The Malaysian offshore oil-field operator UMW Oil & Gas was awarded with drilling contract by British oil company Petrofac. According to the letter of award, the company will drill two wells with the option of an additional one plus one well at Malaysian PM304 offshore block. The work is scheduled to commence in second quarter of 2017, but finance details were not disclosed. UMW Oil & Gas will deploy its offshore rig UMW Naga 5 for the latest contract, which is premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 9,144 m and a rated operating water depth of 120 m.
“The provision of the abovementioned drilling rig services is expected to contribute positively to the earnings and net assets of the UMW-OG group during the contract period for the financial period ending Dec 31, 2017”, said the official statement of UMW Oil & Gas.
The offshore block PM304 is located off Peninsular Malaysia. Petrofac owns a 30% equity share into the field, partnering with Petronas Carigali Sdn Bhd, Kuwait Foreign Petroleum Exploration Company and PetroVietnam Exploration Production Corp Ltd.
UMW Oil & Gas is provider of drilling, threading and inspection services for the upstream oil and gas sector, which is headquartered in Malaysia. The company’s head office is in Kuala Lumpur, with operations spanning the Asia-Pacific region. UMW Oil & Gas strategic business alliance and aggressive expansions have facilitated its rapid progression as a recognized player in the regional oil and gas industry.