Jadestone Energy Chooses Velesto Drilling Rig for East Belumunt Offshore Drilling Campaign

Image for illustration only - Credit: Wanfahmy/AdobeStock
Image for illustration only - Credit: Wanfahmy/AdobeStock

Malaysian drilling contractor Velesto Drilling revealed Wednesday it had secured an offshore drilling rig contract with Jadestone Energy. 

Under the contract, Velesto Drilling is providing a jack-up drilling rig for the East Belumunt field infill drilling program. 

The East Belumunt is an offshore field located in the PM 323 production sharing contract, offshore Malaysia, in which Jadestone owns a 60% stake, with PETRONAS Carigali holding the remaining 40% working interest.

While the news of the drilling contract was announced on August 16, 2023, Velesto said the effective date of the drilling contract was March 16, 2023. The rig hired under the contract is the Velesto Naga 2, and the contract value is around $6.1 million.

The Contract is to drill four (4) firm wells with an estimated commencement date in the 3rd Quarter of 2023 by Velesto NAGA 2. Velesto NAGA 2 is a premium independent-leg cantilever jack-up rig with a drilling depth capability of 30,000 feet and a rated operating water depth of 350 feet.

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