Velesto rig contracted for 40 well-plus offshore campaign

Phu Quoc Petroleum Operating Co. (PQPOC) has contracted Velesto Energy’s NAGA 4 jackup rig for a long-term drilling program offshore southwest Vietnam.

PetroVietnam established and nominated PQPOC as operator of blocks B&48/95 and 52/97 and the Area of Joint Development in blocks B&48/95 and 52/97 (the Vietnam Block B Gas Project).

Blocks B&48/95 and 52/97, in water depths of 77-80 m, are 250 km from the Ca Mau Province and 400 km from the O Mon Power Complex. The partners in the Block B Gas Project are Petrovietnam, Petrovietnam Exploration Production Corp. (PVEP), MOECO and PTTEP.

The development will supply 5,073.5 MMcm/year of gas to customers in southwestern Vietnam.

NAGA 4 will drill more than 40 wells, with the campaign set to begin during the first half of 2026.

The rig is an independent-leg cantilever jackup capable of drilling to depths of up to 30,000 ft and in water depths of up to 400 ft.