Velesto Energy Berhad has received a USD 51 million offshore drilling and completion services contract from Hess Exploration And Production Malaysia B.V. for Chevron Malaysia’s North Malay Basin development campaign. The agreement strengthens Velesto’s role in Malaysia’s offshore energy sector and supports planned drilling activities from 2026 to 2028.
Velesto Energy Berhad has announced that its subsidiary, Velesto Drilling Sdn. Bhd., has secured a contract to provide integrated rig, drilling and completion services for Hess Exploration And Production Malaysia B.V., a subsidiary of Chevron operating in Malaysia.
The contract, valued at approximately USD 51 million, will involve Velesto’s NAGA 8 jack-up drilling rig supporting Chevron Malaysia’s North Malay Basin Full Field Development Campaign scheduled for 2026–2028. Operations are expected to begin in August 2026 as part of the offshore development program.
The award represents Velesto’s continued participation in integrated offshore drilling projects in Malaysia and follows an earlier contract supporting the same North Malay Basin development initiative. The company’s services will cover key drilling and completion activities required for offshore field development.
The project is significant for Malaysia’s upstream oil and gas sector as operators continue investing in offshore production capacity to sustain regional energy supply. The North Malay Basin remains an important area for natural gas development, with projects supporting domestic energy requirements and industrial demand.
For the offshore services market, the contract highlights continued demand for specialized drilling contractors, particularly those capable of providing combined rig, drilling and completion solutions. Equipment providers, marine service companies and offshore supply chain participants may benefit from increased activity associated with field development programs.
Velesto Energy Berhad is a Malaysian oil and gas services company focused on offshore drilling and related energy support services. The Group operates drilling assets and provides integrated solutions to exploration and production companies across the region.
The agreement provides additional visibility for Velesto’s offshore services portfolio while reinforcing Malaysia’s position as an active market for upstream investment. For energy companies and investors, continued contract activity in offshore developments may indicate ongoing opportunities linked to regional production expansion and field maintenance requirements.
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