Offshore

Velesto Lands $16.5m Naga 8 Jackup Contract

Velesto Energy secured a $16.5m-plus jackup contract from Jadestone Energy for the 2015-built Naga 8 rig to drill East Belumut Phase 9 from March–July 2026.

Naga 8 jack-up rig

25, February 2026
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Malaysia’s Velesto Energy has won a jackup drilling contract from Singapore-based Jadestone Energy, with the award valued at more than $16.5 million.

The job will be carried out by the 2015-built Naga 8 jackup, an independent-leg cantilever unit hired for the East Belumut Phase 9 infill drilling programme off Peninsular Malaysia. Drilling is scheduled to run from March to July 2026, and the contract is expected to lift Velesto’s rig utilisation while supporting its financial performance.

East Belumut is located about 260 km offshore Peninsular Malaysia. The field is operated by Jadestone Energy together with Petronas Carigali. Earlier infill drilling in 2023 delivered results well above production expectations, and current output is around 7,000 boepd.

Tags: East Belumut, Jadestone Energy, Naga 8, Velesto Energy

Editorial Note:
This article was prepared with the assistance of AI tools to enhance clarity and efficiency.
All information has been reviewed and verified by the HMT News editor.

23, Jul
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Offshore - Oil & Gas

Velesto Wins $51 Million Naga 8 Contract for North Malay Basin

Velesto has secured a $51 million i-RDC contract to deploy the Naga 8 jack-up rig for the North Malay Basin campaign from August 2026 through 2028.

21, Jul
|

Offshore - Oil & Gas

Velesto Terminates Naga 8 Drilling Contract in Malaysia

Velesto Energy has terminated a drilling contract involving the Naga 8 jack-up rig in Malaysia. The rig remains deployed for Jadestone’s East Belumut Phase 9 project until July 2026.

20, Jul
|

Offshore - Oil & Gas

Jadestone Brings EBA-07ST1 Well Online at 2,800 bopd

Jadestone Energy has brought the EBA-07ST1 well online at 2,800 bopd at East Belumut, with the first two wells lifting field production by approximately 6,000 bopd.