plan includes intervention in eight plugging and abandonment wells and one exploratory well.
Additionally, the companies included an extension clause to drill seven additional wells in northern Sabah. This service diversification demonstrates the drilling firm’s technical adaptability.
Furthermore, I believe the true value of this move lies in adopting an asset-light operational structure. Third-party chartering reduces the need for large fixed capital investments and optimizes the existing order backlog.
Likewise, the corporation’s management maintains that this flexibility allows them to respond more quickly to demand peaks in the international hydrocarbon market. The management unifies operational safety, financial discipline, and technical performance without compromising the quality standards committed to clients in the energy sector.
Source and photo: Velesto Energy