UMW to Invest $90 Million in the Naga 3 Jackup
Group managing director and chief executive officer Datuk Dr Halim Harun said the joint-venture partner for Naga 3 would be Norway-based Standard Drilling ASA, which in turn was a partner in UMW Group's Naga 2 jackup currently under construction in Batam, Indonesia at a total cost of US $176.5 million.
UMW under its subsidiary UMW Naga Two (L) Ltd has a 51% stake in Naga 2 while the remaining stake is held by Standard Drilling.
"Naga 2 will be delivered in the third quarter next year," he told reporters after the unveiling of Naga 2 model by UMW Holdings chairman Tan Sri Asmat Kamaludin at the on-going 11th Asian Oil, Gas and Petrochemical Engineering Exhibition (OGA 2007) on Wednesday.
Halim said there would be increasing demand for rigs given the active oil and gas exploration activities in Malaysia and South East Asia over the next three years.
"We are targeting for these rigs to be contracted out to oil companies for their respective offshore exploration programs," he added.
Halim said: "In just four years, UMW O&G division has transformed into the second largest contributor to the group's profits after the auto division."
He expects the O&G division to perform commendably this year given the bullish outlook in the sector in line with the increasing O&G exploration activities in the region.
Established in 2002, UMW O&G division is currently operating in 12 countries to support the robust O&G upstream activities.
It major customers include Petronas Carigali, Shell Malaysia, Nippon Oil Malaysia, Murphy Oil and Exxon Mobil Malaysia.
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- TotalEnergies to Acquire TLCS Eyeing Bayou Bend CCS Project
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension