Velesto Energy Wins $51M i-RDC Deal from Chevron for North Malay Basin

Velesto Energy has secured a $51 million integrated rig, drilling and completion contract from Chevron Malaysia to support its North Malay Basin development campaign through 2028.

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Velesto Energy has been awarded a $51 million contract by Chevron Malaysia for integrated rig, drilling and completion (i-RDC) services, the company disclosed on July 22, 2026.

The deal, valued at $51 million, will be executed by Velesto Drilling Sdn. Bhd., a wholly-owned subsidiary of Velesto Energy. The work scope covers the deployment of the NAGA 8 jackup rig for Chevron Malaysia’s 2026–2028 North Malay Basin Full Field Development Campaign.

The client is Hess Exploration And Production Malaysia, a wholly-owned unit of Chevron that also serves as a Production Arrangement Contractor for PETRONAS. The contract supports the ongoing development of the North Malay Basin fields over the two-year campaign period.