Fossil Energy – Drilling
Velesto Energy announced on Tuesday it has secured a drilling contract valued at an estimated US$40 million.
The contract was awarded by PTTEP HK Offshore and PTTEP Sarawak Oil in their 2025-2026 drilling campaign in Malaysia.
This contract involves a firm drilling campaign of 15 wells, with an option for up to eight additional wells.
Operations are expected to commence by June 2025. The project will be executed using Naga 5, one of Velesto’s premium jack-up rigs.
